SINGAPORE: Prime Minister Lee Hsien Loong said Singapore's survival "depends on our living the Global-Asia story - connecting Asia to the world and vice versa".
In his keynote speech at the first Singapore Summit on Friday evening, Mr Lee said the country is at the crossroads of Global-Asia and must adapt to changes, like all countries and businesses.
Mr Lee said Singapore is closely linked to key Asian markets - China, India and ASEAN - while many MNCs are in Singapore.
He added that global and Asian forces are constantly at play here, and Singapore's survival depends on the Global-Asia story.
Mr Lee said Singapore has to prepare for risk scenarios, such as the economic troubles in Europe and the US, the trend of rising nationalism and the shift in the strategic balance as China grows stronger, just in case they materialise.
He said: "We have to prepare for the risk scenarios just in case they materialise. We need an economy which is resilient, able to cope with a protracted global downturn; we need a strong armed forces and home team of security and police to protect ourselves against security threats and dangers.
"We need to build social cohesion to strengthen our sense of togetherness. While we prepare for this, we also hope that the risks will be successfully contained and on balance I believe this is likely and therefore we should not neglect to prepare ourselves for a good outcome, that is for a challenging but bright future."
To do this, Singapore must first harness the "Global-Asia Confluence" by becoming a springboard for companies venturing into and out of Asia.
The second challenge, said Prime Minister Lee, is to embrace globalisation and at the same time, strengthen the nation to cope with the risks.
One way is to promote economic integration and free trade while the next is to equip people with the skills and mindsets to meet competition.
Mr Lee said it is also important for Singapore to build foreign reserves and strengthen the social safety nets to cope with volatility and uncertainty.
Also key to meeting the challenges is mastering technology to transform Singapore into a smart city.
Finally, Singapore has to adapt to the rapid social changes brought about by social media.
"We are especially affected by this because we are small, we are open, completely English-educated, you don't even need Google to translate the web for you to understand, we are totally wired up and totally wirelessly accessible.
"There is no magic formula or handbook for doing this. Nobody has an answer, all are looking for the way forward. We have to exploit fully the internet and the social media but institute safeguards against its misuse," Mr Lee said.
All these, he said, aim to keep Singapore a special place to live, work and play at the crossroads of Asia and the world.
Mr Lee added that the Singapore Summit is another example of how Singapore can harness benefits of the Global-Asia confluence.
He said the future global landscape will be shaped by the flow of ideas and the summit is a neutral platform to bring together thought leaders and successful practitioners from East and West, not just to discuss global issues in Asia, but also to focus on the ideas, partnerships and opportunities arising from the confluence of Global-Asia.
- CNA/ck
In his keynote speech at the first Singapore Summit on Friday evening, Mr Lee said the country is at the crossroads of Global-Asia and must adapt to changes, like all countries and businesses.
Mr Lee said Singapore is closely linked to key Asian markets - China, India and ASEAN - while many MNCs are in Singapore.
He added that global and Asian forces are constantly at play here, and Singapore's survival depends on the Global-Asia story.
Mr Lee said Singapore has to prepare for risk scenarios, such as the economic troubles in Europe and the US, the trend of rising nationalism and the shift in the strategic balance as China grows stronger, just in case they materialise.
He said: "We have to prepare for the risk scenarios just in case they materialise. We need an economy which is resilient, able to cope with a protracted global downturn; we need a strong armed forces and home team of security and police to protect ourselves against security threats and dangers.
"We need to build social cohesion to strengthen our sense of togetherness. While we prepare for this, we also hope that the risks will be successfully contained and on balance I believe this is likely and therefore we should not neglect to prepare ourselves for a good outcome, that is for a challenging but bright future."
To do this, Singapore must first harness the "Global-Asia Confluence" by becoming a springboard for companies venturing into and out of Asia.
The second challenge, said Prime Minister Lee, is to embrace globalisation and at the same time, strengthen the nation to cope with the risks.
One way is to promote economic integration and free trade while the next is to equip people with the skills and mindsets to meet competition.
Mr Lee said it is also important for Singapore to build foreign reserves and strengthen the social safety nets to cope with volatility and uncertainty.
Also key to meeting the challenges is mastering technology to transform Singapore into a smart city.
Finally, Singapore has to adapt to the rapid social changes brought about by social media.
"We are especially affected by this because we are small, we are open, completely English-educated, you don't even need Google to translate the web for you to understand, we are totally wired up and totally wirelessly accessible.
"There is no magic formula or handbook for doing this. Nobody has an answer, all are looking for the way forward. We have to exploit fully the internet and the social media but institute safeguards against its misuse," Mr Lee said.
All these, he said, aim to keep Singapore a special place to live, work and play at the crossroads of Asia and the world.
Mr Lee added that the Singapore Summit is another example of how Singapore can harness benefits of the Global-Asia confluence.
He said the future global landscape will be shaped by the flow of ideas and the summit is a neutral platform to bring together thought leaders and successful practitioners from East and West, not just to discuss global issues in Asia, but also to focus on the ideas, partnerships and opportunities arising from the confluence of Global-Asia.
- CNA/ck
