Lawrence Wong

Speech by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance at the Wharton Global Forum on 11 March 2023.

It reflects the role that Singapore can play in this changing world – as a convenor, as a connector, as a facilitator; and ultimately, as a place where we can imagine new possibilities, where we can make things happen, and where the human spirit will always thrive. After all, we are really one of the smallest countries in Asia, we know that we have to adapt to the world as it is, not want we would like it to be. And I am confident that if we all do our part to bring businesses and other stakeholders closer together, we can maximise our chances for continued stability, peace, and prosperity in Asia and the world. These have helped to define the rules-based international order over the decades, and we must ensure they remain strong and relevant, so that all countries have a stake in the international system and will do our part to ensure peace and stability in the world. And if we can forge stronger partnerships between the major powers and all countries in the region, we can help foster a more stable and prosperous Asia and indeed a more stable and prosperous world. In Michigan - some of you may know or this may be new to you - there used to be a town and it was called, of all things, Singapore. Of course, at the same time, the countries in Asia will not stand still – there is tremendous energy and determination in this part of the world for countries to move ahead in terms of knowledge, scientific excellence and innovation, and really just to improve the lives of our people here. Singapore has welcomed this too and we hope to work with partners to develop a framework which is open, inclusive, and flexible, which will benefit all its participants. And at the root of this rivalry, lies a lack of strategic trust between the two countries. And I also understand that, since then, you’ve not had the chance to meet; so I’m glad that you have chosen to come back to Singapore as the venue for your first ‘coming out party’ after COVID, your post-pandemic Forum here in Singapore; and of course we are very happy to have you back here. As we heard just now, and as I understand from the Dean, Wharton had intended to organise this Forum in Singapore back in early 2020. The US, China and EU for example, are stumping out more aggressive support, in the form of tax breaks and subsidies, to develop domestic strengths in what they assess to be critical industries like semi-conductors and green energy.