Dr. TUNG Chen-Yuan, Taiwan’s Representative to Singapore
Recent exchanges between Taiwan and Singapore have been gaining clear momentum. From tourism flows and capital movements to industrial cooperation, key indicators are strengthening in tandem, signaling that bilateral relations are entering a new phase of deepening engagement.
In terms of people-to-people exchanges, two-way travel continues to expand. In January, Singaporean visitors to Taiwan reached 33,064, marking a 39% year-on-year increase. Taiwanese travel to Singapore has also grown steadily, with a total of 91,190 visitors recorded in January and February, up 14.5%. Notably, in February alone, the number of Taiwanese visitors to Singapore surged to 55,120, representing a sharp 64.6% increase and indicating a clear acceleration.
The rapid growth in two-way travel not only reflects the vibrancy of flight capacity and tourism markets but also underscores the deepening of longstanding people-to-people and business ties between Taiwan and Singapore, with exchanges becoming increasingly frequent.
Capital flows between the two sides have also shown strong momentum. In the first two months of the year, Singapore’s investment in Taiwan reached US$ 58.91 million, up 265% year-on-year, while Taiwan’s investment in Singapore amounted to US$ 900 million, a remarkable increase of 2,443%. The simultaneous rise in bilateral investment highlights growing business confidence and signals a shift toward more strategic regional positioning.
From a medium- to long-term perspective, this trend carries even greater structural significance. Over the past five years, Taiwan’s investment in Singapore has accounted for 59.3% of its total investment in ASEAN, underscoring Singapore’s pivotal role as a regional hub and financial intermediary, as well as its central position in Taiwanese enterprises’ expansion into Southeast Asia.
In trade and industrial cooperation, the complementary nature of the bilateral relationship continues to deepen. Last year, Taiwan became Singapore’s largest trading partner and its top source of imports, marking a new level of economic integration. In the first two months of this year, Taiwan’s exports to Singapore grew by 56%, with approximately 85% consisting of semiconductor-related products. During the same period, Singapore’s semiconductor output increased by 52%.
These figures not only reflect the expanding momentum of global technology demand but also highlight the increasingly close division of labor between Taiwan and Singapore in the semiconductor supply chain. Taiwan brings strengths in manufacturing and technology, while Singapore serves as a regional hub and a platform for high-value-added services.
Overall, Taiwan–Singapore relations are moving steadily toward deeper structural integration. The growth in people flows is driving services and business exchanges, capital flows are accelerating corporate expansion, and industrial cooperation is further reinforcing both sides’ critical roles in regional supply chains. Amid ongoing uncertainties in the global economic and trade environment, this partnership—built on complementary strengths—not only enhances economic resilience, but also opens up broader opportunities for collaboration in high technology, regional integration, and third-market development.
About the Author:
Dr. Tung Chen-Yuan is currently Taiwan’s Representative to Singapore. He was Minister of the Overseas Community Affairs Council of the Republic of China (Taiwan) from June 2020 till January 2023. He was Taiwan’s ambassador to Thailand from July 2017 until May 2020, senior advisor at the National Security Council from October 2016 until July 2017, and Spokesman of the Executive Yuan from May to September 2016. Before taking office, Dr. Tung was a distinguished professor at the Graduate Institute of Development Studies, National Chengchi University (Taiwan). He received his Ph.D. degree in international affairs from the School of Advanced International Studies (SAIS), Johns Hopkins University. From September 2006 to May 2008, he was vice chairman of the Mainland Affairs Council, Executive Yuan. His areas of expertise include international political economy, China’s economic development, and prediction markets.
