Singapore must stay open, 'remake' its economy repeatedly as US role shifts: SM Lee

Singapore's Senior Minister, Lee Hsien Loong, urged the nation to remain open and outward-looking as the US shifts its role in global security and trade. Speaking in Kazakhstan on Aug 27, Lee emphasized that multilateralism is breaking down and trade dependencies are being weaponized, creating a less conducive environment for growth and development.

Lee highlighted that the US, which dominated the Asia-Pacific region for decades, is now reassessing its approach, prioritizing national security and resilience over economic well-being. This shift has created both challenges and opportunities for Singapore and other Asian economies.

To adapt to this changing environment, Lee stressed that Singapore must continue to be open and outward-looking, diversifying its supply chains and deepening ties with non-traditional partners, such as Kazakhstan and other Central Asian countries. He also reiterated the importance of supporting multilateralism, while acknowledging that the existing framework has become increasingly obstructive.

Domestically, Lee assured that Singapore will maintain its balance of strict market discipline and activist state policies. The government will continue investing in infrastructure, skills, and new economic activities, while fostering a dynamic enterprise ecosystem and supporting businesses in adopting artificial intelligence and continuing education.

Most importantly, Lee stressed the need for Singaporeans to stay united, as social cohesion is crucial for the country's continued success. He urged the government to ensure inclusive growth, benefiting all citizens, and to maintain strong social policies such as public housing, healthcare, and education.