Deputy Prime Minister Gan Kim Yong,
Senior Minister of State Koh Poh Koon,
Minister of State Goh Pei Ming,
Your Excellencies,
Business China Board Members,
Distinguished guests,
Ladies and gentlemen,
- Good morning, everyone! A very warm welcome to the 16th edition of the FutureChina Global Forum. I would like to especially thank our Guest-of-Honour, Deputy Prime Minister Gan Kim Yong, for joining us today to deliver the keynote address. I also warmly welcome officials and friends from 20 countries and regions including China, the United States, and ASEAN. Your presence is a great honour. I hope the forum will allow us to hear your valuable insights, draw on the collective wisdom, and explore solutions to the common challenges and issues we face together.
The Complexity of International Geopolitics
- The year 2025 has been one of turbulence and uncertainty. Since taking office earlier this year, President Trump has advanced his “America First” agenda, in ways often perceived as competitive and aimed at maximising the United States’ interests.
- The unilateralism of the U.S. has far-reaching impact. It has placed strains on the multilateral cooperation system and mechanisms that the international community has spent decades building, with implications for global trade and cross-regional supply chains. From the Americas to Europe, Asia, and Africa, U.S. trade partners are feeling the effects of rising trade barriers on their economies. History has shown us that, without multilateral institutions and free trade mechanisms, major powers can resort to coercion, even war, to secure resources. This was among the factors that led to the First and Second World Wars.
- Thus far, under these new trade policies, exports from Asian countries have been subject to U.S. tariffs ranging from 10% to 40%. What was once primarily an economic contest between China and the U.S. has extended beyond technology, finance, trade, and supply chains to include academic exchanges and people-to-people ties. Competition between the world’s two largest economies is inevitable, but without mutual trust and engagement, there is greater risk of miscalculation and misunderstanding, with troubling implications for the global outlook.
- At the same time, the Russia-Ukraine war has continued for more than three and a half years, while conflicts in the Middle East persist and continue to affect the region. The stance taken by major powers in these conflicts is especially important. Missteps could create new uncertainties for the world.
- Beyond wars and geopolitical tensions, many of us are also concerned about mounting risks of global debt. Major economies are running persistent deficits, relying on borrowing to get by. On one hand, they seek to revive growth and reduce unemployment; on the other, they are constrained by inflation and currency depreciation, leaving them with difficult trade-offs. Inflation and currency depreciation complicate matters further. Recently, questions have also emerged in financial circles over the stability of the U.S. dollar as the world’s reserve currency. We are in a period of heightened uncertainty.
The Importance of Regional Economic Cooperation
- Against this complex and shifting global backdrop, a new international landscape is emerging. Regions outside the U.S. increasingly recognise the urgent need to deepen cooperation, strengthen supply chain resilience, and expand trade networks. The question arises whether the world could be entering a new “minus one” model – where global trade continues, with the U.S. standing apart.
- In early September, the Shanghai Cooperation Organisation convened its summit, bringing together its 10 member states. From the initial focus on security cooperation, its agenda has expanded to cover trade, the environment, artificial intelligence, and finance. This shows that the SCO aims not only to remain relevant within the region, but also to contribute perspectives to international dialogue.
- In May this year, the 46th ASEAN Summit in Kuala Lumpur adopted the Kuala Lumpur Declaration: ASEAN 2045 Our Future. The declaration emphasised deepening economic integration, responding to trade volatility, promoting energy transition and sustainability, and advancing connectivity and digital cooperation.
- The summit also announced deeper cooperation with the Gulf Cooperation Council and with China. China and ASEAN are working towards formally signing the enhanced China-ASEAN Free Trade Agreement 3.0 by the end of this year. Cooperation between ASEAN and its regional partners not only provides new growth opportunities for markets, but also help businesses diversify risks and restructure supply chains. Taken together, these initiatives reflect ASEAN’s strategic direction and determination to respond to external challenges collectively over the next two decades.
- Another key focus in regional cooperation is the accelerated development of the Johor–Singapore Special Economic Zone (SEZ). Under the guidance of the Joint Ministerial Committee, both sides are working to improve efficiency of cross-border flows of goods and people, strengthen industrial planning, and advance human capital development. Covering some 3,500 square kilometres, the SEZ aims to build core competitiveness through complementarity of strengths and mutual benefit, creating a win-win opportunity for Johor and Singapore’s economic growth.
Highlights of This Year’s Forum
- The theme of this year’s forum is “Competition and Opportunities in a Changing Global Order.” We have organised four panel discussions covering geopolitics, regional cooperation, China’s political and economic development, and the application of artificial intelligence and advanced technologies. To mark the 35th anniversary of Singapore-China diplomatic relations, a dedicated thematic forum will be held this afternoon, alongside the Business China Youth Forum which focuses on current technology topics. Altogether, we expect about 1,000 in-person participants, with many more joining us online.
- A highlight of today’s programme is a fireside chat with Minister for Foreign Affairs Dr. Vivian Balakrishnan, as well as a spotlight interview with Mr. Ray Dalio and Mr. Ng Kok Song. Three closed-door roundtables will also be held, each hosted respectively by Minister Grace Fu, Senior Minister of State Alvin Tan, and Senior Parliamentary Secretary Goh Hanyan. We are also grateful to Senior Minister of State Koh Poh Koon for joining the full-day programme, to Minister Josephine Teo for attending tonight’s Business China Awards, and to Minister of State Goh Pei Ming for serving as the Guest-of-Honour at the Business China Youth Forum.
Appreciation for Sponsors and Partners
- I would like to extend my heartfelt thanks to all our sponsors and partners. It is heartening that each year, more join us, and the Forum continues to grow in scale and influence, made possible through your support and guidance. I would also like to thank the Business China team for your dedication and excellent work.
Conclusion
- This year marks the 60th anniversary of Singapore’s independence. In 1965, Singapore was thrust into nationhood under challenging circumstances, facing both internal and external pressures. At that time, the world was at the height of the Cold War, while Southeast Asia was engulfed by the Vietnam War. Domestically, we faced high unemployment, housing shortages, and racial tensions. From the very first day of our nationhood, we have had to survive in an environment of turbulence and great power contestation, carving out space for ourselves amid constraints. The trials of history have forged the DNA of the Singapore spirit. We cherish all that we have today, even as we recognise that the road ahead will be challenging and uncertain. That is why we value the insights, perspectives, and guidance of friends gathered here – to explore the road ahead together, towards peace and prosperity.
Thank you.