14-8-2023 (SINGAPORE) Deputy Prime Minister Lawrence Wong emphasized that while the old consensus on free trade and economic cooperation is shifting, Singapore can still navigate a path forward as long as unity remains a priority. Speaking at the Reinventing Destiny conference, which commemorated the 100th birth anniversary of former Prime Minister Lee Kuan Yew, Wong participated in a panel discussion alongside Fareed Zakaria, a CNN and Washington Post columnist.
The conference was organized by the Lee Kuan Yew Centre for Innovative Cities at the Singapore University of Technology and Design, the Lee Kuan Yew School of Public Policy at the National University of Singapore, and the Institute of Policy Studies.
In his address, Wong highlighted key perspectives amidst the prevailing uncertainties. He emphasized that while the world is not turning away from globalization, a distinct pattern is emerging—one marked by heightened fragmentation and security-driven influences rather than solely economic factors. He pointed out that specific sectors, such as high-end semiconductor chips, are undergoing bifurcation, which could significantly impact the economy.
Wong acknowledged that the previous consensus on free trade and win-win economic collaboration is gradually diminishing, giving rise to an evolving global reality. While the new paradigm remains unclear, he indicated that the U.S. and G7 are shifting towards a model with increased state participation in markets, prioritizing industrial security.
The Deputy Prime Minister underscored the transformative influence of the U.S.-China relationship, which has evolved from strategic engagement to strategic competition. While cooperation will continue in some areas, he noted that extreme competition will characterize this bilateral relationship.
Wong also cautioned about potential unpredictable scenarios, such as accidents and miscalculations, particularly in regional hotspots like the Taiwan Strait and South China Sea.
Addressing Singapore’s perspective, Wong acknowledged that while the nation might not wish for a less benign external environment, it must navigate the world as it is. He pointed out that despite these challenges, new opportunities remain, citing the Singapore Story as a testament to overcoming adversity.
Wong also highlighted Singapore’s ability to “re-invent destiny,” a notion referenced in the conference’s name. He underlined that this ability hinges on collective effort, involving both the government and the entire populace.
During the Q&A session, Wong was asked about the global rise in tensions based on identities and how Singapore is managing this trend. He acknowledged the ongoing challenge and emphasized Singapore’s unique approach of creating space for diverse cultural traditions without erasing ethnic identities. This approach aims to build a common Singaporean identity that accommodates all, while also recognizing that it remains a work in progress.
