Mr Paul Chan Poh Hoi's Forum letter should serve as a wake-up call for Singaporeans who have grown up in a world where peace and stability are a natural state of affairs (Continuing China-US tensions will shift global dynamics, Sept 11).
Singapore, as a small trading nation, needs to tread carefully as any misstep in a potential conflict between the elephants of the global commercial jungle could crush us.
What can Singapore do to survive a fallout in China-US relations?
We need to ensure that our companies have access to both markets and that we do not antagonise either. We also need to strengthen our relationship with the rest of the world. We need to boost ties with large emerging markets like India and also with other developed economies like Japan, South Korea, Germany, France, Britain and Australia.
These economies offer Singapore and Singapore businesses an alternative route and make the balance between the global elephants more comfortable.
The developed countries have advanced technologies and skills that Singapore can tap.
Economies like India, Vietnam and Indonesia have great potential. There are also promising markets in Eastern Europe, such as the Czech Republic and Poland, which can provide us with a pool of educated workers and access to the European market.
What can Singapore offer the rest of the world? I believe the answer lies in our strength as a haven with sound physical and legal infrastructure. Our reputation as a centre of commercial excellence also works in our favour. An Indian data analytics entrepreneur I know once said that operating a company in Singapore allowed him to charge double what he could charge if he operated in India.
We need to promote Singapore as the centre of a growing and dynamic region. This reputation is our greatest treasure and we need to guard it well. We must ensure our legal system remains sound and cannot be abused by the well-to-do.
Our reputation for fairness will be an asset that gets us through any conflict between the elephants of the global commercial jungle.
Tang Li
