SINGAPORE: Singapore remains connected and open to the world, but it is difficult to sustain this in an environment that encourages inwards, said Prime Minister Lee Hsien Loong Friday (Mar 25).
The Prime Minister spoke at the official opening at St James Power Station of Dysons’ new global headquarters for technology company Dysons. He noted that the conflict in Ukraine could escalate and that even if it is avoided, it will still fundamentally alter multilateral economic cooperation.
Given their political differences and the increasing prevalence of export controls and sanctions, it will become more difficult for all countries maintain trade and investment flows within this multilateral framework.
It is not about continuing to do business in spite of disagreements or disputes. It is also about trying to do damage to someone you regard as an enemy, or even an opponent. It will take a lot of effort to create a multilateral environment where everyone can fit in, work together, and co-exist.
Many countries have already started to outsource supply chains to increase their resilience and national security. These are serious threats to Singapore which has long thrived on globalization and a stable international order that is rules-based.
According to the Prime Minister, there are limits to how small countries can influence global trends. However, Singapore must adapt to them in order to stay competitive and continue to grow its economy.
We remain open and connected with the world. This includes physical connectivity, maintaining our borders open, trade with the world, and building our air- and sea links. All of these are things we do, said Mr Lee.
He said that Singapore’s society must be open to new ideas, talent, and learning from others. He also stressed that the ethos must not become complacent about wanting to keep ahead.
This is how Singapore was created. The Prime Minister said that we have brought together the best scientists, engineers, and designers from all over the world. We also embrace the diversity of ideas and cultures here and added our Singaporean touch to make it work in our context.
It is hard to sustain this, especially in an environment where there is every temptation to turn inwards, especially politically, and raise barriers for the outside world to non-Singaporeans coming to work here.
If we give in to the temptation to close down our doors, we will undoubtedly end up hurting ourselves. Our economy will stagnate, Singaporeans may not have as many opportunities for employment, and the country’s long-term prospects could be in jeopardy.