[Forum] Building a Sustainable Future: Asian Perspectives on Economic Growth and Innovation Dynamics

On 27 September 2024, Business China Chairman Mr Lee Yi Shyan and Business China CEO Mr Ho Chee Hin attended the forum on Building a Sustainable Future: Asian Perspectives on Economic Growth and Innovation Dynamics.

Chairman Lee had a robust discussion with Prof Bai Chong-En, Dean of the School of Economics and Management at Tsinghua University.
He shared on the following points:
Singapore is a country which advocates free and open trade, with the total value of import and export, as well as services trades amounting to three times of her GDP in 2023.

Talent is a valuable resource for the country’s economic development, and Singapore has attached great importance to nurturing talents in the fields of science, technology, engineering and mathematics (STEM).

Speaking to Tsinghua University alumni, CEO Mr Ho gave his views on globalisation. He highlighted how the rapid development of the world’s economy in the past 30 to 40 years are a result of world peace and open economies.

Threatening this is the recent rise of protectionism, but countries which continue to see the benefits of free trade should come together to push for collaboration, and attract like-minded others to participate in their cause.

The Regional Comprehensive Economic Partnership (RCEP) agreement is an exemplary case, where the ten ASEAN countries, China, Japan, Korea, Australia, and New Zealand have come together to form the world’s largest free trade area.

To date, Singapore has signed over 27 FTAs (free trade agreements) with countries/regions around the

world, which helped open doors to the global market for Singaporean companies; reduce trade barriers, such as tariffs; and improved market accessibility. In addition, Singapore is an important member of key multilateral FTAs, such as the ASEAN Free Trade Area (AFTA); Regional Comprehensive Economic Partnership (RCEP); and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These pacts have enhanced Singapore’s position as an international trading hub.