Singapore deputy prime minister Lawrence Wong said the city-state is constantly reinventing itself to remain relevant as the world enters a new era of global trade, says an article published in Forbes.
Expanding the capacity
“We do not take things for granted,” Wong, who is also the country’s finance minister, said at the Forbes Global CEO Conference in Singapore. “We are always paranoid that somebody else will take our lunch.” Wong made his remarks during a key note address at the event.
Wong said the government is pushing ahead to expand the capacity of its airport and seaport to accommodate increasing trade flows, while at the same time encouraging the adoption of digital technologies in the finance industry to bolster the country’s position as an Asian financial hub.
World’s biggest port
Earlier this year, Singapore said it’s forging ahead with a S$20 billion ($14 billion) project to build the world’s biggest port by 2040. At the same time, it plans to build a fifth passenger terminal at Changi Airport that will be mostly automated and capable of handling an additional 50 million travelers a year. “We want to make sure that capacity is in place to meet increased demand,” he said.
The investments will help Singapore retain its key position as a reliable and trusted node in the global supply chain, Wong said. “We are entering a new era of global order,” Wong said. “There are tremendous uncertainties all around us.”
Surging inflation
Apart from the disruptions in the global supply chain caused by the pandemic and deteriorating relations between China and the U.S., the world has been grappling with surging inflation and rising interest rates. “Geopolitics will drive trade and investment,” Wong said. “It will lead us to a more dangerous and fragmented world.”
Wong—who is largely anticipated to become Singapore’s next prime minister to replace Lee Hsien Loong—said no decision has been made as to when the transition will happen.
He stressed that the government is focused first on addressing rising inflation and cushioning the impact of the potential economic slowdown next year.“We will do it when we’re ready,” he said.
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Source: Forbes
