Conference Presentation, Keynote
Singapore Defence Minister & Coordinating Minister for Public Services, Chan Chun Sing | Asia Summit
- The global outlook projects a future trajectory between two extremes: total fragmentation characterized by economic stagnation, societal rift, and protectionism, or total integration built on rules for the common good.
- Current risks include economies faltering, societies fragmenting, and technology becoming a negative force without established guardrails, which could trigger a downward spiral if populations feel left behind.
- Political stability, the rule of law, new partnerships, and long-term investment in people are identified as critical man-made competitive advantages for maintaining policy consistency over investment gestation periods of 10 to 15 years.
- Singapore plans to evolve rules rapidly to pioneer new digital products and services, forge partnerships such as the Digital Economy Partnership Agreement (DIPA) and the Future Investment and Trade (FIT) initiative, and double down on investment in people for the next 50 years.
- Reskilling and upskilling are required to keep pace with potentially shorter work spans and reduced lifespans of major Fortune 500 companies, with investment extending beyond the first 15 years of schooling to maintain social cohesion and economic dignity.
- Corporate leaders hold agency to counterbalance nativist instincts and avoid a collective prisoner's dilemma by investing in talent management, which is necessary to prevent worker displacement fears and sustain support for the current system.
- The path forward is not deemed inevitable but requires current actors to prioritize long-term solutions over short-term populist politics, ensuring that hope for future progress remains to prevent dangerous nativist and protectionist takeovers.