SINGAPORE: Singapore remains open and connected to the world, although it is not easy to sustain this in an environment with “every temptation” to turn inwards, said Prime Minister Lee Hsien Loong on Friday (Mar 25).
Speaking at the official opening of technology company Dyson’s new global headquarters at St James Power Station, the Prime Minister noted that the conflict in Ukraine may escalate, and even if that is avoided, the war will still “fundamentally change” multilateral economic cooperation.
“With sanctions and export controls increasingly prevalent, it will be more and more difficult for all countries to keep up trade and investment flows within such a multilateral framework, given their political differences,” said Mr Lee.
“It’s not just continuing to do business with somebody whom you have disagreements or disputes with, but wanting to cut out and do harm to somebody whom you see as an opponent, even an enemy. And that means a multilateral framework in which everybody can fit in and work together and co-exist will come under enormous strain.
“Many countries are already on-shoring supply chains for resilience and national security reasons. These are serious threats to Singapore, which has long thrived on globalisation and on a stable, rules-based international order.”
Although there are limits to what a small country can do to influence global trends, Singapore must adapt to them to stay competitive and continue growing its economy, said the Prime Minister.
“We remain open and connected to the world. And this means not just physical connectivity, keeping our borders open, trading with the world, building our air and sea links, all of which we are doing,” said Mr Lee.
The ethos of Singapore’s society must also remain open, welcoming new ideas and talent, learning from others and “never becoming resistant to change” or complacent about needing to stay ahead, he added.
“This is how we have built Singapore. Drawing in the best scientists, designers and engineers from around the world, embracing the diversity of ideas and cultures that congregate here, adding our own Singapore touch to make it work in our context,” said the Prime Minister.
“It is not easy to sustain this, particularly in an environment where there is every temptation, especially politically, to turn inwards and raise barriers to the outside world, to non-Singaporeans who come to work here.
“But if we succumb to the temptation to close our doors, we will surely end up hurting ourselves. Our economy will stagnate, Singaporeans will have fewer rather than more job opportunities, and the country’s long-term prospects will be endangered.”