His Excellency Mr Hiroshi Ishikawa, Ambassador of Japan to Singapore,
Mr Hironori Kamezawa, Chairman of the Mitsubishi UFJ Financial Group (MUFG),
Distinguished Guests,
Ladies and Gentlemen,

1. Good evening.

2. I am delighted to join you this evening as we celebrate 60 years of diplomatic relations between Singapore and Japan.

3. In Japan, the 60th birthday is marked by kanreki – the completion of one cycle, and the beginning of another.

a. I think this is a fitting way to view SJ60.

b. We celebrate how far our partnership has come, but also look ahead to what Singapore and Japan can build together in the years to come.

Six Decades of Partnership

4. Singapore and Japan established diplomatic relations in 1966, just one year after Singapore became independent.

5. Singapore then was a very different place.

a. We were a young country, with little capital and resources, few industries, and an uncertain future.

b. We needed investments and jobs, but also technology, expertise and access to international markets.

6. Japanese companies were among those that saw potential in Singapore and were prepared to invest for the long term.

a. Companies such as Hitachi, Mitsubishi, and Panasonic were among the first to establish operations here.

b. They created jobs, transferred capabilities, developed local suppliers, connected Singapore to the production networks that were taking shape across Asia, and brought our products to the world.

7. Japanese financial institutions grew alongside them.

a. They provided the financing that allowed factories to be built, goods to be traded, and businesses to expand.

b. The economic relationship between Singapore and Japan was built not through any single agreement or project, but through many decisions by companies and investors to place their confidence in one another and in Singapore.

8. Over time, that confidence deepened.

9. In 2002, we signed the Japan-Singapore Economic Partnership Agreement, or JSEPA. It was Japan's first bilateral economic partnership agreement, and Singapore's first free trade agreement with a G7 economy.

10. We have since worked together in wider regional frameworks, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP).

11. Our economic relationship has also broadened and become more multi-dimensional.

12. What began as a relationship in which Japanese capital and capabilities supported Singapore's development has become a partnership in which we can combine our strengths to pursue opportunities together.

13. And this is the spirit in which we should approach the next 60 years and beyond.

A New Strategic Partnership

14. The world around us is changing.

a. The international trading system is under strain.

b. Strategic competition is reshaping investment and supply chains.

c. New technologies are transforming industries and jobs.

d. And Asia must meet rapidly growing demand for energy and infrastructure, while making the transition towards a lower-carbon future.

15. Singapore and Japan cannot insulate ourselves from these changes.

a. Both our countries depend on being connected to the world.

b. Both have benefited from open markets, predictable rules, and a stable regional environment.

c. And both have a strong interest in preserving these conditions even as the international environment becomes more volatile and difficult.

16. It was therefore timely that Prime Minister Lawrence Wong and Prime Minister Sanae Takaichi elevated our relations to a Strategic Partnership earlier this year.

17. The Strategic Partnership is broad, covering economic cooperation, digitalisation and technology, security and defence, the green and energy transition, and exchanges between our peoples.

18. But there is a common vision behind many of these areas. Singapore and Japan should not only deepen our bilateral ties. We should also combine our capabilities to develop solutions that contribute to the wider region.

19. Let me highlight three areas where I believe Singapore and Japan can do more together.

Keeping Asia Open and Connected

20. First, we must continue to keep Asia open and connected.

21. Singapore and Japan have both been longstanding advocates of free trade and a rules-based multilateral trading system.

22. These foundations are now being tested. Businesses face tariffs and trade restrictions, greater geopolitical uncertainty, and pressure to reconfigure supply chains, often driven by non-economic factors.

23. We will therefore have to build greater resilience. But resilience should not mean turning inwards or trying to produce everything ourselves. For economies like Singapore and Japan, that would make us less competitive, not more secure.

24. Instead, we should build resilience through stronger and more diversified connections – developing alternative suppliers and markets, strengthening regional production networks, and continuing to deepen economic integration across Asia.

25. There are significant opportunities here for Singapore and Japan.

a. Japanese companies have deep industrial capabilities, technology and extensive supply-chain networks.

b. Singapore is a major trading, logistics and financial hub, and a natural base from which companies can manage and grow their operations across Southeast Asia.

26. As companies diversify their supply chains and expand into new markets, they will need capital to do so.

27. Financial institutions such as MUFG can help connect these pieces – bringing investors into new opportunities across Southeast Asia, supporting regional companies and partnerships, and providing the capital and expertise needed for them to grow.

28. This supports economic development in our region and enhances the resilience of our economies.

Turning Innovation into Economic Opportunity

29. The second area is technology and innovation.

30. Singapore and Japan have complementary strengths. Under our Strategic Partnership, we intend to deepen cooperation across areas such as artificial intelligence, quantum technologies, next-generation semiconductors, digital trade, cybersecurity and digital infrastructure.

a. Japanese companies can bring technological depth, industrial expertise and real-world applications.

b. Singapore can provide an environment to test new solutions, connect them with regional customers, and help companies expand across different markets.

31. Financial institutions can provide growth capital to promising companies, finance digital infrastructure and technology adoption, and connect entrepreneurs and businesses with investors.

32. There are opportunities for cooperation in areas such as FinTech and digital assets. New technologies can make cross-border transactions faster and more efficient, and open new ways of mobilising capital.

33. But as we innovate, trust will remain critical. Businesses and consumers need confidence that digital systems are secure, that data is handled responsibly, and that new technologies are governed well.

34. Singapore and Japan have both placed a premium on this. If we can combine innovation with trust, we will be well placed not only to develop new technologies, but to help them scale responsibly and confidently across the region.

Financing Asia's Energy Transition

35. The third area is the green and energy transition.

36. This is one of Asia's largest long-term challenges, and also one of its largest investment opportunities.

a. Energy demand across our region will continue to grow as economies develop and living standards rise.

b. At the same time, we must reduce carbon emissions.

c. The task is therefore not simply to use less energy, but to build energy systems that are cleaner while remaining secure, reliable and affordable.

37. Our Strategic Partnership provides a platform to do this together. We are exploring cooperation in areas including the ASEAN Power Grid, hydrogen and ammonia, carbon capture and storage, sustainable aviation fuels, offshore wind, and greener shipping.

38. Many of these opportunities extend beyond Singapore and Japan. They depend on regional projects and supply chains.

39. The ASEAN Power Grid (APG) is a good example.

a. Southeast Asia has significant renewable energy potential, but resources are not evenly distributed.

b. Greater cross-border electricity trading can allow clean energy produced in one part of the region to meet demand elsewhere.

40. But for the APG to be successful –

a. Projects must be commercially viable.

b. Buyers and sellers need long-term arrangements.

c. Different regulatory systems must work together.

d. And sizeable capital must also be mobilised for generation, transmission and supporting infrastructure.

41. The same is true of emerging low-carbon technologies. A technically promising project may not yet be commercially bankable because the technology is new, demand is uncertain, or some of the risks cannot readily be borne by private investors.

42. This is why financing is critical to the transition.

43. In addition to conventional project finance, we will also need transition finance for sectors where decarbonisation will take time, and blended-finance structures that use public or catalytic capital to crowd in private investment.

44. Singapore's Financing Asia's Transition Partnership, or FAST-P, is one way we are working with international partners to do this.

a. Japan and Japanese financial institutions have important capabilities to contribute, such as through technology and engineering expertise, infrastructure development, financing and access to long-term capital.

45. If we can bring these strengths together, Singapore and Japan can help turn the region's decarbonisation needs into investable projects, and mobilise capital at the scale the transition requires.

Building the Next Chapter Together

46. To make progress in these three areas, governments, businesses and financial institutions must work together – and it is where institutions such as MUFG can make a positive contribution.

47. Today, MUFG's Singapore office serves as a key hub for its operations across Asia and Oceania. From here, it supports trade and investment, finances infrastructure and businesses, and connects clients with opportunities across the region.

48. MUFG therefore embodies in many ways the evolution of Singapore-Japan economic relations.

a. It first came to Singapore as a Japanese bank supporting economic activity between our two countries.

b. Today, it is a regional institution based in Singapore, connecting capital and opportunities across Asia.

49. Next year, MUFG will mark 70 years in Singapore. Few institutions here have been part of our economic journey for so long. Thank you for your confidence in Singapore, and for being part of our development and growth.

Conclusion

50. Over the last six decades of diplomatic relationship between Singapore and Japan, we have built deep trust through many generations of government, business and people-to-people ties.

51. Our task now is to put that same trust to work as we face a new environment.

a. The first chapter of our economic partnership saw Japanese capital, technology and enterprise contribute to Singapore's development.

b. In the next chapter, Singapore and Japan can bring our strengths together – to keep Asia open and connected; turn new technologies into economic opportunities; and mobilise the capital needed for the region's energy transition.

52. This is an ambitious agenda, and governments cannot deliver it alone. We will need companies prepared to invest for the long term, and financial institutions prepared to connect opportunities with capital.

53. To MUFG and your clients gathered here this evening, thank you for your longstanding confidence in Singapore, and for your contribution to the friendship between Singapore and Japan.

54. Happy 60th anniversary to Singapore and Japan. May the trust we have built over the past 60 years provide the foundation for an even stronger partnership in the next 60.

55. Thank you.