SINGAPORE – It is now a time of darkening economic clouds, with a growing trade war taking place against the backdrop of a weakened international order, said President Tharman Shanmugaratnam on March 15.
Singapore must develop the capacity and networks for economic and social resilience, and grow opportunities in these challenging times, he added.
Addressing members of the Singapore Chinese Chamber of Commerce and Industry (SCCCI) at its 62nd installation ceremony, Mr Tharman said the nation must brace itself for prolonged instability and uncertainty.
“It is not a passing phase. Nor can anyone tell how damaging this will get – for growth, for peace and stability everywhere,” he added.
The President outlined a three-pronged approach to building the nation’s capabilities: strengthening existing and new international partnerships, accelerating efforts to build advanced skills and capabilities within individual enterprises and collectively, as well as deepening a sense of community.
First, on international partnerships, he noted that Singapore is strengthening ties with its economic partners – Asean, China, the US, India and Europe – in addition to building bridges to Africa and Latin America.
“It will do us well to take the long view on our economic partnerships. It helps to avoid absolutist views on any of these economies,” he said.
“In fact, each of the major economies – the US, China, India, and Europe – faces short-term challenges, but each also has significant underlying strengths.”
He said there is more to be achieved within Asean, through bilateral initiatives such as the Johor-Singapore Special Economic Zone, and possible new linkages with Batam, Bintan and Karimun.
There is also huge potential in opening up Asean’s digital economy, Mr Tharman noted. The governments are already working on the standards and interoperable payment systems to facilitate a digitally-enabled market for small-medium enterprises across the region, he added.
The Asean power grid can be further developed, allowing every country with renewable energy potential to grow capacity, improve its energy resilience and lower the costs of transition to clean energy.
Second, Mr Tharman said Singapore must further develop capabilities to ensure its relevance in a time of uncertainty and possible supply chain disruptions.
He cited SCCCI’s efforts in catalysing business transformation by guiding over 5,000 companies to navigate government support schemes.
The chamber has also been helping individuals upskill in areas like digitalisation and international expansion.
Third, Mr Tharman spoke of strengthening Singapore’s resilience as a society, drawing reference to SCCCI’s role in preserving the nation’s multicultural fabric and social compact.
“There is much ahead of us. But this will be a journey that ultimately defines why we call ourselves Singaporeans. Not just Singaporeans by birth or because we take on Singaporean citizenship, but because of what we contribute to each other.
“And how together we make this a society where everyone – regardless of race, religion or social background – can live a life of dignity, and feel respected by others,” he added.
Mr Tharman acknowledged the contributions of SCCCI in all the three aspects. It has helped local businesses build their international presence, particularly in China, where it has supported almost 300 companies in forging partnerships and navigating the challenges of entering a new market.
During the ceremony at the chamber’s building in Clarke Quay, the 62nd council was installed, with its members and leaders of local trade associations in attendance.
SCCCI president Kho Choon Keng echoed Mr Tharman’s call to strengthen ties, adding that the chamber will focus on expanding its global network and influence to unlock international business opportunities.
He emphasised that SCCCI will establish an international advisory panel to strengthen Singapore’s position as a global business and trade hub, while also creating investment opportunities for international advisors and the chamber’s members.
Join [ST's WhatsApp Channel](https://whatsapp.com/channel/0029VZzIPtoFXUuS8frj520t) and get the latest news and must-reads.