ASEAN countries should strengthen cooperation on data sharing, energy connectivity and financial integration to unlock the region's economic potential, Singapore Defence Minister Chan Chun Sing said, stressing that closer collaboration could propel Southeast Asia's long-term growth.

Speaking at the Singapore Institute of International Affairs' 18th ASEAN and Asia Forum on Aug. 3, Chan described data as "the new lubricant for the future economy" and urged ASEAN to avoid data protectionism that could hinder innovation and new business opportunities. According to Asia News Network, he said the region's diverse population gives ASEAN a unique data advantage if member states can enable the seamless flow of information.

Chan said ASEAN has the potential to become the world's fourth-largest economic bloc by 2030, but achieving that vision will require greater regional coherence and stronger domestic policy alignment across member states.

He also highlighted the importance of accelerating the ASEAN Power Grid, noting that many Southeast Asian countries possess abundant renewable energy resources such as solar, wind and geothermal. A more integrated regional electricity network could lower energy costs and improve energy security, he said, while acknowledging that political challenges remain.

On finance, Chan called for deeper integration to reduce barriers to cross-border capital flows and transaction costs, saying ASEAN could build a more connected financial system without adopting a common currency.

At the same forum, Singapore Transport Minister Jeffrey Siow said the city-state, which will chair ASEAN in 2027, aims to advance regional transport connectivity by promoting more liberalised air services and closer cooperation among ports to strengthen the region's competitiveness.

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