Investment alone not enough for ASEAN firms to capture opportunities: Gan Kim Yong

SINGAPORE, 25 SEPTEMBER 2026 —

SINGAPORE – Deputy Prime Minister and Finance Minister Gan Kim Yong said on Monday that ASEAN firms will need more than investment to seize new growth opportunities, as intensifying competition and automation erode the traditional advantage of lower labour costs.

Gan made the remarks during the fifth anniversary celebration of the ASEAN‑United Kingdom (UK) Dialogue Partnership, held in Singapore. The gathering brought together ministers from the ten ASEAN member states and the UK to review progress under the 2021 Joint Ministerial Declaration on Future Economic Cooperation and the ASEAN‑UK Plan of Action (2022‑2026).

The ministers recalled that the plan has “laid a strong foundation for our maturing partnership” and highlighted the need to deepen economic ties amid shifting geopolitical dynamics.

The joint statement released at the event reaffirmed the shared vision of the ASEAN Economic Community Strategic Plan 2026‑2030, which centres on six inter‑related strategic goals: an Action‑Oriented Community; a Sustainable Community; an Enterprising, Bold and Innovative Community; an Adaptable and Pro‑Active Community; a Nimble and Resilient Community; and an Inclusive, Participatory and Collaborative Community. The ministers said these goals remain “relevant and will serve as an important foundation for further developing ASEAN‑UK economic relations.”

Both sides also cited the UK’s Trade Strategy 2025 and Modern Industrial Strategy 2025 as complementary frameworks that promote open, predictable and modern trade arrangements, as well as long‑term industrial vision. The statement noted that alignment between ASEAN and the UK in economic integration, digital transformation, innovation, sustainable and inclusive growth, and commitment to rules‑based trade “provides a strong basis for deepening economic and trade cooperation, and maximising mutual opportunities.”

In the trade arena, the ministers pointed to the continued expansion of bilateral commerce, with ASEAN‑UK trade reaching over £62 billion in 2025. The figure was presented as evidence of the growing scale and strategic importance of the partnership, and as a platform for further cooperation in sectors such as advanced manufacturing, clean energy and digital services.

The declaration also reaffirmed a commitment to uphold a “predictable, open, free, non‑discriminatory, transparent, fair, inclusive, sustainable and rules‑based multilateral trading system with the World Trade Organization at its core, ASEAN Centrality and implementation of the ASEAN Outlook on the Indo‑Pacific.” The ministers said they would work together to promote “fair, open and rules‑based markets” and to strengthen economic resilience by enhancing openness, stability, adaptability and competitiveness of their interconnected economies.

Gan concluded by urging ASEAN enterprises to move beyond reliance on capital inflows and to focus on upskilling workforces, integrating automation responsibly and pursuing innovation that adds value. He indicated that the ASEAN‑UK partnership will support these efforts through joint programmes, technology transfer and capacity‑building initiatives, although specific mechanisms were not detailed in the statement.

The ministers pledged to continue dialogue and cooperation to navigate the “increasingly complex and rapidly shifting global landscape” and to ensure that the region’s industrial transformation translates into inclusive, sustainable growth.

Related: Gan Kim Yong · Singapore