Read the full transcript of Singapore Foreign Minister Vivian Balakrishnan’s speech in parliament on March 3, 2025 about the rapidly shifting global landscape and its implications for a small state like Singapore when major powers prioritise national interests and turn inwards.
Listen to the audio version here:
TRANSCRIPT:
Introduction to a Disrupted World Order
[VIVIAN BALAKRISHNAN:] Madam Chairperson, this is the tenth time I’m addressing the Committee of Supply as the Minister for Foreign Affairs. And I’ve never seen the world more disrupted, more volatile, or more dangerous. So this is a more somber, a more careful, and a brutally frank message this year. The common thread in all the interventions so far has been this big question, has the post-World War Two liberal world order come to an end?
This is a world order which has prevailed for eight decades. In 2025, Singapore celebrates our sixtieth anniversary, but it is also the eightieth anniversary of the end of the Second World War. In these six decades, successive generations of hardworking and disciplined Singaporeans have built up our tiny city-state into an outstanding beacon of economic and social success. That we did so without any natural resources or past fiscal reserves is all the more remarkable. But we should also be realistic and humble enough to be cognizant that there were external factors that were very conducive to our success.
The Post-World War Liberal World Order
The post-World War Liberal World Order was characterized by, first, the proliferation and the rise of free trade and global supply chains and multinational enterprises. Second, the establishment of multilateral institutions, United Nations, the International Monetary Fund, the World Bank, the WTO for trade, WHO for health. Third, the development of international law and the treaties to protect the global commons, including, for instance, the United Nations Convention on the Law of the Sea, the Paris Agreement on Climate Change, the BBNJ, the treaty for biodiversity beyond national jurisdictions.
This world order was initially envisioned and underwritten by the United States and supported by its transatlantic allies in Western Europe. In turn, it was boosted by the reform and opening of China under Mr. Deng Xiaoping since 1978, the economic liberalization of India under Prime Minister Narasimha Rao since 1991, and the integration of ASEAN economies, at the end of the Cold War when Indochina joined us.
And this global order was very favorable for a tiny city-state, which has a trade volume three times our GDP. And Singapore’s role as a global financial center and our business ecosystem with intensive interactions between local and foreign companies engaged in advanced manufacturing and the provision of sophisticated services for a global market. In a sense, what I’m making, the point I’m making is that Singapore enjoyed the best of many worlds, and we were able to fire on all cylinders.
The Shifting Global Landscape
Unfortunately, the world is now shifting from unipolarity to multipolarity, from free trade to protectionism, from multilateralism to unilateralism, from globalization to hypernationalism, from openness to xenophobia, from optimism to anxiety.
And this is a global change, not just in one place. The big powers are taking a narrower view of their national interest, and they are adopting a more transactional and, frankly, sometimes even a more coercive approach. And because there is a lack of strategic trust between the big powers, each of them has deep anxiety to stay ahead of each other. These profound shifts have ushered in an era of sharper rivalry, autarky, and the fracturing of global supply chains. Countries have turned inwards ostensibly in the name of national security, resilience, and derisking in order to secure the individual interest in this turbulent environment.
This is not merely a sudden temporary change in diplomatic weather. This is geostrategic climate change. A new world order is taking shape and characterized by profound unpredictability, instability, and volatility. The question then is what does this portend for us in Singapore? This is a question which is on all your minds.
Implications for Singapore
There are three broad sets of implications for Singapore.
# First: Economic Implications
The United States for a very long time was the main advocate for freer trade globally. Post-World War Two, the United States had a disproportionate share of global GDP at forty percent. Today, the U.S. share of global GDP has declined to around twenty-six percent, although in absolute nominal terms, its GDP has grown tremendously.
It is a completely understandable political question for the domestic American voter to say, why should the United States continue to unilaterally underwrite this liberal world order, which in fact has brought peace and prosperity for so many other countries around the world. And so over the last decade, the United States has progressively shifted to a more nationalist approach in response to what it deems to be unfair trade measures and free riding.
The new US administration clearly sees tariffs as a means to address non-trade related policy objectives, including national security, local job creation, more resilient supply chains, and bargaining leverage. Other major countries are also using similar restrictions on trade more frequently and not always confining themselves to trade-related issues. Tariffs are being applied to partners, to competitors, and to adversaries alike. The US has announced tariffs on Canada, Mexico, and China. And in turn, these countries have also signaled retaliatory measures. Tit for tat tariffs by other countries can easily escalate into a global trade war.
Singapore so far has not been targeted directly. But even if we are not, we will still be affected. These tariffs will have a major impact on the volume and the pattern of world trade and significantly affect us the first level as a transshipment hub and with all the other global services that we provide the world. There will be supply chain disruptions. There will be more volatile prices. And it is worth remembering, if you cast your mind back to the 1930s, the Great Depression, retaliatory beggar-thy-neighbor policies, in fact, slowed growth everywhere. So we need to be prepared for this.
But the problems go beyond just trade and tariffs because in fact there are also implications on the global financial system and the way frontier technology, which some of you have referred to, is being developed, is being shared and it’s being exploited.
In a sense, all these levers, tariffs, financial systems, and technology may be weaponized.
Now because Singapore operates as an open economy that is deeply integrated with all the big powers around the world, we trade, invest, and access technologies from all of them. We are a vital node in a global network. We connect and we enable interoperability. The Singapore model is based on trust, openness and a level playing field. We allow companies from all over the world to operate here as long as they play by the rules. And that is how Singapore has survived and thrived for six decades.
This open paradigm that has served us so well for six decades is now at risk. Unfortunately, technology has become a focal point for strategic contestation between the big powers. And as countries bid to stay ahead, several have imposed restrictions and export controls on semiconductor chips, critical minerals and on data.
For instance, the US AI diffusion rule, although not yet finalized and is still subject to changes. But this rule essentially will limit the export of advanced chips that are essential for AI. China’s retaliatory restrictions on its own exports of critical minerals to the U.S. will also disrupt supply chains, raise production costs and have an impact on global R&D and innovation.
And amidst the heightened scrutiny over advanced technology, Singapore may be criticized for working with or hosting companies and officials from one side or the other or both. There will be centrifugal pressure from all sides that will make it increasingly hard for us to operate, and it will threaten our raison d’être as an open hub.
# Second: Implications for War and Peace
The Russia-Ukraine war has now entered its fourth year. In its immediate aftermath, global energy and food prices surged, and this worsened global inflation in 2022. Russia cited historical errors and crazy decisions to justify an invasion and to annex territory of its smaller neighbor. As a tiny city-state that has been independent for only sixty years, this immediately rang alarm bells for us in Singapore.
I have known the Russian Foreign Minister for quite a long time, so we have very open conversations. And in 2022, I explained to him that because of Singapore’s circumstances, we had to uphold the principles of sovereign equality and territorial integrity.
Similarly, I had a telephone conversation with my counterpart from Ukraine, Andre Sibiha, last week. I asked him about the war, not about the details, the operational details, but about why this was happening. And he told me, and I’m paraphrasing, that “this war is about his country’s sovereignty, his country’s territorial integrity, and freedom to choose how to organize the society and to have a closer strategic relationship with Europe.” And then for good measure, he added laconically “and our critical minerals.”
Both Russia and Ukraine, and I’ve taken pains to emphasize that in all my interactions with the foreign ministers, know that Singapore is upholding principles and we’re not taking sides.
The Europeans and Americans initially responded forcefully to defend Ukraine and to isolate Russia. But recent pronouncements and actions by the new US administration, most recently, the dramatic live video from the Oval Office, have dramatically underlined a change in long-standing US policy. It is now clear that the transatlantic relationship is under severe strain, and NATO members are now seriously and urgently rethinking their strategic and security situation and their policy options. In fact, meetings are going on even now as we speak.
And cast your mind one more step. After the failure of the security guarantees for Ukraine that were given in 1994 in exchange for giving up its nuclear weapons, after what has happened to Ukraine, I doubt any current nuclear or proto-nuclear weapon state will ever give up its nuclear option. And all this makes for a much more dangerous world.
Closer home, tensions in the South China Sea through which one-third of global trade passes through continue to simmer. The Taiwan Strait remains a potential flashpoint and we all know that tensions have increased in recent years.
All these global developments on both the economic and geostrategic fronts have profound implications for us. The rules-based international order that has prevailed for eighty years is at risk of degenerating into the law of the jungle where might makes right. International law, the UN Charter, the principles of sovereign equality, political independence, and territorial integrity have all been severely eroded. We may, in fact, be reverting to a time when the world is divided into blocks controlled by big powers. And by definition, this must mean the loss of choice and autonomy for small states.
I recall a speech that Mr. Lee Kuan Yew gave back in 1973 in the Commonwealth Heads of Government Meeting. He referred to an old African proverb that “when elephants fight, the grass suffers.” But he added one additional line: “And when elephants make love, it is disastrous.”
I won’t go through the powerful imagery, but the point is when big powers are on the move for whatever reason, it is a dangerous time for the rest of us.
# Third: Weakening of Global Institutions
Third implication, our ability to respond collectively to global threats and to safeguard the global commons has been significantly impaired. The collective commitment to international institutions like the World Trade Organization, the World Health Organization, as well as compliance with international treaties like the UN Framework Convention on Climate Change and Paris Agreement that resulted from it are all waning.
Imagine, is the world today in a better state to deal with another pandemic given a severely weakened WHO? And how are we going to respond to climate change if we don’t have the institutions and the processes to protect the global commons?
Singapore’s Position and Strengths
Now let’s return back to Singapore again. Our foreign policy begins at home, and it must always be a balance between realism and idealism. It means we must have no illusions about our place in the world. But small as we are, for sixty years, we have refused to adopt a fatalistic posture. We have insisted on agency to build our strength, to protect our sovereignty, maintain our relevance, to create political and economic space for ourselves.
We strive to be useful but not to be made use of. And, of course, to avoid becoming a sacrificial pawn between big powers.
Now I’ve dwelt at length on the dangers arising from the end of the previous world order. The point is I’m making an appeal for us all to be alert, to be realistic, and to be careful in these dangerous times. But a note of caution is not a call for pessimism because, in fact, Singapore has good reason to have confidence in our future due to the pioneering work of past generations.
Today, we are in a strong position. Our core strengths are based on three key pillars:
First, our economic strength and our reserves. Second, our ability to stand on our two feet and to defend ourselves. And third, our domestic cohesion.
Because of our strength economically, we cannot be bullied or bought. We have significant national reserves. And if the biggest criticism that we face in this budget is budget marksmanship and having more reserves than we had anticipated, I think that’s the reason for celebration considering the circumstances in which we are going into. This is an enormous advantage. You know, on the international stage, if you have to put your hand out for assistance, it means you have no say.
It is a big advantage for Singapore not to have to beg for aid. We have no need for assistance or loans that will subject us to external pressure. We are not dependent on any single external partner. And perhaps even more importantly, and you’ve just heard Minister Ng’s speech earlier, we do not depend on any external country to defend Singapore. We have the capability and the will to defend ourselves.
For six decades, we’ve invested fiscal resources approved by Parliament and every man in this chamber and his sons has served National Service. The fact that everybody knows that we are good for our money and we put our blood where we stand on is the core of deterrence and respect.
But all this is not enough if we didn’t have unity at home. And we need to live up to the pledge to be one united people regardless of race, language, or religion. And on this note, I want to thank the opposition that so far we have worked on the basis that politics stops at the water’s edge.
Singapore’s Foreign Policy Approach
And our diplomacy works because we have painstakingly forged and maintained domestic consensus on our core long-term interest and foreign policy priorities. Now our diversity in Singapore does mean that from time to time, Singaporeans will have different views on developments around the world. And we have to provide space for this diversity to be expressed, but without letting it become a means to divide us as a country. A clear example is the disaster in Gaza. It is a deeply emotional issue, and many Singaporeans feel very deeply about this, have expressed a range of emotions and sometimes even conflicting emotions on this part.
But let me be clear. When we make our foreign policy decisions, we do so on the basis of national interest. The attack by Hamas on the seventh of October 2023 was an act of terror. No ifs, buts, root causes, justifications. And the reason why we have to be so categorical is because if Singapore was ever attacked in this way, and the risks are not zero.
But if Singapore was ever attacked in this way, we too would certainly exercise our right of self-defense to the full. And it is why that in the aftermath of that attack, we had strongly reaffirmed the right to self-defense. You see, in the case of both Ukraine and Hamas, we took positions for our own sake, for our own national interest, and not because we were taking sides. At the same time, that right of self-defense must be consistent with international law, humanitarian law, and the Geneva Conventions. And that’s why we told Israel directly and personally that Israel’s military response has gone too far.
And we say all this because it is in our national interest for international law to be upheld and not to be flaunted. Singapore’s long-standing position on the Israeli-Palestinian issue is that the only path to a just, durable and comprehensive peace is a negotiated two-state solution. And we have consistently supported the right of the Palestinian people to a homeland of their own since the sixties. In fact, since we became independent. To this end, we will continue to support the Palestinian Authority to build capacity and to prepare for eventual statehood.
And we do so through our enhanced technical assistance package. But that’s not enough because we all do feel deep sympathy for the immense suffering of the civilians. And thus far, Singapore and Singaporeans have contributed seven tranches of aid and monetary donations to Gaza worth over nineteen million dollars. And we will do more, and funds are being collected even now in this month, the holy month of Ramadan. And I thank Singaporeans for the generosity.
And you heard Minister Ng explain that we make the extra effort to deliver these supplies through the RSAF. It is crucial, therefore, that we stay united and keep being able to adopt this collective constructive approach even when we have different views to events and tragedies far from our shores. And the reason a deeper reason why we need to do this is because, in fact, if conflict broke out nearer us in Asia, it will have not only even greater emotional resonance, it will have a larger economic impact. And it will also elicit a range of reactions from our people and will be even harder to manage. It’s also worth remembering that there will always be external actors who will try to influence the views of our people and take advantage of our diversity.
In fact, long before the onset of kinetic action, we must expect gray zone tactics to be used to divide and polarize our people. And so we must be prepared. We can have different views, but we will stay united and we will close ranks on issues of national interest so that we can ultimately secure what’s best for Singapore.
Conducting Foreign Policy in Tumultuous Times
Let me turn now to the question of how are we going to conduct our foreign policy in these tumultuous times. How are we going to engage the world and our partners in this rapidly changing landscape given that we’re not sure where the next conflict or consummation of a condominium between big powers will occur.
And as Inghen put a very stark reminder, if anyone says they know exactly what’s going to happen next, that shows a very dangerous delusion. You don’t know what is going to happen next, but you know that we are living in dangerous times. So fundamentally, our foreign policy must continue to be anchored by long-standing principles that have kept us afloat for six decades even whilst we make tactical adjustments or even strategic adjustments to our approach. We must maintain an omnidirectional, a balance, and a constructive engagement with all partners. Yes.
I know it’s going to be more difficult when they’re quarreling with each other. But in fact, all the more important, we have to work at it. So Miss Mark Lee, Henry Quek, Vikram Naya, Polisan have asked how we can continue to build on our honest and constructive relations with the US and China amidst their rivalry. I believe it is crucial that we maintain our ties with both countries given our significant equities with both. The United States is the largest foreign investor in Singapore by far.
It is our top trading partner in services. It is our third largest trading partner in goods. And on the defense front, Minister Ng has already explained to you how we are the United States’ only major security cooperation partner, and we have a mutually beneficial relationship. Meanwhile, China is our top trading partner in goods. Many of our companies are invested in China.
In fact, according to China statistics, Singapore is their largest foreign investor. And of course, we have strong people-to-people ties, historical and cultural ties. Both the U.S. and China are also at the frontier of many leading technologies, whether it be AI, biotechnology or green energy.
And we must be able to continue to work with both of them and ensure that our relations are mutually beneficial. We will never be the largest trading or strategic partner to either China or the US, basically because we’re a small country. But we can be amongst their most reliable and consistent partners, and that is valuable and appreciated by both of them. We have maintained our relevance and credibility with both powers by being consistent, by being transparent, and being constructive. And we don’t simply tell them what they want to hear, but we are principled, we are trustworthy, and we play a straight game.
And both of them know that when Singapore takes a stand, it’s not because we’re doing it at the behest of its rival, of its adversary, but that we take a stand because we have done our own calculation of what is in our long-term enlightened national interest.
Strengthening Regional Ties
Moving on to our immediate neighborhood. We must continue to strengthen our ties in our region bilaterally, especially and most intensively with Malaysia and Indonesia and obviously with ASEAN. We will continue to do so on the basis of interdependency, mutual respect and aim to build healthy relations which will be crucial for stability and growth of our entire region. Joan Perera, Mr. Vikram Naya has asked about the state of our relations with Malaysia and Indonesia respectively. I think we all know there’s much to be gained by working together constructively with your most immediate neighbors.
With Malaysia, we have continued to work on the delimitation of our maritime boundaries. There’s still some areas there to be settled. We are negotiating on airspace and on water. Both Prime Minister Lawrence Wong and Prime Minister Anwar Ibrahim have committed to not allow any single issue to overshadow our overall positive agenda. And we are pursuing mutually beneficial projects both bilaterally and regionally to strengthen connections and connectivity for the long term.
With Indonesia, the expanded framework agreements on airspace, defense and extradition entered into force last year. And this was a major achievement. President Prabowo has now taken over. Fortunately for us, he is familiar with Singapore, and we’ve been able to work well with him. In fact, Prime Minister Lawrence Wong was the first foreign leader to visit Jakarta after President Prabowo took office. We are making good progress including in areas like renewable energy, human capital development and particularly in the fields of education and healthcare.
Mr. Liang Ing Hua asked how we can ensure ASEAN’s continued relevance and centrality. It’s worth remembering that ASEAN was founded in 1967 on the principle that either we hang together or we’ll be hung separately. It was forged in a time when Southeast Asia was an arena for proxy wars during the Cold War period. And ASEAN’s founder members were the non-communist part of Southeast Asia. Well, given that we are now entering another dangerous volatile phase, this concept of hanging together has just become even more salient.
ASEAN so far has been able to maintain regional peace and stability and enable all of us collectively to focus on economic growth and in particular economic integration. All member states are concerned about the wider geopolitical developments and the intensifying contestation. And ASEAN’s convening power will remain relevant and important in the years ahead to ensure that whilst we do not want to be an arena for proxy wars, we do want to be a safe harbor where all powers will have a stake in our success and that we can maximize opportunities and autonomy for ASEAN member states.
We must also do far more with each other and double down on ASEAN’s economic integration in order to improve our collective value proposition and collective resilience, especially in food and energy. And we are looking to conclude negotiations on the ASEAN trade and goods agreement upgrade this year, which will grow intra-ASEAN trade. We are also making progress on new economic areas. We aim to conclude the digital economy framework agreement this year, and we’re making progress on the ASEAN power grid.
Expanding Global Partnerships
Beyond our immediate neighborhood, it is also crucial for us to make common cause with as many partners as possible, including India, Japan, the Middle East, Africa, Europe, Latin America, Australia, New Zealand, and the Pacific Islands. And we have built, and I can say my diplomats have worked very hard to expand our network of overlapping circles of friends. We already have an extensive network of twenty-seven free trade agreements that cover ninety percent of our trade. And my counterparts from some of these other countries have shared that they too are concerned about the impact of increasing contestation and rising protectionism.
They too prefer a world that is open and committed to trade. And this means that even though free trade has had a setback, we can still make common calls with those who believe it is a formula for mutual peace and prosperity. And we’ve got to keep that flame going. So for instance, you may or may not be aware that we have been able to sign new free trade agreements in the last few years. For instance, MERCOSUR in 2023, which is Argentina, Brazil, Uruguay, Paraguay, and the Pacific Alliance, is Peru, Chile, Mexico, Colombia in 2022.
And if you actually pay attention to these countries, in fact, their elections have thrown up a variety of apparent a very wide diversity of political parties. But they have all been keen to do free trade agreements with us. We believe this will expand markets and increase opportunities for us in Latin America. We’re also pressing ahead on the digital economy.
Singapore, New Zealand and Chile signed the Digital Economy Partnership Agreement in 2020. The ROK became the latest entrant to this agreement in 2024. And there are several other aspirants in the queue with whom we are in discussion. We’ve also concluded negotiations on the EU-Singapore Digital Trade Agreement in July 2024. And we agreed to elevate relations with India to a comprehensive strategic partnership and we are well poised to participate in India’s growth potential.
With Australia, we’re setting an ambitious agenda for the next phase of our comprehensive strategic partnership which will be refreshed this year. It will cover cooperation in emerging areas like AI, biotechnology, renewable energy and we will also elevate our enhanced partnership with New Zealand. We will continue to work closely with Japan who remains committed to the CPTPP and to closer economic ties. And with the Republic of Korea, we are working to upgrade relations to a strategic partnership later this year. We have also upgraded relations with the UK and Germany to strategic partnerships, and we are working to enhance relations with France to a comprehensive strategic partnership.
Our relations with the Gulf are also robust. This year, we signed an MOU establishing a strategic partnership council with Saudi Arabia. And last October, we had eight MOUs with the United Arab Emirates in social development leadership potential development AI civilian nuclear energy. And we are also stepping up engagement of Africa, a center of growth for the future. So as you can see, we have been working very hard on this strong wide network of partners with whom we can trade, invest, do business with and engage in constructive partnerships on these emerging issues.
Not bad considering the zeitgeist of our times. At the UN, we continue to be a staunch advocate for multilateralism, for adherence to international law, for the importance of the UN Charter. And this system is vital for countries big and small in order for us to have a chance to compete on a level playing field. Mister Chong Ki Hyong, Mister Mark Lee have asked about this. Singapore must and will remain a strong supporter of multilateralism.
We will make common cause, and we will stand up for this. This is why we established a Forum of Small States back in 1992, which now has a hundred and eight members. In fact, this is a majority of members of the UN. The Forum of Small States is a platform to foster closer cooperation, reinforce multilateralism and support the developmental aspirations of small states. And we will continue to strengthen and improve the existing international architecture and ensure that it is fit for purpose.
Maintaining International Order and Singapore’s Position
Our mantra is it is better to reform than to risk a revolution that will destroy the old regime, the old order, the old arrangements completely because the alternative is bad for small states. And that’s why we welcome the adoption of the PAC of the Future, the Global Digital Compact, the Declaration on Future Generations at the Summit for the Future in 2024. And this was a significant milestone for the international community. It demonstrated that the UN is still from time to time against great difficulty able to arrive at consensus and able to advance the agenda for collective good.
International law is also important for us and the United Nations Convention of the Law of the Sea provides the legal framework that ensures that freedom of navigation and overflight is a right and not exercised only by the grace of any resident big power.
Without UNCLOS and the right of transit passage, Singapore would effectively be sealocked. So it is a crucial plank of international law for Singapore. Despite the challenges with patient and skillful diplomacy, the point I’m trying to make, it is still possible to arrive at international agreements by consensus. Another recent example is the adoption of the treaty on biodiversity beyond national jurisdiction. This agreement was settled in June 2023.
Our ambassador, Rena Li, presided over the intergovernmental conference. And again, she very skillfully managed to bring all parties together, arrive at the treaty by consensus. She’s done incredibly well. We are nominating her for the International Court of Justice elections due in November 2026. I hope all members will support this nomination as well.
Technological Frontiers and Singapore’s Approach
Madam Chair, staying open and nimble in seizing new opportunities in technological frontiers has also been the other cylinder for Singapore’s success. And actually, the short answer to the question you raised on how to maintain our access to frontier technologies. The short answer is openness and trust. We must actively create opportunities that will enable Singapore to be a magnet for ideas, technology, talent and capital. Mr. Neil Parekh, Miss Poh Lee San have asked how we can do this, especially in critical and emerging technology and given the contestation between the big powers.
We already have actively advanced cooperation with a range of like-minded partners on emerging technology. And this includes our partners like the US, China, India, UK, Japan, Germany, France and Australia. Now we remain clear-eyed that there is strategic contestation between the major powers and it does complicate our attempts to create an open platform. Nevertheless, we remain plugged into international conversations on technology standards and norm settings in line with our own national interests.
Our permanent representative to the UN in New York, Mr. Burhan Gafoor, serves as the Chairman of the UN Open-Ended Working Group on Security of and the Use of InfoComs Technology. So that means he has to work intensively with the entire international community to advance policy discussions, norms, generate practical solutions to preserve international peace and security in cyberspace and maximize opportunities. You can imagine that during a time of fractures, to be able to engage all parties and to make progress no matter how difficult it is is a major achievement, and he deserves full credit for it.
Domestically, our strong rule of law and trust in our system will be crucial if we want to be able to attract and retain technology, and I need to emphasize talent from all over the world. Singapore cannot afford to exclude anyone, any technology, any company with access to frontier ideas, frontier technologies.
And for that, I also need to make an appeal. Of course, we will prioritize the interests of Singaporeans. But if we are going to seize the opportunity in Frontier Technologies, we need to be prepared to complement the Singaporean team, the Singaporean workforce in order to gain access to ideas and technology. But having said that, everyone who comes here and any company operating here, wherever you’re from, will have to play by the rules.
So last, I think two weeks ago, I explained we will take firm action and move decisively against errant individuals and companies that flout our domestic laws. We do not condone companies taking advantage of their association with us to engage in evasive, deceptive, or dubious business practices for short-term commercial advantages because that actually sullies and takes unfair advantage of Singapore’s reputation. So you may read in the coming days, news on certain developments on this front, but I need you to understand that we are doing so to protect our standing as a trusted open hub painstakingly built up over decades. This is how we have kept ourselves an attractive destination for leading companies with technology from all over the world.
We must remain open to top talent, and as I said just now to complement Team Singapore because then we can take maximal advantage of the opportunities which are emerging in this world that is unfolding in front of us.
Conclusion
Let me conclude. We are at the end of an era. There’s no doubt about that. And the most dangerous phase is when one world order is being replaced by a new world order. The interregnum is likely to be chaotic, difficult, dangerous, and tumultuous. Singapore and Singaporeans, every one of us will need to be realistic, to be careful, and to be nimble.
But the point is we do have strengths, and there are opportunities ahead. We must stay principled, calm, confident, and continue to be relevant, to be useful, to be an honest broker. And we need the support and unity of all Singaporeans, all of you inside this house and Singaporeans outside parliament, to forge an unbreakable unity in the midst of great turmoil and volatility. And if we can do so, then we can face the future with confidence, and Singapore will emerge stronger.
I want to end by thanking all of you for your unstinting support for the work of all our diplomats who have been working so hard all over the world.
