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

Singapore Prime Minister Lawrence Wong acknowledged at the Forbes Global CEO Conference that the artificial intelligence (AI) boom benefiting the nation would not endure indefinitely. Wong emphasized the importance of capitalizing on this window of opportunity to develop new capabilities and generate better job prospects for Singaporeans.

A central concern for Wong is the potential risks posed by powerful and autonomous AI systems or rogue actors misusing AI to cause harm. While U.S. President Joe Biden's task force on AI oversight is a step in the right direction, Wong believes that international rules and standards must eventually be established to address these risks, likely under the auspices of the United Nations.

Singapore has benefitted from the AI boom across various sectors, including the semiconductor industry and logistics. Wong highlighted that major firms like GlobalFoundries and Micron, which manufacture memory and specialty chips, are crucial to Singapore's AI-driven economy. He also noted that Singapore's semiconductor ecosystem, encompassing precision engineering and equipment suppliers, has been strengthened by the AI boom.

Addressing the impact of AI on workers and the job market, Wong emphasized that the government's approach is not to protect jobs but to protect every worker. This is achieved through collaboration between the government, employers, and unions over the years. He cited new guidelines by Singapore's Monetary Authority on AI use in finance and the testing of autonomous vehicles in Singapore as examples of regulatory safeguards being implemented in specific sectors.

In terms of trade and tariffs, Wong stressed that Singapore supports free trade and freedom of navigation globally. He concurred with Malaysia and Indonesia in their alignment with the principle that international waterways must remain open and that transit passage rights must be respected. Wong expressed hope that the leaders of these countries would work together to uphold these principles.

He also noted that Singapore aims to accelerate economic integration in ASEAN, building on the country's role as chair of the regional bloc next year.