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How Singapore can stay ahead in a troubled world
Strategic policy shifts are reshaping the landscape of world trade. But there are ways to thrive despite the turbulence, says Senior Minister Lee Hsien Loong. The following is an edited text of his address at the opening of Singapore Maritime Week on March 24.
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Senior Minister Lee Hsien Loong delivering his speech at the opening of the Singapore Maritime Week on March 24.
ST PHOTO: LIM YAOHUI
Lee Hsien Loong
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This year, the Maritime Week takes place amidst an increasingly turbulent environment. The global industry, and Singapore’s own maritime sector, will need to actively prepare for what lies ahead.
As the world globalised over the last six decades, Singapore’s small, open economy flourished. We lived in a generally peaceful and stable world. The global order was underwritten by the United States, supported by its allies in Europe and Asia. Multilateral institutions were established – the United Nations, International Monetary Fund, the World Bank and the World Trade Organisation (WTO). International laws and treaties were negotiated and adopted, including the United Nations Convention on the Law of the Sea. Countries big and small generally acknowledged these international rules and norms. They understood that economic liberalisation and freer trade would benefit everyone. Many countries acted on this understanding and reaped the benefits, including small economies like Singapore and huge ones like the United States and China. Investments by multinational corporations in developing countries opened up export markets and fostered economic growth. International trade boomed, and the global maritime industry grew with it. Collectively, the world economy benefited too, as freer trade promoted finer global division of labour, more integrated supply chains and greater efficiencies all round.
