Partnerships remain key to Singapore’s economic strategy: DPM Wong

Partnerships with other nations remain key to Singapore’s economic strategy amid a rapidly changing and increasingly uncertain global environment, noted Deputy Prime Minister Lawrence Wong.

Mr Wong said at the American Chamber of Commerce in Singapore’s (AmCham Singapore) 50th anniversary celebration on Friday (1 Sep 2023) that the deepening big power rivalry and the Russia-Ukraine war will bring challenges to countries around the world.

“The global consensus that we saw in the last 30 years around free trade is now over,” he said.

“It’s not clear what will take its place, but we are already seeing the outlines of a new paradigm where business will be driven not just by economic logic, but also by geopolitical alignment and security.”

Mr Wong, who is also Finance Minister, said Singapore is acutely aware of these challenges, which is why the country values the partnerships it has with the United States.

He noted that Singapore is the US’ largest trading partner in Southeast Asia, while the US is Singapore’s largest foreign investor.

Multinational Corporations are yet another important driver of Singapore’s economic growth. Get to know five MNCs and how their efforts here have yielded growth for the company and Singapore

“We currently host more than 5,700 US companies here, with many of them playing a leading role in their respective industries,” Mr Wong said, adding that Singapore is looking to increase cooperation with the US, not just bilaterally, but also in the region.

“That is why we are stepping up integration in ASEAN – not just in traditional areas like Customs, trade and transport infrastructure, but also in new areas like the ASEAN Digital Economy Framework Agreement,” he said.

“So a US firm looking to capture these opportunities could establish operations across the region – by setting up data centres in Indonesia, factories in Vietnam and your control tower, innovation facilities and headquarters in Singapore.”

In case you missed it: 4 key reasons why Singapore is the first port of call for businesses seeking to leverage Southeast Asia’s growth

Mr Wong also said these opportunities will require a “hands-on approach” – by the Government and the wider business community: “This is where the role of trade associations and business chambers continues to be critical – as conveners, as champions of organisational excellence, and as a conduit to doing good and giving back to the community.”

AmCham Singapore was set up in 1973 and is the largest and the most active international business association in Singapore and Southeast Asia, with over 6,000 members representing about 650 companies.

Mr Wong also presented the 2023 AmChamRepresent Awards on Friday (1 Sep 2023) to 17 winners, including Procter & Gamble and Marina Bay Sands. The winning firms were chosen based on corporate excellence, digital value creation and workplace empowerment.

The event, held at the Sands Expo and Convention Centre, was attended by the US Ambassador to Singapore Jonathan Kaplan and included the signing of a memorandum of understanding between AmCham Singapore and the National Volunteer and Philanthropy Centre to drive corporate social responsibility among businesses here.

Topics

Southeast Asia

Developments in Singapore