DPM Lawrence Wong underscores importance of collaboration with nations and businesses in a changing geopolitical landscape
Deputy Prime Minister Lawrence Wong emphasized the importance of partnerships in Singapore’s economic strategy amid global uncertainty. Speaking at the American Chamber of Commerce in Singapore’s 50th anniversary celebration on September 1, Wong acknowledged the challenges posed by the escalating global power rivalry and the ongoing Russia-Ukraine conflict. He noted that the global consensus on free trade, which had been dominant for the past three decades, has come to an end, leaving businesses to navigate a new paradigm where geopolitical alignment and security now play a more significant role in economic decisions.
Wong highlighted Singapore’s strong relationship with the United States, which is both the largest foreign investor in Singapore and its largest trading partner in Southeast Asia. He emphasized that the U.S. presence in Singapore is substantial, with over 5,700 American companies operating in the country, many of which are leaders in their respective sectors. This partnership is crucial to Singapore’s economic resilience as it continues to deepen ties not only with the U.S. but also with the broader ASEAN region.
The Deputy Prime Minister outlined efforts to expand cooperation through new frameworks, such as the ASEAN Digital Economy Framework Agreement, which will offer U.S. businesses opportunities to establish operations across Southeast Asia, particularly in data centres, factories, and innovation hubs. Wong stressed that such opportunities would require both government intervention and the active involvement of business communities, including trade associations and chambers of commerce, which play a pivotal role in fostering excellence and social responsibility.
Additionally, Wong praised the role of business chambers like AmCham Singapore in enhancing corporate engagement and contributing to social good. As part of the event, the 2023 AmChamRepresent Awards were presented to firms like Procter & Gamble and Marina Bay Sands for their corporate excellence and social contributions.
As Singapore navigates these turbulent global times, Wong’s remarks underscore the critical importance of partnerships, innovation, and community engagement in ensuring sustained economic success.
