At the recent Regional Outlook Forum held at the Sands Expo and Convention Centre, Senior Minister Lee Hsien Loong emphasised the delicate balance small nations must maintain in a rapidly changing global order. Speaking on 3 January 2024, he highlighted the need for Singapore to stay economically robust and uphold a credible military to ensure national security.
Economic Stability and Military Credibility
Lee pointed out that Singapore must secure a successful economy, as without it, the country will lack the means to act decisively. “If we are broke and poor, we won’t have any options,” he quipped, reinforcing the importance of economic resilience. He also mentioned that Singapore invests around 3% of its GDP in defence annually, contributing to the credibility of the Singapore Armed Forces.
Building Stronger Regional Ties
- Collaborating through ASEAN for mutual benefit.
- Cultivating trade relationships with global economies including China, India, and the EU.
- Utilising platforms like APEC and RCEP for expanding partnerships.
Mr Lee asserted that a strong network of countries willing to trade under agreed rules can prevent regression into a chaotic international scenario. He explained, “Even if I don’t have a full WTO system, I have got a network of countries which want to trade with one another.” This reflects Singapore’s strategy of maintaining a neutral stance while fostering beneficial relationships.
Dealing with Global Powers
In light of increasing geopolitical tensions, he remarked on the complex dance that smaller states must perform between major powers like the United States and China. Mr Lee observed, “While there are pressures to pick sides, Singapore should resist that… The more we have links with all parties, the more options we have.”