[The following speech was being delivered in Chinese and has been translated into English.]
Deputy Prime Minister Gan Kim Yong,
Your Excellencies,
Business China Board members,
Distinguished guests,
Ladies and gentlemen,
1 Good morning. Welcome to the 17th FutureChina Global Forum. Let me begin by thanking Deputy Prime Minister Gan Kim Yong for joining us as our Guest of Honour and for delivering today’s keynote address.
2 I would also like to extend a warm welcome to officials, business leaders, experts, academics and friends from China, the United States, Europe, ASEAN and around the world. Your presence brings a wider range of perspectives to the forum.
Risks Are Reshaping the World
3 Today, we are navigating a fundamentally changed world. There are at least three forces reshaping the global landscape: major-power rivalry, geopolitical conflict and technological competition.
4 The first force is major-power rivalry, which is changing the rules of globalisation. Competition between China and the United States, the world’s two largest economies, has expanded beyond trade to technology, investment, finance, energy and critical minerals. Tariffs, export controls, investment screening and industrial subsidies are increasingly shaped by strategic considerations. In the past, companies sought the most cost-efficient locations for production. Today, they must also consider where it is safest and most reliable. The global economy is shifting from a singular focus on efficiency to a simultaneous pursuit of security and resilience.
5 Over the past two days, the leaders of China and the United States have been engaged in dialogue. According to media reports, the two sides will discuss pressing issues including security, trade, technology and AI. We also hope that this will mark a turning point in easing tensions.
6 The second force is geopolitical conflict, which has brought renewed attention to energy security and critical trade routes. Wars and regional conflicts in recent years have shown how a crisis in one part of the world can quickly have global repercussions. Disruptions to energy supplies and major shipping routes can drive up energy, freight and insurance costs, while placing supply chains under strain. These pressures translate into higher electricity bills, food prices, airfares and operating costs for businesses. Ultimately, geopolitical conflicts drive up the costs faced by every business. They also affect what families put on their dining table, and even in their wallets.
7 The third force is technological competition. Artificial intelligence and semiconductors have emerged as important arenas of strategic competition, with significant implications for productivity, national security and international competitiveness. Competition is intensifying not just over advanced chips and compute, but over the data centres, energy, and critical minerals needed to sustain them. Countries and companies that secure access to these technologies and resources will be better positioned to lead the next wave of industrial transformation. Technological competition is therefore increasingly intertwined with economic competition and geopolitics.
8 These three forces do not operate independently. Major-power rivalry is driving the reorganisation of supply chains; geopolitical conflict is increasing uncertainty over energy and resources; and technological competition is sharpening countries’ focus on industrial security and self-reliance. Therefore, globalisation has not disappeared; it is changing form. The earlier emphasis on lowest-cost, just-in-time production is giving way to a greater focus on trusted partners, supply-chain resilience and strategic autonomy.
9 For businesses and the public alike, these shifts may mean higher investment costs, more complex supply chains, and living and energy costs that are more vulnerable to external shocks. Some jobs may be displaced even as new industries and opportunities emerge. Hence, geopolitics is not just international cooperation and inter-country relations; it also affects society and people’s livelihoods.
Strengthening Resilience, Rebuilding Trust
10 This is why Strengthening Resilience, Rebuilding Trust are the focus of this year’s Forum theme. In a more complex world, how can we build consensus? How can we enhance our resilience? And when shocks occur, how can we adapt quickly, recover and retain the capacity to keep moving forward?
Asia Is at the Centre of Change
11 Asia is at the centre of change. Amid major-power rivalry, ASEAN has sought to uphold its centrality and continued to work with partners to deepen trade and economic cooperation, helping to build trust and support regional peace and stability.
12 Geopolitically, Asia remains relatively stable. However, the military conflicts in the Middle East serve as a stark reminder of the devastating consequences of military or political miscalculations. This is why dialogue, mutual visits, and exchanges during peacetime are vital.
13 In the technology race, China has a comprehensive industrial base and a vast domestic market. Other economies, such as Japan, South Korea and Taiwan, are global leaders in advanced manufacturing and semiconductors, while Southeast Asia offers a young and growing workforce, significant infrastructure needs and investment opportunities. In recent years, the region has continued to attract foreign investment, supporting its growing role in global technology supply chains.
14 Singapore, China and the rest of Asia are therefore not merely being affected by global change; they are also helping to shape the industries of the future. Rather than passively accepting change, we should proactively create new opportunities for cooperation and growth. As a small country, Singapore must continue to learn and adapt, build on its strengths, and serve as a trusted connector that adds value to regional cooperation.
15 Against this backdrop, the FutureChina Global Forum remains closely attuned to the shifting dynamics of our era. By focusing on international affairs, economic developments, and emerging industry trends, the Forum serves as an annual gathering here in Singapore for global leaders and experts from diverse backgrounds. Together, we exchange insights, forge consensus, and ensure we are fully prepared for the transformations ahead.
Highlights of This Year’s Forum
16 In response to feedback, we introduced a half-day AI programme for the first time yesterday afternoon, with discussions on the application, governance and regulation of artificial intelligence.
17 Today’s main Forum features a rich programme covering geopolitics, regional cooperation, China’s economic development, high-technology applications and emerging consumer trends. We have also arranged three closed-door roundtables, chaired respectively by Second Minister Sim Ann, Senior Minister of State Tan Kiat How and Minister of State Alvin Tan. This afternoon, Minister Chan Chun Sing will share his perspectives on these global and regional developments in a fireside chat. Senior Minister of State Desmond Tan will also join us at this evening’s networking reception.
Appreciation for Your Support
18 I would like to express my special thanks to all our sponsors and partner organisations. It is because of your longstanding trust, support and participation that Business China can continue organising flagship events of this calibre.
19 I would also like to thank the Business China team for your hard work, dedication and professionalism, and especially for your unwavering commitment to excellence.
20 Finally, thank you once again for your participation, insights and guidance. In this complex and rapidly changing world, let us build trust, strengthen resilience and work together to shape the world of tomorrow. Thank you.