‘No boom is forever’: Singapore must seize AI opportunity before correction, says PM Wong

Singapore's Prime Minister Lawrence Wong acknowledged that the artificial intelligence (AI) boom benefiting the nation economically will not last indefinitely. Wong emphasized the importance of capitalizing on this window of opportunity to build new capabilities and create better jobs for Singaporeans. He warned that a correction is inevitable, and the country must be prepared for it.

Wong stressed the need for international cooperation to address the potential risks of powerful and autonomous AI systems going rogue or being misused by malicious actors. While the US has formed a task force to oversee this issue, Wong believed that rules and standards for frontier AI development should be established on an international scale, possibly under the United Nations. He acknowledged that this process will take time.

Regarding AI's impact on the workforce, Wong stated that Singapore's approach is to protect every worker rather than just jobs. This is achieved through collaboration between the government, employers, and unions over the years. He cited Singapore's new guidelines on AI usage in finance and the testing of autonomous cars by Waymo as examples of sector-specific safeguards being implemented.

Wong also addressed the issue of tariffs and urged global free trade and freedom of navigation. He expressed concern over the potential weaponization of critical international waterways, citing Hormuz as an example. He underscored that all littoral states, including Malaysia and Indonesia, share the view that international waterways must remain open and that freedom of navigation and the right of transit passage should be respected.

The Prime Minister highlighted the importance of trade for Singapore's economy and emphasized that the country cannot afford to withdraw from global trade. Instead, Singapore aims to deepen its integration within ASEAN and explore opportunities with new regions like Latin America, Africa, and the Middle East. Wong believes that Singapore can play a connecting role among different regions.