ASEAN countries should share data to propel regional economic growth: Chan Chun Sing
The increase in the sharing of data between countries can result in more insights, said Chan.
Singapore’s Defence Minister Chan Chun Sing emphasized the importance of data sharing among ASEAN countries to boost regional economic growth. Speaking at the Singapore Institute of International Affairs’ 18th ASEAN and Asia Forum, Chan stated that data serves as the "new lubricant for the future economy" and a valuable resource unlike perishable commodities such as oil.
He highlighted that data can be shared, leading to more insights, products, and services being generated. ASEAN possesses rich data due to its diverse population, but the challenge lies in overcoming the temptation of data protectionism that could hinder new business ideas. Chan addressed this issue during a discussion on how ASEAN can maintain a stable, predictable, and rules-based environment for businesses to invest and operate confidently, moderated by Quah Ley Hoon, group chief corporate officer at CapitaLand Investment.
He noted that regional coherence and continuity require each country to address the issue domestically before supporting others with a larger goal. By 2030, ASEAN might become the fourth-largest economic entity globally, presenting a significant opportunity for the grouping to work together and achieve more than the sum of its individual parts.
In terms of energy, several ASEAN countries have the potential to become global renewable energy superpowers due to their wind, geothermal, and solar resources. Chan mentioned that an integrated regional electricity grid by 2045 could provide substantial financial benefits and lower energy costs. Regarding finance, Chan stressed the importance of better integration between ASEAN economies to facilitate capital movement with minimal friction and transaction costs.
While a common currency is not necessary, a more integrated financial system is crucial, similar to Singapore’s collaboration with Australia and New Zealand. Lastly, Chan touched upon the transport sector, mentioning that Singapore aims to advance transport-related initiatives within the region during its ASEAN chairmanship in 2027, such as liberalizing air services and enhancing port cooperation to create a competitive global value proposition.
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