Forum: Britain is back and open for business

Straits Times

18-05-2025

The UK government promised to make the UK the best country to do business. We are delivering.
Our economy recently received two huge votes of confidence.
First, the UK struck a landmark Free Trade Agreement with India – the fastest-growing economy in the G-20. The agreement is the most generous in India's history, and it will make trade between our countries seamless.
Second, the UK became the first country to secure an economic deal with the Trump administration. This will reduce tariffs across a range of sectors, from steel and aluminium to automotives, and cuts costs for businesses operating in the UK.
Some said these deals would never be done. But the US and India saw in the UK a country with strong economic foundations. A trusted partner ready to negotiate constructively. An innovative economy embracing new trends like AI.
Like Singapore, Britain has always been an open, outward-looking trading nation. We believe that markets and free trade are fundamental to building prosperity at home and abroad.
We have one of the largest economies in the world, with cutting-edge businesses, brilliant universities, and a talented workforce. Many Singaporean investors, including GIC, Temasek, OCBC Bank, ComfortDelGro and Sembcorp have such a strong presence in the UK.
Earlier this year, the UK announced £13 billion (S$22.4 billion) of capital investment over the next five years to deliver the projects needed to catalyse private investment, boost growth and drive forward the UK's modern industrial strategy. This follows £100 billion of capital investment announced last autumn.
The US and India recognised the huge potential of a closer trading relationship with the UK. Singapore's investment in the UK already totals almost £250 billion, making it the third-largest Asian investor in the UK.
And with the offer of certainty, stability, and simplicity, we will give Singaporean investors the confidence to expand even further in the UK.
The UK is now an active member of CPTPP after becoming the first European member earlier this year.
Through CPTPP and our Asean dialogue partnership, we will champion a stable and predictable trading environment for business. We remain focused on the future of trade, through our innovative and world-leading agreements with Singapore on the digital and green economies.
With the support of the British Chamber of Commerce, over 6,000 business entities already have a strong presence in Singapore. Over 70 per cent of UK businesses operating in Asia Pacific have their regional hub in Singapore.
Our priority in Singapore and this region is to continue to build partnerships, and to create further opportunities in the UK's new era of growth.
Nik Mehta
British High Commissioner to Singapore
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