Singapore braces for potential regional implications of the ongoing conflict.
The ongoing Israel-Hamas conflict has a small direct impact on Singapore’s economy due to the country’s limited trade and investment ties with both Israel and Palestine, according to Deputy Prime Minister and Finance Minister Lawrence Wong. However, Wong cautioned that should the conflict escalate into a regional one, there could be broader economic consequences, particularly on oil and food prices, which could affect Singapore.
Wong assured that the Singapore government is preparing contingency plans to address potential disruptions. He also highlighted the need to stay prepared for uncertainties, ensuring the nation’s resilience should the situation worsen.
The debate in Parliament, sparked by a motion filed by People’s Action Party (PAP) Member of Parliament Vikram Nair, reinforced Singapore’s commitment to a negotiated two-state solution for Israel and Palestine, while also calling for urgent humanitarian assistance to civilians in Gaza. The motion was supported by other MPs, including Alex Yam and Zhulkarnain Abdul Rahim.
During the discussion, Second Minister for Foreign Affairs Maliki Osman emphasized that business operations should not be conflated with political conflicts, responding to calls on social media urging boycotts of businesses associated with Israel.
Foreign Minister Vivian Balakrishnan stressed that Singapore must maintain racial and religious harmony despite differing viewpoints on the conflict. He also reaffirmed the importance of international law and humanitarian aid in the face of such crises, and reiterated Singapore’s support for a two-state solution.
In his closing remarks, Wong reiterated that Singapore must avoid importing foreign political disputes, instead focusing on what is best for the nation. He stressed the need for Singapore to stand firm in condemning violence and terrorism while ensuring any self-defensive actions by Israel comply with international humanitarian law.
