Mexico offers wide range of economic opportunities as Singapore grows global ties: President Tharman
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President Tharman Shanmugaratnam speaking to the media after wrapping his state visit, in Mexico City on Dec 3.
ST PHOTO: MARK CHEONG
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MEXICO CITY – Investing in stronger ties with Mexico is part of Singapore’s efforts to diversify its network in an unpredictable world, with the Latin American country offering a wide range of economic opportunities, said President Tharman Shanmugaratnam on Dec 3.
While countries like Mexico are keen to work with Singapore and hold it in “very high regard”, the Republic must also have humility and recognise that it will gain from such partnerships, said Mr Tharman as he concluded the last of his state visits for the year.
“So when we talk about working with Mexico or any country, we are also talking about a two-way flow of know-how and intelligence and ideas, that will strengthen Singapore too. The Singapore know-how will grow,” he added.
Speaking to reporters at the end of his four-day trip to Mexico
Other countries that Mr Tharman visited in 2025 include India, Egypt, Belgium and Luxembourg.
The global instability is likely to persist for some time, noted Mr Tharman. “But stronger bilateral relationships, and stronger relationships between regions, are one of the ways we gain resilience in an unstable world.”
During his Mexico trip, he met business leaders, as well as governors of individual states.
“There is great enthusiasm to strengthen the Singapore-Mexico relationship. The two countries’ business communities are key to the relationship too,” he said.
“There was tremendous interest on the part of Mexican businesses to want to work with Singapore. The opportunities in Mexico are large.”
Mr Tharman highlighted that the Singapore-Mexico relationship goes back to before formal ties were established in 1975.
The two regions of Asia and Latin America were connected by the Manila Galleon trade route from 1565 to 1815. Then, Mexican silver pieces were widely exported across Asia in the 1800s.
Today, there are opportunities to create new lanes across the Pacific, said Mr Tharman, referring to trade and investment opportunities in areas like advanced manufacturing, clean energy, ports and infrastructure, and digital and AI transformation.
Opportunities in agri-business are also key, given the importance of food security to Singapore, added Mr Tharman.
“What came through in our engagements is the desire to recreate… the trade and investment flows, and the flows of ideas and people across the Pacific,” he said.
Mexico’s size – about 3,200km long and almost 2,000km wide – and the fact that its 31 states have some autonomy mean that it has a diversity of offerings, he noted. It has an “unusually diverse” economy.
While Mexico as a whole looks like a developing country with many low-skilled and middle-skilled activities, it has centres that are far more advanced and sophisticated. That is where they see opportunity and complementarity in working with Singapore, said Mr Tharman.
Singapore has capabilities in advanced manufacturing, logistics and finance, he added, while various states in Mexico are hubs for automotive and heavy industry manufacturing and semiconductor production.
Singapore businesses see Mexico as a gateway to the Northern American market and Latin America, and the Mexicans see Singapore as a gateway to South-east Asia and other parts of Asia, he said.
“So we both gain from these new lanes that we’re creating across the Pacific,” said Mr Tharman.
Commenting more broadly on his visits over the year, Mr Tharman said that countries see value in being part of Singapore’s diverse networks across the world.
Singapore has to have humility in this as the know-how it is admired for is not unique to the nation, he said.
“The Singapore know-how was always an amalgam of know-how from different parts of the world. From our first days, we were importing the best ideas, the best firms, and taking in advice from people from around the world, and that continues till today.
“There is a strong desire on the part of others to work with Singapore, but it’s also the way in which Singapore keeps expanding its know-how and its own ability to keep an edge, by gaining ideas from the rest of the world,” he added.
On the last day of his state visit, Mr Tharman inaugurated the opening
Speaking at the launch event, Acting Minister for Culture, Community and Youth David Neo, who was part of the delegation for the state visit, said that both countries’ cooperation on the exhibition reflects the spirit of the Manila Galleon trade route.
“When we share our treasures and stories, we all become richer,” he said.
“Today, encouraging open trade through the establishment of free trade agreements is a pathway to shared prosperity. Trade agreements open doors for our businesses, promote stability and foster innovation and cooperation between nations.”
