19-11-2023 (SAN FRANCISCO) Prime Minister Lee Hsien Loong of Singapore, concluding his six-day working visit to attend the Asia-Pacific Economic Cooperation (Apec) forum in San Francisco, remains optimistic about Singapore’s economic opportunities despite the complexities of the global landscape. PM Lee highlighted various factors contributing to Singapore’s positive outlook, emphasizing the nation’s strategic positioning and growth potential.
One significant source of hope for PM Lee is a new Asia-Pacific economic initiative on the horizon. He also highlighted the broadening agenda of Apec, extending beyond trade to address critical issues such as the green economy, digital transformation, and clean economies, including anti-corruption measures.
The recently concluded 30th annual Apec meeting resulted in a declaration reaffirming the commitment of member economies “to deliver a free, open, fair, non-discriminatory, transparent, inclusive, and predictable trade and investment environment.” Additionally, Apec members supported moves to reform the World Trade Organisation, signaling a collective effort to navigate the challenges of the global economic landscape.
While acknowledging the strategic tensions and the growing emphasis on national security over trade, PM Lee emphasized the need for cooperation, particularly in areas such as climate change, the digital economy, and secure supply chains. He pointed to the Nov 15 meeting between President Biden and President Xi Jinping as a reason for cautious optimism about a potential easing of strained international relations.
PM Lee also underscored the importance of Singapore’s ability to attract businesses and investments from major global players. He noted that Singapore has successfully become the headquarters for numerous multinational corporations, with businesses stabilizing and growing in the country. The Prime Minister welcomed the establishment of Enterprise Singapore’s San Francisco Overseas Centre, which supports Singaporean firms’ overseas ambitions.
Furthermore, PM Lee highlighted Singapore’s commitment to a fair business environment, particularly in the context of anti-corruption standards. He noted the substantial agreements on clean energy and anti-corruption measures reached by the 14 nations participating in the Indo-Pacific Economic Framework for Prosperity (IPEF) on the sidelines of the Apec meeting.
The IPEF’s clean energy pillar presents an opportunity for Singapore to partner with nations and scale up supply chains for its low-carbon hydrogen strategy. PM Lee acknowledged the challenges in reaching a trade agreement through IPEF but expressed hope for significant progress in the future.
#USAPEC2023 wrapped up tdy with a retreat session on the topic of “Interconnectedness and Building Inclusive and Resilient Economies”. By communicating & working together, we can derive joint benefits, solve problems & move forward. Heading home now! – LHL https://t.co/lYBnQopvRj pic.twitter.com/rrQGAByL6S
— leehsienloong (@leehsienloong) November 18, 2023
PM Lee emphasized that Singapore must actively engage with major economies, including the United States, China, Asean, and India, to export, attract investments, and build partnerships. Despite the uncertainties in the global landscape, he stressed the importance of keeping all economic avenues open for Singapore’s continued growth and prosperity.
