ASEAN countries should share data to boost regional economic growth

Singapore's Defence Minister Chan Chun Sing said on Aug 3 that countries in Southeast Asia should work together to share data, build clean energy systems, and connect their financial markets. He made these comments at a forum hosted by the Singapore Institute of International Affairs. Chan believes that cooperation in these three areas could help power economic growth across the whole region. He warned, however, that countries must resist the urge to hoard their data and keep it only for themselves.

Chan called data 'the new lubricant for the future economy.' He explained that almost every fast-growing industry depends on data moving freely between countries. Unlike oil, which gets used up when consumed, data can be shared over and over again. Each time it is shared, it can create new ideas, products, and services for businesses across the region.

ASEAN, which stands for the Association of Southeast Asian Nations, is made up of ten countries with very different populations and cultures. This diversity means the region produces a huge and varied collection of data. Chan said the big question is whether ASEAN countries will be willing to share that data freely, or whether they will try to protect it for themselves. He called this temptation 'data protectionism,' and warned that it could block new business ideas from developing.

Chan also spoke about the region's potential in clean energy. Several ASEAN countries sit on large sources of wind, solar, and geothermal power. He said that ASEAN is aiming to build a fully connected regional electricity grid by 2045. If this goal is met, it could lower energy costs for everyone in the region and put 'money on the table' for member countries.

He pointed to the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project as an example of what is already being done. This project links the power grids of four countries so they can share electricity. Chan said he hoped this kind of cooperation would continue to grow across the whole region. He admitted, though, that some countries face tough domestic political challenges when it comes to energy sharing.

On the topic of finance, Chan said ASEAN countries do not need a single shared currency to work better together. Instead, they can build a more connected financial system that makes it easier and cheaper to move money across borders. He noted that Singapore already works this way with Australia and New Zealand. He said there is 'very little technical reason' why a similar system cannot be built within ASEAN.

Chan reminded the audience that ASEAN could become the world's fourth largest economic bloc by 2030. He said there is great potential for member countries to achieve more together than they ever could alone. He stressed, however, that each country must first build stability and good governance at home before it can help its neighbors. Regional teamwork, he said, starts with each nation getting its own house in order.

At the same event, Transport Minister Jeffrey Siow talked about plans for Singapore's turn as ASEAN chair in 2027. He said Singapore hopes to open up air travel routes across the region and encourage ports to work more closely together. These steps are meant to make the region a stronger and more connected market. Siow said the goal is to make ASEAN competitive with other major regions around the world.