Singapore-Indonesia joint task force to study development of sustainable industrial zone
Singapore and Indonesia will form a joint task force to study the development of a sustainable industrial zone in Bintan, Batam and Karimun. These are part of larger efforts to further low-carbon cooperation and build foundations for a stronger ASEAN power grid. Both countries also inked Memorandums of Understanding on cross-border electricity trade and cross-border carbon capture and storage. Singapore's Minister-in-charge of Energy, Science and Technology Tan See Leng said this will be crucial for decarbonising economic activities that are hard to abate. Professor Sumit Agarwal from the NUS Business School shared more about sustainable industrial zones and how both countries would stand to benefit.
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Business Times
25 minutes ago
- Business Times
Asean walks trade war tightrope
WITH its pauses and U-turns, Donald Trump's tariff agenda continues to defy firm forecasts. Still, it remains worthwhile to explore how the US president's trade wars have impacted South-east Asian economies and could continue to do so going forward. South-east Asian economies are strategically important to both China and the United States as trading partners, geographical interests and military bases, particularly for the US. Yet, for the past decade, the region has repeatedly found itself caught in the middle as these two global powers compete for economic supremacy. With a population of over 690 million – or around 8 per cent of the world's population – Asean accounts for over 3.5 per cent of global gross domestic product and 7.4 per cent of global exports, demonstrating the bloc's increasing importance to the world's economic activity. Asean is China's largest trading partner, while ranking as the US' fourth-largest trading partner, after Mexico, Canada and China. First Trump term: Unintended beneficiaries During Trump's first presidency, tariffs of 10-50 per cent were imposed on various categories of Chinese products, primarily aimed at addressing concerns over intellectual property theft, forced technology transfers, and the substantial trade deficit with China. While tariffs were subsequently halved on the premise that China would import an additional US$200 billion from the US, only around US$30 billion in additional US goods were actually imported to China between 2020 and 2024. The tariff on Chinese imports created an unexpected opportunity for Asean and Mexico through supply chain realignment. Vietnam and Mexico emerged as particular beneficiaries. Vietnam's exports to the US surged from just US$49 billion in 2018 to US$137 billion in 2024, while Mexico's exports rose from US$344 billion to US$506 billion over the same period. The rapid increase can be attributed to the relocation of Chinese manufacturing facilities and rerouting of goods, reflected in the parallel rise in goods imports from China to both Asean countries and Mexico, predominantly in partially finished or finished goods. China's supply chain realignment strategy proved remarkably successful. Mexico is now the largest exporter to the US, replacing China in 2023, while the Association of Southeast Asian Nations (Asean) now ranks as the fourth-largest exporter to the US after Mexico, China and Canada. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Strategic positioning and political complexity This shift was hardly surprising, as Asean has long been strategically important to China from multiple angles: as manufacturing bases, investment destinations and for political influence. The region's significant overseas Chinese population and close proximity to China have helped Asean countries grow closer to the country over the years. Since 2018, the bloc has become a critical hub for Chinese companies seeking to mitigate tariff exposure from the US-China trade war. Chinese firms have rerouted exports through Asean or established factories in countries like Vietnam, Cambodia, Thailand and Malaysia to bypass tariffs, making the definition of 'origin of goods' and 'value-adding' increasingly opaque. Deja vu: The second Trump term Fast-forward to 2025, and investors face a deja vu moment as Trump's second presidential term took off with the strongest push yet for broad-based tariffs, maintaining significant focus on China. This reflects growing concerns about America's enormous total trade deficits with the world, which have grown to just shy of US$1 trillion. The US now understands the implications of imposing tariffs on China alone – the supply chain realignment has rendered previous tariffs ineffective in reducing the trade deficit. Asean economies once again find themselves caught in the crossfire between the world's two largest powers. This time, however, the implications are far more significant. The realignment of China's manufacturing supply chains has created jobs and entire industries over the past five years. Another shift could unwind parts of this manufacturing ecosystem and threaten people's livelihoods. The geopolitical balancing act There is also a broader geopolitical challenge. With escalating US-China tensions, Asean faces increasing pressure to align with one side or the other. Thailand and the Philippines, as examples, are notably taking a more muted stance towards geopolitical alignments. This balancing act is particularly delicate – both countries host existing US airbases while also relying heavily on China for investments, tourism and manufacturing. Given China's strong dominance as a trade partner and investor in the region, plus with the US serving as both a major export destination and source of political influence for many Asean economies, this equilibrium requires careful navigation. Asean must continue to strengthen intra-regional ties and leverage trade deals such as the RCEP and CPTPP to insulate itself from global volatility. The path forward for Asean economies must be both strategic and deliberate to safeguard the region's long-term interests. The group should focus on maintaining a delicate balance between the two global superpowers by adopting a neutral stance, while simultaneously strengthening internal resilience through enhanced intra-regional trade and improved competitiveness in manufacturing, trade and foreign direct investments. To prepare for potential geopolitical decoupling, Asean should diversify its network of economic partners and deepen institutional integration, drawing lessons from the European Union to strengthen its collective influence on the global stage. For businesses and investors, this evolving landscape presents dual-edged prospects: risks of supply chain disruptions, but also significant opportunities to position Asean as a key hub in future global trade and supply chain. Implications for bond investors While the temporary pause in new trade tariffs has brought some relief to bond investors, we view Trump 2.0 as bringing unprecedented growth risks for Asean. We expect a further economic decoupling between China and the US, which will negatively impact global growth as trade declines. In the near term, this uncertainty warrants further rate cuts from Asean central banks as inflation stabilises, growth slows and unemployment inches higher. Local currency bonds should therefore remain well-supported. We also expect to see some net international investment position flows from US assets returning to Asia, lending further support to local currency asset prices and Asian currencies. However, we remain mindful of the longer-term effects on potential economic growth from supply chain realignment and global slowdown, which can have lasting impacts on Asean economies. The writer is portfolio manager, Asia Fixed Income, at M&G Investments
Independent Singapore
8 hours ago
- Independent Singapore
Where NUS and NTU outshine Oxbridge in global rankings
One in three students at the National University of Singapore (NUS) and Nanyang Technological University (NTU) is a foreigner. The attraction is clear: NUS ranks fourth globally—behind only the Massachusetts Institute of Technology (MIT), Stanford, and Carnegie Mellon—in computer science and information systems in the 2025 QS World University Rankings By Subject. In electrical and electronic engineering, both NUS and NTU share the fourth spot with Harvard, trailing just MIT, Stanford, and the University of California, Berkeley, according to the same source. Either or both of the universities excel in other fields as well, including law, medicine, and architecture. With their strong showing in the 2026 QS World University Rankings, could NUS and NTU be seen as the Oxford and Cambridge of Asia? Sticklers may disagree, and not without reason. For one, NUS and NTU are located far closer together than the dreaming spires of Oxford are to Cambridge. More importantly, they cannot yet rival the rich Oxbridge tradition in the arts and humanities. Still, in many other fields, they are catching up—or have already overtaken—and that progress is clearly reflected in the rankings. NUS and NTU are ranked eighth and 12th respectively, just behind Oxford and Cambridge, which come in at fourth and sixth. The strong performance of Singapore's universities is no longer a novelty. This marks the third consecutive year NUS has held eighth place. NTU, which ranked 15th in 2025, has returned to 12th, a position it surpassed in 2018 and 2020 when it ranked 11th. Splitting the two Singapore institutions in this year's rankings is the University of Hong Kong at 11th. See also Singapore experts weigh in on the Covid-19 situation NUS is the only Asian university in the global top 10. The only other non-Anglo-American presence is ETH Zurich of Switzerland, in seventh. The broader Asia-Pacific region has a growing presence in the top 20: China's Peking University and Tsinghua University are ranked 14th and 17th, while Australia's University of Melbourne and the University of New South Wales are 19th and 20th. NUS, NTU: Areas of excellence The Singapore universities are no longer known solely for their engineering prowess. NUS ranks 10th globally in law—making it the only non-Anglo-American university in the top 10 for legal studies. NTU stands at 82nd. In medicine, NUS ranks 18th—the highest for any Asian university—while NTU is 84th. NTU, however, shines in communication and media studies, coming in fourth behind the University of Amsterdam, Harvard, and the University of Texas at Austin. NUS ranks 14th in this field. While Oxford and Cambridge still reign supreme in the arts and humanities, NUS is gaining ground. It ranks second globally in art history, eighth in linguistics, ninth in architecture, 15th in English language and literature, and 17th in history. See also SATIRE: Pokemon GO releases sad news for its Singapore fans This academic success is underpinned by scale and diversity. With over 33,000 students, NUS has the second-largest student body among the top 10 universities—trailing only University College London, which has over 45,000 students. NTU has more than 25,000 students. International students and staff International students and staff contribute significantly to the success of both institutions. Foreigners make up 36% of the student body at NUS and 33% at NTU. The faculty is even more international, with 65% of staff at both universities coming from overseas. In comparison, Harvard has around 24,300 students, including 6,700 international students, and over 4,400 faculty and staff, only 27% of whom are international. Oxford has over 22,000 students, more than 9,000 of them from abroad, and 6,500 faculty and staff, with 44% from overseas. The international students and staff carry weight in the QS World University Rankings. QS applies the following weightage when ranking universities: Academic reputation: 30% Citations per faculty: 20% Employer reputation: 15% Employment outcomes: 5% Faculty-student ratio: 10% International faculty ratio: 5% International research network: 5% International student ratio: 5% International student diversity: 0% See also SP overcharges bill, claims they 'overestimated' $1500 There's an old story about Benjamin Jowett, the 19th-century Master of Balliol College, Oxford, who once declared, 'I am the Master of this College; what I don't know isn't knowledge.' Today, such a claim would be inconceivable. From NUS to NTU, Oxford to Harvard, the global groves of academe are constantly striving for the next breakthrough, the next frontier of knowledge. Top 20 in QS World University Rankings 2026: Massachusetts Institute of Technology (MIT) Imperial College London Stanford University University of Oxford Harvard University University of Cambridge ETH Zurich National University of Singapore University College London California Institute of Technology (Caltech) University of Hong Kong Nanyang Technological University University of Chicago Peking University University of Pennsylvania Cornell University Tsinghua University University of California, Berkeley University of Melbourne University of New South Wales
Independent Singapore
8 hours ago
- Independent Singapore
‘More vouchers?' Singaporeans on what they expect from PM Wong's National Day Rally speech
SINGAPORE: After it was announced on Wednesday (Jun 18) that Prime Minister (PM) Lawrence Wong will be delivering the National Day Rally speech on Aug 17, commenters online expressed what they were looking forward to or expected from it. The PM's Office said that the speech will be held at the Institute of Technical Education (ITE) College Central in Ang Mo Kio. This is the second time Mr Wong will be giving the speech, and the first since Singapore handed the People's Action Party (PAP) a very strong mandate in last month's General Election. The speech is widely recognised to be the most significant political one of the year, since important policy announcements are made. In last year's speech, PM Wong made announcements concerning SkillsFuture, public housing, and other social support measures. This year, based on comments online, a number of Singaporeans appear to expect more announcements about vouchers. One Facebook user, perhaps mostly in jest, wrote that they expected the speech to be '50% about vouchers.' See also Employees in retrenching companies experiencing lower morale A Reddit user decided to play it twee, writing 'Papa Wong, I want more vouchers.' Others, however, decided to take things more seriously, and more than a few netizens across various social media platforms expressed hope for a rollback on the Goods and Services Tax (GST) hike. For one, however, public housing was high on their wish list. 'I just want affordable housing for young and future Singaporeans. Million-dollar public housing while the youth struggle with one of the worst job markets in history,' they wrote. 'Housing, housing, housing. The snowball keeps growing bigger,' another agreed. A commenter on Reddit was also concerned about jobs, writing, 'Please do something to prevent companies /jobs from leaving. Once they leave, they can only return back to our shores in next five to 10 years given the investments and commitment of their contracts in the countries they relocate to, so what will happen to us during these years, eat grass?' For one Facebook user, meanwhile, wi-fi costs are a big concern. 'Your speech should include reducing internet, WiFi Data cost for the people. Currently, it is just too high. Many competitors in the market, but all are game to con and swindle the people money. First month price is good. Second month, they just increase it like crazy… We want you to address these issues if we are to move forward Sir.' /TISG Read also: IN FULL: Lawrence Wong stresses strategies to navigate new world in maiden National Day message as PM
