Strengthening ties between Singapore and Europe with a focus on clean energy and sustainability
Temasek Holdings, Singapore’s state investment firm, has officially opened its Paris office on April 10, 2024, with plans to invest S$20 to S$25 billion in the Europe, Middle East, and Africa (EMEA) region over the next five years. This office marks Temasek’s third in Europe, after London and Brussels, and its 13th globally. The firm is eager to deepen its presence in Europe, aligning its investments with key global trends such as the transition towards clean energy.
Temasek’s chairman, Lim Boon Heng, described the Paris office as a milestone for the firm, which celebrates its 50th anniversary in 2024. The Paris office will enhance the firm’s access to deal flows and partnership opportunities, focusing on sectors like sustainable living, the future of consumption, digitization, and longer lifespans. It will also build on Europe’s leadership in energy transition technologies, contributing to the global push towards net-zero emissions.
The event, held at the Petit Palais museum, was attended by notable figures including Singapore’s Deputy Prime Minister Lawrence Wong, French Foreign Affairs Minister Bruno Le Maire, and French Interior Minister Gerald Darmanin. Wong highlighted the growing importance of Asia to France and the role of Singapore as a key node connecting France to the region.
Temasek’s growing exposure to the EMEA region is evident in its portfolio, which has seen a nearly fivefold increase since 2011, totaling S$47 billion or 12% of its portfolio as of March 2023. The firm’s investments in Europe include BioNTech, Adyen, and several other market leaders. In France, Temasek’s investments include digital health insurer Alan, e-commerce platform ManoMano, and asset manager Tikehau Capital.
Wong emphasized the importance of Singapore’s strategic role in Asia, especially as Southeast Asia’s dynamic economies continue to grow. With a combined population of over 670 million and a young, educated workforce, Singapore is positioned to connect Asia with the rest of the world, strengthening partnerships with countries like France. Both nations are also set to mark the 60th anniversary of their diplomatic ties in 2025, adding further momentum to their collaborative efforts.
