Businesses have to adapt to changing international environment: SM Lee

Economic growth, transformation remain vital to improving S'poreans' lives, he says

- Timothy Goh

Singapore's businesses will have to adapt amid a changing international environment marked by technological advancements and geopolitical tensions, said Senior Minister Lee Hsien Loong.

"Technology is advancing faster than ever, nations are competing to secure an edge in emerging areas like biotechnology and artificial intelligence (AI).

"And there is intense geopolitical contestation especially between the US and China, and between the US and Russia, there is outright hostility," he said at the Shangri-La Singapore on Sept 30.

Still, economic growth and transformation remain essential to improving Singaporeans' lives, and the Republic is capable of finding its way forward, SM Lee said.

He was speaking at a dinner hosted by the Singapore Business Federation (SBF) to thank him for his contributions to Singapore's economy and its businesses.

More than 800 business, political and community leaders attended the event.

SM Lee noted in his speech that when he became prime minister 20 years ago, the "dominant paradigm" was about fostering multilateralism and encouraging interdependence.

"As a small country heavily reliant on international trade, Singapore thrived in this environment," he said.

But the environment has since changed, with national security and resilience taking precedence over economic efficiency and mutual prosperity, while measures such as state intervention and protectionism have become more prevalent.