SINGAPORE – At The Straits Times Global Outlook Forum on 11th January, the Deputy Prime Minister of Singapore said that the country’s economic success is due to its underpinned openness and that it being a small country, they are not able to close up. He further added that in doing so it will lose its value and relevance to the world and this is the reason why it is actively searching for ways to re-open safely while continuing to be vigilant of the COVID-19 Pandemic.
Mr. Heng further stated that while the country is small and open also has its advantages but Singapore does feel the tugs for external events keenly.
He further added that it can be more adaptable, flexible and innovative in selecting opportunities brought about by global cooperation. As an example, Mr. Heng said that Singapore is exploring how best it can be of service to the region as a market place for carbon credits and went on to adding that Singapore will continue to invest in innovation, including in developing areas such as quantum computing. Having said this, Mr. Heng stressed that the skill to make the best of such opportunities and its significant bearing to the world eventually depends on its capacity and strength at home.
“The stronger we are at home, the more we can contribute to the global commons and create opportunities for Singaporeans.”
“As we strive to remain open and grow, we must ensure that the benefits of growth are spread more equitably,” he said.
He further added that Singapore will assist in renovating its business enterprises while also attracting more companies to invest and set up operations. He declared that Singapore will invest significantly to bring out the best in its people while complimenting the expatriate work force and expertise too.
“Above all, we must continue to strengthen national solidarity, and push back against the division and polarization seen elsewhere,” he said.
Mr. Peng who is also the Coordinating Minister for Economic Policies and the Finance Minister was the key note speaker at the conference organized by The Straits Times in partnership with the presenting sponsor OCBC Premier Banking. At this conference he reflected on the impact of the COVID-19 Pandemic and effects of the US-China rivalry and its effects globally and on Singapore.
Mr, Peng in his speech defined three areas that needed global cooperation – public health, climate change and digital governance explaining that since countries are seeking to re-build and restructure post pandemic. He appealed to the Asian countries to stand together to advance it collective interests amid the backdrop of the US-China feud.
Mr. Heng reiterated that while Singapore though small and open and feels the effects of external events more intensely, specifically as the multilateral system comes under pressure, it is possible that Singapore should take advantage and benefit from the opportunities in the fields of climate change and technology.
While climate change is an existential threat for Singapore, it can also create and generate new opportunities.
Singapore can look at how best it can serve the region as a market place for high quality carbon credits and a way in which they could provide technology –enabled verification systems for carbon solutions. This being said as a global financial hub, Singapore can contribute towards a “green recovery” in Asia.
Mr. Heng stated that the tech sector is lucrative for businesses and workers in Singapore and that it will continue to cultivate the tech and start-up system, nurturing unicorns such as Sea and Crab.
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Mr. Heng said that “We will continue to invest in innovation, deepen our capabilities in technologies like AI, which already has widespread applications, and develop emergent areas like quantum computing,” he said.
Singapore will also continue to grow partnerships with tech giants from around the world.
