15-10-2023 (WASHINGTON) Deputy Prime Minister and Finance Minister Lawrence Wong concluded his 10-day visit to the United States on Friday, expressing confidence that the US will maintain its dominant role in the world. He highlighted Singapore’s commitment to expanding bilateral ties with the US in new areas such as emerging technologies, outer space exploration, and green energy.
While acknowledging that defence and security have always been significant aspects of the US-Singapore relationship, DPM Wong emphasized the need to move beyond these traditional areas. He revealed that a dialogue on critical and emerging technologies has been initiated, exploring opportunities for cooperation in outer space exploration and green energy solutions. Additionally, the US and Singapore are jointly providing technical assistance to countries in the Pacific Islands region.
DPM Wong recognized that the world is becoming increasingly multipolar, with rising powers such as China, India, and ASEAN. Nevertheless, he affirmed that the US will remain a dominant force for the foreseeable future. During an interview with Singaporean media, he referred to the strained relationship between Washington and Beijing as the key issue of the day. DPM Wong noted the importance of rebuilding strategic trust between the two countries and suggested that Singapore could play a facilitating role in this process.
There is hope for a meeting between US President Joe Biden and Chinese President Xi Jinping at the upcoming APEC leaders summit in San Francisco. DPM Wong expressed support for such a meeting, emphasizing Singapore’s willingness to contribute to the positive direction of the US-China relationship.
Regarding concerns about America’s decline, DPM Wong dismissed them, referencing the country’s remarkable economic strength and resilience. He highlighted the strong performance of the US economy and the favorable returns it has generated for investors over the years. Considering the underlying drivers of the US economy, including cutting-edge research, top universities, and an open society that attracts global talent, DPM Wong expressed confidence in the US maintaining its leading position for the foreseeable future. He emphasized the value and appreciation Singapore places on its close relationship with the US across various domains.
DPM Wong described the US-Singapore relations as having a “full agenda ahead.” He expressed confidence in the deep reservoir of strategic trust between the two countries, enabling continued partnership and collaboration in the years to come.
During his visit, DPM Wong held substantive meetings with senior members of the Biden administration, covering a wide range of issues from national security to economics and finance. The Ministry of Foreign Affairs of Singapore stated that these meetings reflected the strong and multifaceted nature of cooperation between Singapore and the US.
The US is Singapore’s largest foreign direct investor, with a significant investment stock of S$421.8 billion in 2022. In contrast, American investment in China, Japan, and South Korea combined is smaller than its investment in Singapore. Singapore, as the third-largest Asian investor in the US after Japan and South Korea, had an investment stock valued at US$57.5 billion in 2022.
DPM Wong reiterated Singapore’s commitment to green energy and achieving net-zero emissions by 2050, despite being at a disadvantage in terms of alternative energy sources. Singapore is exploring various options for decarbonizing its power sector, including emerging technologies like low-carbon hydrogen and advanced geothermal energy systems.
Regarding the issue of civilian nuclear energy, DPM Wong expressed Singapore’s interest in cooperating with the US to explore its possible role in the green energy transition. He highlighted that Singapore’s lack of renewable energy deployment options on a large scale necessitates considering alternative solutions. Singapore aims to study evolving, safer nuclear options and build capacity in this area.
DPM Wong also addressed the situation in Gaza, emphasizing the urgent priority of ensuring the safety and security of civilians. He mentioned that the US and regional partners are working to prevent further escalation and avoid a wider conflict involving other Middle Eastern countries. Singapore is closely monitoring the situation due to its potential impact on Southeast Asia, particularly in terms of economic implications and security threats. Singapore is taking enhanced security measures to safeguard its peace and harmony, which have been cultivated over decades.
