Southeast Asian nations stand to enhance their economic growth by intensifying cooperation on data sharing, energy integration, and financial connectivity, Singapore’s Defence Minister Chan Chun Sing said at a regional forum on August 3. Speaking at the 8th ASEAN and Asia Forum organized by the Singapore Institute of International Affairs, Chan emphasized the critical role of data as a driver for future economic development in the Association of Southeast Asian Nations (ASEAN).
Highlighting data as "the new lubricant for the future economy," Chan noted that unlike finite resources such as oil, data can be shared without depletion, potentially generating greater insights, products, and services across member states. However, he cautioned that ASEAN must overcome tendencies toward data protectionism, which could hinder innovation and the emergence of new business models within the region’s diverse population.
Chan’s remarks came during a panel discussion titled "Power and Agency – Amidst Turmoil," where he addressed questions on fostering a stable, predictable, and rules-based environment to support business investment and operations. He underlined the importance of domestic coherence among individual ASEAN countries as a prerequisite for achieving broader regional integration and progress. With ASEAN projected to become the world’s fourth-largest economic bloc by 2030, Chan expressed optimism about the grouping’s capacity to leverage its collective strengths.
On the energy front, Chan pointed to the potential for several ASEAN members to become global leaders in renewable energy, given their abundant wind, geothermal, and solar resources. The region’s goal is to establish a fully integrated regional electricity grid by 2045, which Chan said could reduce energy costs and create tangible economic benefits. He acknowledged potential domestic political challenges to realizing this vision but cited existing initiatives such as the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project as foundational steps toward deeper energy cooperation.
Regarding financial integration, Chan highlighted the need for smoother capital flows across the region, minimizing transaction costs to facilitate business growth. He clarified that greater financial connectivity does not require a common currency but can be achieved through more integrated systems similar to arrangements between Singapore, Australia, and New Zealand. Such integration, he argued, would help mobilize and grow capital efficiently within ASEAN.
Earlier in the day, Transport Minister Jeffrey Siow outlined Singapore’s transport-related priorities as it prepares to assume the ASEAN chairmanship in 2027. Siow identified liberalizing air services and enhancing port cooperation as key initiatives aimed at driving deeper regional integration, expanding market size, and positioning ASEAN competitively in the global marketplace.
Together, these efforts reflect a broader push by ASEAN to strengthen economic collaboration across sectors, build connectivity, and harness the region’s collective potential in an increasingly dynamic global environment.