Small countries need more cooperation with companies, NGOs in fractured world: Teo Chee Hean

In a fractured and changing world, Singaporean small countries require increased cooperation with both countries and non-governmental organisations (NGOs), according to Temasek Holdings chairman Teo Chee Hean. Speaking at the Steward Leadership Summit, he emphasized the need for polylateral arrangements to support global cooperation, particularly in areas such as AI regulation.

In the past, Singapore pursued bilateral free trade agreements (FTAs) after the failed WTO Ministerial Conference in Seattle in 1999 due to difficulties in achieving progress through the organization. Teo highlighted that numerous countries, including the European Union, Canada, and India, are currently undertaking similar steps.

He stressed that major power and geopolitical competition will persist, necessitating comprehensive, interconnected strategies to address the convergence of geopolitics, technology, energy, and business. For smaller countries and businesses, Teo advocated for proactive creation of options through stewardship guided by purpose, disciplined governance, enlightened self-interest, and consideration for future generations.

He urged government and business leaders to prioritize long-term value and sustainable returns, rather than short-term gains that may lead to the loss of friends and partners. Teo also addressed AI guardrails, suggesting that a coalition of governments, major AI companies, NGOs, and unions could help ensure responsible AI adoption and mitigate societal risks.

Singapore's higher acceptance of AI compared to global trends is attributed to the confidence in the government's ability to regulate the technology appropriately.