Core strengths, new capabilities and more connectivity key to Singapore’s future: Chan Chun Sing
Beyond current issues, we must also ‘scan the horizon’ to be prepared for the future, says the minister
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[SINGAPORE] Hit by back-to-back shocks, Singapore must double down on its core strengths, develop new capabilities and connect with the world in new ways, said Minister for Defence Chan Chun Sing on Thursday (May 21).
He was speaking at a fireside chat at the Singapore Business Awards, jointly organised by The Business Times and logistics company DHL. Christopher Ong, senior vice-president and managing director of DHL Express Singapore, moderated the 30-minute session at The Ritz-Carlton, Millenia Singapore.
Chan, who is also coordinating minister for public services, set out three points on how Singapore can navigate the uncertain environment.
First, Singapore must strengthen its core fundamentals to remain stable and predictable.
While stability, predictability, the rule of law, a stable currency, a safe environment and a cohesive society may sound simple, they are no longer “so common across the world”, he said, adding that they are a “source of strength”.
That Singapore still delivers on its promises, can plan for the long term, and has a working tripartite relationship has become even more important, he added.
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Second, the Republic must build capabilities to become both relevant and resilient.
It must entrench its position in the global supply chain so that it is not easily bypassed, especially in a crisis, Chan said.
This means competing on the basis of being able to add value and create relevance for Singapore, so that it is not displaced by others competing on the basis of price.
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Chan noted that this also means being resilient, in areas such as the supply chain and energy. This could mean diversifying source markets to spread out risk, for example.
“You can’t be relevant unless you are resilient today, and you can’t be resilient unless you are relevant,” the minister added.
Finally, the Republic must establish new connectivities beyond trade, to new dimensions such as in finance, energy, data, and even rules and regulations.
This will increase its appeal as more of the world puts up barriers, Chan said.
Asked about where businesses may be most unprepared in the current crisis, the minister said that he is worried that they may be too caught up in the present.
“There is always the tyranny of the urgent,” he said, adding that there is nothing wrong with wanting to solve immediate issues. But it is also important to “scan the horizon”, to be prepared for the future.
One important way to be prepared is to adopt artificial intelligence, he said, noting that this will help businesses to not just do things better, but do better things.
“Never forget the fundamentals as we look forward,” Chan added, highlighting that what distinguishes Singapore is not just its ideas, but its ability to execute them consistently.
Ong also asked about whether Singapore’s strategic waterway could face similar threats seen at the Strait of Hormuz.
Chan said that at the most fundamental level, if trade cannot come through this part of the world, Singapore’s transport hubs would not exist. Beyond that, Singapore must be concerned about how international norms can be upturned overnight.
It must thus invest consistently in its defence and develop partnerships to “keep the straits open”, which is an interest shared with countries in the region and beyond.
There is hope beyond the current uncertain times, and opportunities to continue to succeed, Chan concluded.
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