‘Bringing Asean together as a single market’: PM Wong

To continue attracting investments, Prime Minister Lawrence Wong argues that Southeast Asia must integrate as a single market, fostering entrepreneurship and innovation. Speaking at the DBS Asia Future Forward Conference, Wong discussed managing the impact of artificial intelligence on jobs and operations alongside DBS CEO Tan Su Shan.

Wong acknowledged that Asean is currently fragmented, with different rules, systems, and requirements across countries, which can be frustrating for businesses. The Asean Digital Economy Framework Agreement (DEFA), set to be signed in November, aims to improve the region's digital economy by enabling data flows, cross-border digital trade, and smoother cross-border payments.

However, Wong emphasized that DEFA is not a "magic switch" and that significant work remains to translate the agreement into tangible benefits for companies. He also recognized that AI adoption varies among Asian economies, with some nations harnessing the technology more effectively than others. Wong stressed the importance of reskilling and upskilling workers to manage the impact of AI on jobs, acknowledging that retrenchments may be necessary in some cases.

Singapore is expanding its support programs to aid the transition, ensuring that companies manage the change responsibly and fairly for their employees.