DPM Wong on official visits to Germany and France; to attend Temasek’s Paris office opening

[BERLIN] Deputy Prime Minister and Finance Minister Lawrence Wong is making official visits to Germany and France this week, marking his first trip to Europe since becoming DPM in 2022.

He will first be in Berlin from Monday (Apr 8) to Wednesday. He will then head to Paris until Saturday, where he will grace the opening of state investor Temasek Holdings’ newest office.

A statement by the Prime Minister’s Office (PMO) on Sunday said that during his stay in the German capital, Wong will call on President Frank-Walter Steinmeier and Chancellor Olaf Scholz. He will also meet Vice-Chancellor and Minister for Economic Affairs and Climate Action Robert Habeck, as well as Finance Minister Christian Lindner.

Wong will also meet German industry leaders, and attend a reception with Singaporeans living in Germany.

While in Paris, Wong will call on French President Emmanuel Macron and Minister of Economy, Finance, Industrial and Digital Sovereignty Bruno Le Maire.

Wong will also attend the opening of Temasek’s office in Paris, and separately meet Singaporeans living in France and industry leaders.

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The PMO said these visits “will build upon Singapore’s warm, longstanding and multi-faceted ties with both countries”.

Deep economic ties

According to latest available figures, Germany is Singapore’s largest goods trading partner in the European Union, with total bilateral trade in goods and services of over S$37 billion in 2023.

Both countries agreed to deepen economic ties in November 2022, during Scholz’s visit to Singapore.

Prime Minister Lee Hsien Loong and Scholz then issued a joint declaration to cooperate in emerging fields such as renewable energy, cybersecurity and the digital economy.

German investments in Singapore stood at S$26.2 billion as at end-2022. There are over 2,300 German companies in Singapore, such as Bosch, Deutsche Post DHL and Infineon Technologies.

Singapore has S$6.6 billion in investment stock in Germany, mainly in the financial and insurance industries. Germany is Singapore’s third-largest investment destination in the EU.

France, meanwhile, is Singapore’s second-largest trading partner in the EU, with bilateral trade of over S$30 billion in 2023. Singapore is France’s top trading partner in South-east Asia.

In March 2022, Singapore and France signed a framework, called the Digital and Green Partnership, to undertake joint projects in areas such as artificial intelligence, cybersecurity and heritage conservation.

There are nearly 2,600 French companies in Singapore, including Airbus, L’Oreal and Schneider Electric. Next year, both countries will commemorate the 60th anniversary since diplomatic relations were first established.

DPM Heng in China

In a separate statement on Sunday, the PMO said that Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat is making a working trip to China this week.

During his six-day trip from Sunday to Friday, he will visit Beijing, Shenzhen and Hong Kong.

The PMO noted that Heng’s visit builds on the “positive momentum of high-level exchanges” between Singapore and China.

“It will be a good opportunity for both sides to explore ways to strengthen bilateral cooperation, as well as exchange views on regional and international issues,” it added.