AS A small economy, Singapore will have to find its own path forward in a new environment where there are many “dark clouds” over the horizon, said Prime Minister Lawrence Wong at an event on Monday (Sep 23) night.
“We have to stay open, be nimble and quick enough to seize new opportunities. And we must continue pushing for free flows of trade and investments, through regional and multilateral forums,” he said in a speech at a dinner to celebrate Singapore-based investment company Temasek’s 50th anniversary.
“As countries and companies everywhere look to diversify their exposures, and widen their range of partners, we want Singapore to be their choice partner. We want to be a reliable and trusted node from which they can operate.”
Among the 600 guests at the Shangri-La Singapore were Senior Minister Lee Hsien Loong, Deputy Prime Minister Heng Swee Keat, and many of Temasek’s board members and senior management, both past and present.
PM Wong noted that Singapore is currently operating in a “new era” that is marked by the growing contest for dominance and leadership between China and the United States – the world’s two largest economies.
While the two superpowers are continuing to engage with each other, there is “deep mutual suspicion and mistrust” in their relationship, he added.
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“Neither side wants a conflict, but both are preparing for a conflict to happen. That’s why more and more economic activities around the world are being viewed through a security lens,” he said.
He pointed out that restrictions have already been imposed on key technologies such as artificial intelligence and semiconductors. What is worrying, he noted, was that security concerns have already spilled over to more areas.
“Once national resilience and security
