Australia, Singapore to explore boosting supply chain resilience: Vivian
SINGAPORE – Australia and Singapore will seek to draw on the “huge reservoir” of strategic trust between them to strengthen supply chains that could withstand future crises, said Foreign Minister Vivian Balakrishnan on Wednesday (July 6).
Speaking during a joint press conference with his Australian counterpart Penny Wong, he described both countries as long-standing, natural partners that tend to see the world through similar perspectives, and touched on possibilities for future cooperation.
There could be value in exploring how supply chains between both countries can be made more resilient, he said at the Ministry of Foreign Affairs.
“So, we agreed to convene a working group amongst officials to explore how we can construct supply chains, which will withstand the test of future crises and draw on these wells of strategic trust between our two countries,” he said.
Ms Wong, who is on a two-day introductory visit to Singapore, said she was grateful for the acknowledgement of the reliability and the trust both countries have as suppliers.
One insight many countries have derived from the pandemic, she said, is the importance of resilience in supply chains.
“I’m very pleased that Minister Balakrishnan has suggested more work on resilient supply chains as between us we have many; we have complementary economies in many ways and I think we can do good work there.”
Dr Balakrishnan highlighted how Australia also intends to be a hydrogen hub, with hydrogen having potential as renewable energy source.
“As Singapore is a bunkering port, if we can look forward to further transformation in maritime and other transport infrastructure, this again is another very fertile area where we can work closely together,” he said.
The Australian foreign minister met Prime Minister Lee Hsien Loong at the Istana and is scheduled to meet Deputy Prime Minister Lawrence Wong during her official visit, which started on Wednesday.
In her opening remarks, Ms Wong said she shared Dr Balakrishnan’s views on the closeness of the bilateral relationship that is anchored in shared strategic and economic interests.
Ties were elevated in 2015 when both sides signed a Comprehensive Strategic Partnership – a landmark agreement that covers economics and trade, defence and foreign affairs, science and innovation, people-to-people and the digital economy.
But the relationship is more than official links, said Ms Wong. “We trust each other, we like each other, we visit often, we study together, we’re there for each other in good times and in tough times.”