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Poh Heng Encapsulates Women Empowerment with its Latest Freestyle Collection

SINGAPORE, Nov 30, 2022 - (ACN Newswire via SEAPRWire.com) - Poh Heng Jewellery, Singapore's hallmark jewellery brand, is celebrating women and freedom of expression with the latest addition to its Freestyle collection. Inspired by modern women, the bolt designs symbolise power and strength, while the bling designs represent expression of style, success and aspirations. Encased in dazzling gems, this collection makes a perfect gift for the upcoming festive season.Celebrating Modern WomenLeft: Bling Necklace; Right: Bolt NecklaceBolt and Bling, Mix & Match EarringsAvailable in both 18K white gold and 22K yellow gold, customers can choose from a total of 35 designs to enhance their style. Elegant, yet modern, the diamonds in each piece boast incredible craftsmanship that catches the light in any setting, making them perfect for any occasion. Poh Heng's Freestyle Collection has always been to provide wearers the freedom of expression to create one's own unique and personal style. Asymmetric pairing options are available for earrings, which allows greater flexibility for wearers to customise the jewellery based on their style and preferences.Poh Heng has established itself as the go-to for meaningful jewellery pieces across generations, and we are constantly inspired by stories of real people and their lives that shape our design philosophy. This collection is inspired by the strength, individuality and resilience of modern women. Poh Heng wanted to create something that showcases women's tenacity while still giving them the freedom to express, choosing the pieces that speak to them.Celebrating Modern WomenIn celebrating women as overcomers, Poh Heng has also partnered with Patricia Tan, a local in-vitro fertilisation (IVF) fighter, to front the campaign. Patricia went through six years of IVF attempts before getting pregnant with her daughter in November 2019. Her tenacity saw her through the darkest storms in those years and she emerged as a Warrior. Poh Heng is proud to join hands with Patricia to celebrate women - a true force of nature.Bold, sleek, and edgy, the use of the lightning and star motifs aim to encapsulate the sense of adventure through embodying the daily challenges that modern women face as well as their strength in getting back up.Customers are encouraged to play with the different pairing options, mix and match the earrings based on their style, outfit and mood of the day. The designs in 18K gold are now available, while the 22K gold jewellery will be available on 9 December. For more information, please visit www.pohheng.com.sg.About Poh Heng JewelleryAs a trusted jeweller and a specialist in gold for more than 70 years, Poh Heng Jewellery offers an extensive range of gold jewellery made of highest quality and hallmarked by the Singapore Assay Office for guaranteed purity. With its unwavering commitment to exceptional service and craftsmanship, Poh Heng continues to drive excellence in its design and product offering, and is recognised as a member of the Quality Jewellers of Singapore.Website: www.pohheng.com.sgCustomer Service Hotline: 1800-POH HENG (1800-764 4364)For Media Enquiries, please contact:PRecious Communications for Poh Heng JewelleryPohheng@preciouscomms.com Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)

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Everyone can do their part to keep Singapore clean and green: DPM Heng

SINGAPORE - As Singapore marks 50 years since its first Tree Planting Day, each and every Singaporean can do his or her part to keep the country green and sustainable, Deputy Prime Minister Heng Swee Keat said on Sunday (Nov 21). "The saplings planted 50 years ago have grown into beautiful trees with broad canopies and deep roots," he said. "In the same way, the Clean and Green Movement can continue to broaden and deepen in the years ahead." In a pre-recorded message from Mount Faber where one of Singapore's founding fathers, Dr Goh Keng Swee, planted a raintree at the first Tree Planting Day in 1971, DPM Heng said tree planting has become a cherished national tradition that has evolved and expanded into the Clean and Green Singapore movement which was launched on Sunday. In his speech, he outlined how people can keep the country green, reduce waste and ensure the city remains clean. He said Singaporeans could keep the country green by taking part in the One Million Trees movement which aims to plant more than a million trees here over the next decade. They could also partake in the national gardening movement and the NPark's Gardening with Edibles programme, which saw some 460,000 seed packets distributed last year. To reduce waste, DPM Heng said Singaporeans should buy only what they need and bring their own reusable bags and containers, while recycling regularly and correctly by depositing different materials in the correct bins and ensuring these are free of food contamination. Businesses can also play their part, such as the 169 partners of the National Environment Agency's Say Yes To Waste Less campaign. Keeping the city clean is also important. DPM Heng said the pandemic has taught us the importance of hygiene and cleanliness. Initiatives to encourage this include the Clean Tables Campaign launched earlier this year to remind diners to return their trays after meals. During the launch of Clean and Green Singapore 2021 at Kampung Admiralty, DPM Heng presented 16 national awards to  grassroots organisations for their efforts in public hygiene, cleanliness, resource conservation and energy efficiency. He also planted a critically endangered Knema curtisii tree with Mayor of North West District Alex Yam. They were joined by Minister of National Development Desmond Lee and Senior Minister of State for Sustainability and the Environment Dr Amy Khor, who planted a Horsfieldia polyspherula. The trees are from the nutmeg family. The event also saw the launch of CGS Experiences, an online series of webinars with a live host that will bring participants through a virtual tour of sites of significant environmental interest. Twenty sessions are available for public booking till March 31 next year. DPM Heng concluded his speech on Sunday with a Chinese saying that meant trees planted by former generations will provide shade for future generations. "Much like how young saplings planted in 1971 have flourished into a tree planting movement, what we build today will have a lasting effect for our future generations," said DPM Heng. "Let us all play our part in building a cleaner and greener Singapore for tomorrow." More on this topic   Related Story SG Clean Day now held four times a year; storage sheds to be set up for community cleaning   Related Story Coffee shop toilets decorated to look more 'homely' to encourage cleanliness

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Nature not a passive victim of economic development, can contribute to climate change fight: DPM Heng Swee Keat

SINGAPORE - Nature is not, and cannot be, a passive victim of economic development, Deputy Prime Minister Heng Swee Keat said on Wednesday (Sept 29). Not only does nature help make city life more liveable, it can also contribute to mankind's fight against climate change, he said, urging delegates gathered at the Ecosperity Week sustainability conference to take a fresh perspective on the natural environment. The three-day conference is convened by Singapore's Temasek for policymakers, investors, non-government groups and businesses, and is being held in a hybrid format with some attendees gathered at Marina Bay Sands. Wednesday marks the second day of the conference. "While we must continue with our global effort to reduce carbon emissions, decarbonisation alone would not be sufficient," Mr Heng said. "We need to also adopt complementary strategies for carbon sequestration, and this is where nature-based solutions can play a big role." Carbon sequestration refers to the ability of trees to take in planet-warming carbon dioxide (CO2) from the atmosphere, and store it in their leaves, roots, trunks and soil. There is growing global attention being paid to the role of natural ecosystems, and how they can be conserved and restored so they can continue to do what they do best - photosynthesising and drawing down the amount of CO2 in the atmosphere. Mr Heng said the potential for such nature-based solutions in South-east Asia is "tremendous", as the region is home to 200 million ha of terrestrial forests, and has the largest blue carbon stock in the world. Blue carbon refers to the carbon locked up in marine ecosystems such as mangrove swamps and seagrass meadows. These habitats are known to store much more carbon than land-based forests. Mr Heng said unlocking the potential of what nature has to offer at scale will require a significant amount of investments. An earlier "carbon prospecting" study by the National University of Singapore's (NUS) Centre for Nature-based Climate Solutions had found that if about 1.55 billion ha of tropical forests (almost the size of Russia) under imminent threat of being cleared are saved from the axe, these plots could generate returns of more than US$46 billion (S$62 billion) a year through the sale of carbon credits. But before gains can be reaped from nature, a few kinks must first be ironed out, Mr Heng said. One, a carbon marketplace with robust governance standards and an emphasis on trust must be built, he said. Singapore is contributing to this on a few fronts, said Mr Heng, citing the NUS centre helmed by Professor Koh Lian Pin and the Climate Impact X (CIX) - a global carbon exchange and marketplace funded by DBS Bank, Temasek, StanChart and the Singapore Exchange announced earlier this year. CIX is a promising solution in the fragmented carbon credit markets landscape today, which is characterised by thin liquidity and carbon credits of varying quality, said Mr Heng. Singapore is also represented on the Taskforce on Scaling Voluntary Carbon Markets - a global initiative to help define the standards for carbon markets, he said. More on this topic   Related Story Climate action a responsibility that businesses must take: President Halimah   Related Story Companies need to set clear plans to achieve net-zero emissions target: Panellists Two, carbon must be properly priced to account for the negative externalities that it contributes to the global climate. A higher carbon price, for instance, can make forest conservation projects more viable, since money can now be made through the sale of carbon credits. It can also make conserving a forest more profitable than, say, cutting it down for a plantation. Mr Heng said the Singapore Government is reviewing the trajectory and the level of its carbon tax post-2023. The current rate is $5 per tonne of emissions - a rate that critics have claimed is far too low. The International Monetary Fund has recommended a carbon tax floor with prices ranging from $25 to $75. Said Mr Heng: "By setting an appropriate level of carbon tax, we can spur sustainability efforts - including nature-based solutions - while remaining competitive." Mr Heng said the Covid-19 pandemic did not derail the green movement, but instead gave it more momentum. Carbon must be properly priced to account for the negative externalities that it contributes to the global climate. ST PHOTO: LIM YAOHUI The global media is putting focus on this issue, he said, citing World News Day on Sept 28 that had focused on the climate crisis. The Straits Times joins 500 newsrooms from around the world in telling the story of how climate change is already impacting the lives and livelihoods of communities, and how they are grappling with it. Environmental accountability is also becoming a key consideration alongside profitability, said Mr Heng. "What is clear is that carbon will become an increasingly greater constraint for the world. But this does not mean that global growth would be stunted, and human progress impeded. What we can achieve in the decades ahead, depends critically on what we do today," he said. Other than reimagining nature, he also highlighted two other ways of overcoming resource constraints in a greener world - leveraging science and technology to make green choices less difficult, and cutting back on consumption in a way that will not compromise the standard of living. More on this topic   Related Story S'pore exploring hydrogen, carbon capture technologies in decarbonisation goal   Related Story Climate experts confident S'pore public sector can achieve ambitious carbon emission goals "We need companies to better innovate and develop business models that are beneficial to consumers, low-carbon and yet, profitable," he said. He cited a new business model that can spur the use of solar energy through subscription-based models where users pay-per-use instead of coughing up hefty upfront costs of installing and maintaining the solar panels. "The world still has some way to go in arriving at concrete plans to achieve our climate goals," Mr Heng said. "This journey can be much easier if we are able to reimagine our constraints and turn them into opportunities." More on this topic   Related Story S'pore must tackle climate change while balancing trade-offs: Teo Chee Hean   Related Story S'pore companies getting better at sustainability reporting: SGX-NUS review

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Handle differences in race and religion with humility, forbearance, Heng Swee Keat says at NUS forum

SINGAPORE - The ability to handle differences with humility and forbearance is what bolsters unity in Singapore and contributes to one of the country's greatest strengths, said Deputy Prime Minister Heng Swee Keat on Friday (Aug 13). This is especially the case when engaging with the deep and emotive issues of race and religion, he added. "It is useful to appreciate that we not only have different opinions on these issues, but also different ways to approach them," Mr Heng said at a forum on shaping the country's future, organised by the National University of Singapore (NUS). He urged Singaporeans to be humble enough to recognise and correct their biases and blind spots on matters like race. And when they call out transgressions, they should also have the humility to not assume the worst of every action and comment, he said. People should also exercise forbearance when engaging with others on such topics, Mr Heng added. "Progress cannot be made by advocating loudly for a single viewpoint. We should instead seek out the different perspectives and expand the space for convergence." Doing so will contribute to the "precious, but fragile" unity here, which is one of the country's greatest strengths, he said. Mr Heng was speaking at the NUS115 Distinguished Speaker Series, organised as part of the university's 115th anniversary celebrations. In his speech, the minister highlighted three of Singapore's strengths - its sense of unity forged through "careful nurturing", its creative capacity which must thrive in an open economy, and its social compact built through a collective effort. He noted that recent incidents have shone a spotlight on racial harmony in Singapore and made clear that Singaporeans desire to do better as a society on this front. But as with most social issues, there are different ideas on how progress can be made. That means discussions should take place "frankly but sensitively", he said, pointing out that older generations of Singaporeans have a different lived experience from young people today. Young people who did not experience the chaotic years of Singapore's independence are generally better educated, with more exposure to global events and trends, Mr Heng said. They tend to be more comfortable expressing their thoughts on race and religion openly, especially on social media. "I hope that the sense of unity that we have built so far will stand you well," he added. "I am confident that you will grow this further, if you continue to approach these issues with humility and forbearance." More on this topic   Related Story Time for a new social compact on race   Related Story Spike in race, religion-related police reports during year of Covid-19, GE2020: MHA Turning to the issue of creativity, Mr Heng spoke of how early generations of Singaporeans were creative in bucking conventional wisdom to forge their own paths, which helped the economy take off. In doing so, they were open to the world - just as Singaporeans must be today. The rise of remote work means that foreigners do not have to be in the country to compete with its citizens, Mr Heng said. "The reality is that it is not possible to 'bubble wrap' our workers from foreign competition and still expect to succeed," he added. "It would be increasingly difficult, if not impractical, to confine opportunities by geography." Instead, the country is working to transform its economy and equip its people for new opportunities, emphasising research, innovation, jobs and skills. While there is room to adjust foreign manpower policies, Singapore cannot close its doors, Mr Heng stressed. "We must not box ourselves into a false choice. Instead, we should embrace both openness and equip our people with the experience and skills to succeed. This is how we will thrive in a rapidly evolving world." On the topic of Singapore's social compact, Mr Heng highlighted three groups of people for whom more needs to be done. These are low-wage workers, the elderly and those with mental health issues. In each case, the wider community plays a role in helping to meet their needs. For instance, employers must help low-wage workers upskill. Consumers must be prepared to pay a little more to improve their wages. And every individual has a role to play in helping seniors remain actively engaged and supporting others' mental well-being, he said. "A stronger social compact requires a collective societal effort," Mr Heng said. "We must continue to strengthen this. Increasingly, this will have to go beyond government measures and redistributive policies." More on this topic   Related Story PM Lee's National Day message: 3 difficult issues Covid-19 has highlighted   Related Story S'pore preparing to reopen economy, but cannot take social cohesion for granted: PM Lee One common thread running through these three strengths is that each individual plays a part in building a better future, the minister observed, highlighting two incidents he encountered as a young policeman. In the first, he visited scenes affected by the 1981 Brixton riots in the United Kingdom in a reinforced vehicle, as animosity was so great that trust between the authorities and people had broken down. In the second, he saw in the early 1980s how Japan's koban system established police officers as part of the communities they were stationed in. "This goes beyond policing," Mr Heng said. "If relationships can be built up over time, if people care for one another, they will look out for each other, and we will have a more cohesive society." But the minister also warned that Singapore's strengths can decline as quickly as they have blossomed if the country does not adapt to changing circumstances. "To have a better future, we must build on these strengths, and be prepared to grow new ones," he said. "Our ability to adapt depends on whether we can harvest lessons from our past, tend to the present, and seed the future." More on this topic   Related Story A new way of working to emerge stronger together from the pandemic   Related Story Will Singapore 2030 be less or more cohesive?

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DPM Heng Swee Keat calls on Asean and China to explore building blocks of growth in the ‘never normal’

SINGAPORE - Apart from deepening cooperation in existing areas such as trade, Asean and China can benefit from exploring new "building blocks" of growth in areas such as digitalisation and sustainability, said Deputy Prime Minister Heng Swee Keat on Monday (July 12). With sound economic fundamentals and a total combined population of two billion people, there is large potential for catch-up growth, he added. But even as it ramps up collaboration with China, Asean must stay united and keep engaging all major partners, Mr Heng said. This is especially the case when South-east Asian countries get caught up in the intensifying strategic competition between the United States and China. He was speaking at the two-day FutureChina Global Forum, which brings together government and business leaders on a range of China-related issues. Mr Heng also took part in a panel discussion on Asean and China, at which academics and bank representatives shared their thoughts on China's growing role in the international arena and how US-China relations will be shaped by these developments. This year's theme of economic cooperation in the "never normal" is apt, given the uncertainty and swift changes - such as digitalisation and climate change - taking place in the world, Mr Heng noted. "We cannot predict the future, but we can, and must, seek to create a better future," he added. One part of this effort will be fortifying the foundations of existing partnerships. This can be done by strengthening the rules-based multilateral framework for trade and investments, Mr Heng said. He pointed to the Asean-China free trade deal as a cornerstone of such collaboration, calling on countries to work towards upgrading this agreement by reducing non-tariff measures and addressing new priorities. In addition, countries should maintain the momentum for global trade liberalisation and build confidence in multilateralism, he said. And beyond trade deals, countries can work together on new "building blocks" such as digitalisation. For instance, Singapore already has a Smart City Initiative with Shenzhen and has signed digital economy agreements with Australia, Chile and New Zealand, Mr Heng said. Another building block will be increased cooperation on sustainable development, including catalysing a green recovery from the crisis. On top of that, countries can also look to exploring carbon sequestration - that is, the long-term capture of carbon dioxide from the atmosphere. South-east Asia, with more than one-third of the world's mangroves and up to 120 million hectares of land for reforestation, has significant potential to contribute in this area, Mr Heng said. But in both areas, investments are needed to realise this potential, he added. "One important building block is to set common standards, improve traceability and create vibrant exchanges for the trading of carbon credits." Turning his attention to the broader strategic context in which Asean-China economic ties are set, the minister noted that frictions are often exacerbated by disparities in size. Still, even when there are disputes, relations between all countries must be conducted within the framework of international law, he said. An open, transparent, inclusive and rules-based approach will benefit all countries, not just South-east Asia and China, but also the US and other trading partners, Mr Heng stressed, observing that the biggest challenge facing the region is strategic competition between the US and China. While relations between the two great powers have become less volatile under the new Biden administration in the US, underlying tensions remain and are unlikely to abate in the foreseeable future. Even so, it is in the interest of both countries to cooperate on common challenges, he said. These include tackling the Covid-19 pandemic, coordinating global economic recovery and addressing the issue of climate change. "For Asean, we do not expect to change the course of the strategic competition, but we must do all that we can to keep the region open and inclusive," Mr Heng said. "It is not a question of choosing sides, but of retaining our ability to make choices for ourselves, to advance our collective interest and do what is best for our peoples." The region must remain firmly anchored on its own interests, he added. "This is what Asean centrality is about."

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Singapore’s challenge is to avoid economic scarring, emerge stronger from Covid-19: DPM Heng

SINGAPORE - Countries around the world that are trying to contain the Covid-19 pandemic, including Singapore, must be mentally prepared that it will be a long and uncertain battle. "We are actually fighting a very agile virus. Whenever there is any gap in our defence, it gets through, and multiplies exponentially," said Deputy Prime Minister Heng Swee Keat at the Nikkei Conference on Thursday (May 20). The immediate challenge, he added, is to contain Covid-19 and avoid economic scarring. Last year, the Government committed close to $100 billion - or 20 per cent of gross domestic product - in Covid-19 support across five Budgets. Explaining the reason for providing this extensive support, Mr Heng said: "If companies were to be closed and workers retrenched, it will be very hard to rebuild when the situation gets better. So, maintaining that capability is very important." At the same time, Covid-19 has accelerated changes ranging from digitalisation to sustainability, he added. This is why industry transformation maps (ITMs) were launched in 2016 under the Future Economy Council (FEC), he said. These are road maps to drive transformation of 23 industries across manufacturing, built environment, trade and connectivity, essential domestic services, modern services and lifestyle. To seize new opportunities in a post-Covid-19 world, the ITMs will be refreshed as part of a new plan over the next five years dubbed ITM 2025, with three new thrusts: incorporating the recommendations of the Emerging Stronger Taskforce; closer integration with research and innovation; and greater focus on jobs and skills. Mr Heng, who is also Coordinating Minister for Economic Policies and chairman of the FEC, said: "We are looking at how to help companies adopt technology and innovation, re-engineer processes, and redefine jobs - which are very important when the population is ageing. We will also expand cooperation with other countries so that we can have a bigger market. "Covid-19 has changed the rules of how many economic activities are conducted. The Emerging Stronger Taskforce has just issued a report, and I'll be incorporating that work into our plans." The Government convened the 23-member task force last May to identify systemic shifts arising from Covid-19, and provide recommendations to the FEC on how Singapore could refresh, reimagine, or reset its economic strategies. In a report released on Monday (May 17), the task force made recommendations to drive the Republic's transformation as a node for technology, innovation and enterprise. More on this topic   Related Story Global cooperation and stable world order essential to overcome Covid-19 pandemic: DPM Heng   Related Story Task force proposes how S'pore can emerge stronger in a post-Covid-19 world They are: creating new virtual frontiers; seizing growth opportunities from sustainability; enabling global champions and growing an agile and strong Singapore core; institutionalising private-public partnerships through Alliances for Action (AfAs); and strengthening international partnerships, especially in South-east Asia. While much of the world's attention is on the United States-China relationship, Singapore's good relations with its partners extends beyond these two countries, said Mr Heng. Stressing that constructive competition can help promote innovation and new solutions, he said he hoped that Singapore will continue to work closely with all of its key partners. Mr Heng said: "I hope that we take a open, inclusive approach to our relationships across the world." More on this topic   Related Story S'pore has great advantage in post-Covid-19 world: MAS chief   Related Story Economic recovery in Asia-Pacific uneven, hinges on Covid-19 vaccines: World Bank

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Global cooperation and stable world order essential to overcome Covid-19 pandemic: DPM Heng

SINGAPORE - The world is at another crossroads in the fight against Covid-19, and if it does not step up global cooperation, it may be caught in a vicious circle of never-ending waves of infection. Such cooperation is possible only if there is a stable global order, one which is increasingly under pressure due to growing strategic competition between the United States and China, said Deputy Prime Minister Heng Swee Keat on Thursday (May 20). Speaking at the virtual 26th International Conference on the Future of Asia, better known as the Nikkei conference after its organiser Nikkei Inc, Mr Heng said US-China competition is "here to stay" for the foreseeable future. "For both the US and China, domestic considerations remain paramount. Neither can afford to appear weak nor be seen to be conceding ground to the other," he said. He noted that even as China marks the politically significant 100th anniversary of the founding of the Communist Party of China this year, in the US, there is strong bipartisan consensus and public support for a tougher approach towards China. Competing constructively and building trust It is not unusual for major powers to have disagreements or to compete for influence, said Mr Heng. What is important, he said, is that competition be conducted within a stable framework so as to defuse tensions, and to avoid a situation where differing interests prevent both sides from cooperating even on common interests - or worse still, escalate into armed conflict. "While I believe that competition may be inevitable, it need not be zero sum. It is possible for both sides to find a new mode of constructive competition," he said. "The key is for both sides to work towards a modus vivendi, of building confidence and trust, and competing within a rules-based multilateral system where there are established rules and norms of engagement. Healthy competition can spur innovation to create better solutions to the world's challenges." He noted some encouraging steps have been taken, such as the first high-level meeting between both sides in Alaska in March, and early signs of cooperation on climate change. In April, US and China climate change envoys John Kerry and Xie Zhenhua met in Shanghai to discuss tackling the climate crisis. Chinese President Xi Jinping also attended the Leaders' Summit on Climate hosted by US President Joe Biden. Mr Heng expressed hope that by building on areas of common interest, both the US and China can eventually arrive at a framework for stable competition. But he cautioned that US-China strategic competition could intensify. It will not be straightforward to achieve a new equilibrium, as both countries will continue to jostle for strategic influence, particularly in Asia. He added: "I speak on behalf of many, if not most, countries in the region that we welcome and want to strengthen relations with both the US and China. We hope to engage both constructively. Within South-east Asia, we welcome their continued cooperation and support for Asean centrality and unity. "But with the ongoing strategic competition, we will need to navigate greater uncertainty and possibly turbulence." More on this topic   Related Story Singapore's challenge is to avoid economic scarring, emerge stronger from Covid-19: DPM Heng   Related Story S'pore cannot slacken in Covid-19 efforts, global cooperation is key: PM Lee How Asia can emerge stronger from Covid-19 To emerge stronger from the crisis, Asia can further strengthen the regional architecture and partnerships, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Mr Heng said. Former president Donald Trump withdrew the US from the deal during his first week in office, leaving 11 other countries negotiating the TPP - including Singapore - to form the trade agreement. "I know that the current political conditions make it difficult for the US to rejoin, but things are never static, and the US should not rule it out," Mr Heng said. While the idea of the Biden administration joining the CPTPP trade deal has been floated, significant barriers remain, including domestic considerations within the US. Another key pact is the Regional Comprehensive Economic Partnership (RCEP), whose next important step is to expedite ratification. A number of countries including Singapore have already done so, and the RCEP remains open to India when it is ready, he said. "The CPTPP and RCEP are important building blocks for the region and for the world. The door remains open for other like-minded partners to join us. Both agreements also serve as pathfinders for a possible FTA of the Asia-Pacific, one which should include the US, China, and India. "Such an FTA will shape economic relationships and the region's geostrategic landscape for years to come." More on this topic   Related Story Economic recovery in Asia-Pacific uneven, hinges on Covid-19 vaccines: World Bank   Related Story Singapore and region stand to benefit from RCEP free trade agreement: MAS Mr Heng said Asia can continue to maintain constructive dialogue on difficult issues such as the Korean Peninsula, Taiwan Strait, South China Sea and Myanmar. Many of these are long-standing issues with entrenched positions by the stakeholders, said Mr Heng, and while there are no easy solutions to bridge the divergent interests, major conflict could have catastrophic consequences. "So, the region must do what we can to reduce the risk of miscalculations, and prevent situations from boiling over." Countries must also invest in emerging opportunities across borders, so that they can raise living standards and share in one another's growth, Mr Heng said. One area is the huge infrastructure needs in the region. He noted that the funding gap in developing Asia, estimated at US$1.7 trillion (S$2.3 trillion) per year before Covid-19, would have increased since then. No government would be able to fund these projects on its own, he said. Greater collaboration between countries, multilateral development banks and the private sector is needed to enhance collective capacity. Japan, where households are holding on to almost US$10 trillion in cash and deposits, can consider investing some of these monies to earn returns while improving lives, Mr Heng said. More on this topic   Related Story Infrastructure wars: Competitive plays in US, Asia and what drives them   Related Story Once-in-a-lifetime opportunity for investors as South-east Asia goes green Countries can also collaborate on environmental sustainability, he said - not just in terms of natural capital, but also in ensuring high standards of quality and verifiability of carbon credits, and developing vibrant exchanges for these credits to be traded. Mr Heng expressed optimism that Asian countries can navigate this difficult period by strengthening partnerships, investing in one another, and taking a constructive approach to handling hot spots in the region. "In this way, Asia and the world can emerge stronger together from Covid-19, and contribute to a better global order."

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Heng Swee Keat steps aside as 4G leader: What comes next for PAP and Singapore?

SINGAPORE - Singaporeans' social media accounts and chat groups have been busy since news broke last Thursday (April 8) that Deputy Prime Minister Heng Swee Keat would step aside as leader of the People's Action Party's fourth-generation team. What are the implications of his move? We tackle the key questions. 1. How did the 4G get its name? From the 1G to the 4G, the "G" was coined by political observers to denote each generational change in leadership for different prime ministers' Cabinets. The term is inexact, given that each of Singapore's three prime ministers so far has had a mix of ministers who were new to politics and young, as well as older and more experienced. Several ministers also served in the Cabinets of more than one PM. Founding PM Lee Kuan Yew's team was the 1G leadership, though that term is seldom used. Mr Lee's key Cabinet colleagues, more commonly referred to as the Old Guard, included Messrs Goh Keng Swee, S. Rajaratnam and Toh Chin Chye. In the latter half of the 1970s, Mr Lee - who became PM at the age of 35 - brought into his team younger people whom he hoped to test out to form the next generation of leaders, such as Mr Goh Chok Tong, Dr Tony Tan and Mr Ong Teng Cheong. Mr Goh became PM in 1990 when he was 49 and stepped down in 2004. His generation of leaders became known as the 2G. Prime Minister Lee Hsien Loong, who entered politics in 1984 and became PM in 2004 at the age of 52, would go on to form his 3G team of key ministers, including Mr Teo Chee Hean, Mr Tharman Shanmugaratnam and Mr Lim Hng Kiang. 2. Who are in the 4G? Key 4G leaders include Mr Heng Swee Keat, Mr Chan Chun Sing, Ms Grace Fu, Mr Lawrence Wong, Mr Ong Ye Kung, Mr Desmond Lee and Mr Masagos Zulkifli. Mr Heng and Mr Chan are the first and second assistant secretaries-general, respectively, of the People's Action Party's 36th and current central executive committee (CEC), the party's top decision-making body. The composition of the CEC after its 2018 internal elections signalled to observers that 4G leaders were coming into their own, with then deputy prime ministers Teo and Tharman no longer standing for election. The role of secretary-general of the PAP is traditionally held by the PM. Mr Heng's appointment as first assistant secretary-general indicated that he was the PM-in-waiting. More on this topic   Related Story Who will be S'pore's next PM with Heng Swee Keat stepping aside?   Related Story 8 in 10 polled feel PAP should pick its 4G leader in next 2 years 3. What are the implications of DPM Heng stepping aside? The PAP's leadership transition has been set back and the succession question blown wide open with Mr Heng bowing out as successor to PM Lee - an unprecedented move, and which came 2½ years after ministers and Members of Parliament issued a joint statement of support for him. Speculation is rife as to the reasons for Mr Heng's decision. PM Lee, in a letter to Mr Heng, said: "I thank you for your selfless decision to stand aside. Your actions now are fully in keeping with the spirit of public service and sense of duty that motivated you to step forward when I asked you to stand for election in 2011." Mr Heng had cited the long-term and profound challenges of the Covid-19 pandemic, his age, the demands of the top job and the need for a younger leader with a "longer runway", as reasons for stepping aside. But some wonder if a lacklustre 2020 General Election showing played a part. The last elections saw Mr Heng making a last-minute move from Tampines Group Representation Constituency (GRC) - where he had been an MP since 2011 - to East Coast GRC. The latter has been one of the most hotly contested seats in recent elections, and was won by the PAP in 2015 with 60.73 per cent of the vote. A stumble in a speech he made on Nomination Day about plans for East Coast went viral and dogged his campaign. The PAP's five-member team he led clinched 53.41 per cent of the vote against the Workers' Party, holding on to the seat, but more narrowly than some had anticipated. Mr Heng has denied that the election outcome shaped his decision to step aside, saying it had more to do with his sense that the post Covid-19 world, with all its changes, would call for a younger leader with a longer runway to take the country forward. Political analysts say the front runners for the 4G leader post are (clockwise from far left) Trade and Industry Minister Chan Chun Sing, Transport Minister Ong Ye Kung, National Development Minister Desmond Lee and Education Minister Lawrence Wong. PHOTOS: KELVIN CHNG, LIANHE ZAOBAO, DESMOND FOO, SGINNOVATE More on this topic   Related Story PAP East Coast team committed to delivering promises made at GE2020: DPM Heng   Related Story DPM Heng steps down as 4G leader: Read his letter to PM Lee 4. How did the PAP's 4G team respond to DPM's decision? The key question now is how quickly the 4G leadership team can band together and act decisively to choose PM Lee's successor. The 4G leaders said they respect and accept Mr Heng's decision, and that he "made the decision with Singapore's long-term interests at heart". In a statement last Thursday, they said they will need more time to select another leader from among themselves, and that the foremost priority is to tackle immediate challenges and ensure the country emerges stronger from the Covid-19 crisis. They also asked PM Lee to stay on in his role, saying that the unexpected news is a "setback for our succession planning". "We recognise that Singaporeans will be concerned. We seek your support and understanding, as we choose another leader for the team," they added. "We will continue working as a team to serve our people, and to earn the confidence and trust of all Singaporeans." More on this topic   Related Story PAP leaders meet ex-MPs, branch secretaries to address concerns about 4G succession plans   Related Story From Lunch With Sumiko archives: PAP's 4G leaders 5. When will they decide on their new leader? PM Lee, who had said last year that he would see Singapore through the pandemic, has agreed to stay on until such time when the new 4G leader is chosen and ready to take over. "I think (the 4G team will) take longer than a few months, but I hope that they will reach a consensus and identify a new leader before the next general elections. I have no intention of staying on longer than necessary," he said. The next general election must be held by November 2025. The sooner the 4G team decides on its new leader, the longer the runway he will have to work with PM Lee towards the next general election. Heng Swee Keat steps down as 4G leader, will remain as DPM | Full press conference | ST LIVE 6. Who are the front runners? As PAP second assistant secretary-general and Mr Heng's chosen deputy, Mr Chan Chun Sing, 51, will once again be among the front runners to lead the 4G team. Political analysts consider Transport Minister Ong Ye Kung, 51, Education Minister Lawrence Wong, 48, and National Development Minister Desmond Lee, 44, as the other contenders. Mr Chan was asked at a press conference last Thursday if he - as Mr Heng's deputy - would be next in line to succeed him. In response, he said the 4G team has to relook the question of succession "holistically". Noting that a collective decision on the next 4G leader would be made in due course, Mr Chan said leadership succession plans go beyond just choosing a leader, to finding and forming the strongest possible team for Singapore. "It is about forming the strongest team possible": Chan Chun Sing on new 4G leader Mr Ong said this process of developing a strong team and rallying around the first-among-equals leader takes some time. "What we have just learnt is a big change, a big reconfiguration. So we seek your understanding and support to give us some time to regroup," he added. 'Not a race to choose a single winner': Ong Ye Kung on new 4G leader 7. How does this affect Singaporeans? A Cabinet reshuffle will be announced in about two weeks' time, which will see Mr Heng relinquish his portfolio as finance minister. The decision on this was discussed last year, when PM Lee and Mr Heng decided on Cabinet appointments following the July 10 General Election. There will also be "consequential moves" in other ministries, said PM Lee. Observers say Mr Heng's decision should not affect the timeline for implementing key policies - from the goods and services tax hike between 2022 and 2025, to post-Covid-19 industry and workforce transformation. These are expected to be carried out in the long-term national interest, regardless of changes to the team. The various national initiatives that Mr Heng shepherded to help workers master new skills and capabilities, as well as build new industries and sectors for the future, will continue. In his letter to Mr Heng, PM Lee wrote: "I look forward to you carrying on this work as Coordinating Minister for Economic Policies, and setting Singapore on the path to emerging stronger from Covid-19." Mr Heng also spearheaded the Singapore Together movement, where Singaporeans partner the Government to co-create policy solutions. This will continue under 4G ministers such as Mr Desmond Lee. Mr Heng said he and his team in East Coast GRC remain committed to serving their residents in the coming years, and that they would fulfil promises made when they were voted in at the polls last year, including working to build a vibrant, caring and green East Coast. More on this topic   Related Story DPM Heng steps aside: What lies ahead for PAP's 4G in electing its new leader and team builder   Related Story DPM Heng's decision catches many by surprise; Pritam Singh pledges to work with next 4G leader 8. Will the economy and investor confidence be affected? Business confidence does not seem to have been rattled, and Singapore's economy is on track to grow in tandem with global recovery. For the whole of last year, the Republic's gross domestic product contracted 5.4 per cent. It is forecast to grow 4 per cent to 6 per cent this year. Said Mr Chan: "We will continue to work hard to distinguish ourselves as a safe harbour for investors to mobilise their capital, aggregate their talent, protect their intellectual property amid the global uncertainties." Industry observers say Singapore will have little trouble retaining its top-notch sovereign credit ratings, so long as its economic fundamentals remain sound and there is policy continuity and political stability. "Prime Minister Lee Hsien Loong and senior members of his cohort are likely to remain in advisory positions in Cabinet and help guide the next generation of leaders, making up for the likely significant lack of experience the fourth PM will have compared to their predecessors," said Fitch Solutions in a report last Friday. The market seems to agree. The Singapore dollar was steady following the announcement last Thursday, made after the close of trading in the stock market. More on this topic   Related Story Same leadership team remains to deal with foreign countries, investors: PM Lee, Chan Chun Sing   Related Story DPM Heng steps aside: A look at political transitions in S'pore

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Morning Briefing: Top stories from The Straits Times on April 9

Good morning! Here are our top stories to kick-start your Friday, April 9. Heng Swee Keat steps aside: What lies ahead for PAP's 4G in electing its new leader and team builder Even as they deal with the fallout from the latest development and select their next leader, the 4G team stressed that the crisis will not rupture their unity. READ MORE HERE 4G leaders should be given chance to relook succession plan holistically, says Chan Chun Sing PAP leaders stress it is about picking someone best able to ensure the team can be greater than sum of its parts. READ MORE HERE Who will be Singapore's next PM with Heng Swee Keat stepping aside? Chan Chun Sing, Ong Ye Kung, Lawrence Wong and Desmond Lee are likely candidates. READ MORE HERE More on this topic   Related Story ST newsletters: Get alerts on the latest news Heng Swee Keat's decision catches many by surprise; Pritam Singh pledges to work with next 4G leader "We await the forthcoming Cabinet changes, and the 4G PAP leadership's next choice for PM," said Mr Singh. READ MORE HERE PM Lee to stay on until new 4G leader is chosen to replace DPM Heng He added that while the Govt's immediate focus is on the health and economic crisis, succession remains an urgent task. READ MORE HERE What's next for S'pore's political succession with DPM Heng stepping aside: All you need to know Why is DPM Heng Swee Keat stepping aside as the PAP 4G leader? Find out more here. READ MORE HERE 2,500 participants over 3 days expected at S'pore's largest pilot trade show since Covid-19 outbreak The June show will have double the number of in-person attendees than the first two pilot large-scale Mice events. READ MORE HERE Govt to recover excess Jobs Support Scheme payouts through deductions, cash payments About 100 larger firms have committed to returning $200 million of the excess payouts. READ MORE HERE Dashcam memory cards help reconstruct 98% of moments before Taiwan train crash The two memory cards were taken from the dashboard camera of the truck that the train had crashed into. READ MORE HERE Home Ground: IP sector risks becoming runaway train that derails the healthcare system Regulators have a chance now to put the Integrated Shield Plans system on a more sustainable, equitable foundation, says Chua Mui Hoong. READ MORE HERE

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Next S’pore PM should have ‘sufficiently long runway’ to master job: Heng Swee Keat

SINGAPORE - Singapore's next prime minister should have a "sufficiently long runway" to master the demands of the job, Deputy Prime Minister Heng Swee Keat said on Thursday (April 8) in a letter to Prime Minister Lee Hsien Loong. Noting that he will be close to his mid-60s when the Covid-19 pandemic is past, he said this is why he is stepping aside as leader of the People's Action Party's (PAP's) fourth-generation (4G) team. "The 60s are still a very productive time of life. But when I also consider the ages at which our first three prime ministers took on the job, I would have too short a runway should I become the next prime minister then." What Singapore needs is a leader who will rebuild the country post-pandemic, as well as lead the next phase of the nation-building effort, he said. Singapore's first prime minister Lee Kuan Yew was 35 when he took on the job, his successor Goh Chok Tong was 49 and PM Lee was 52. Mr Heng, who turns 60 this year, will stay on in his current roles as Deputy Prime Minister and Coordinating Minister for Economic Policies. He will be giving up his finance portfolio at the next Cabinet reshuffle in about two weeks. In his reply, PM Lee said he looked forward to Mr Heng carrying on his work as coordinating minister, and setting Singapore on the path to emerging stronger from the Covid-19 pandemic. The cerebral, soft-spoken Mr Heng was chosen by consensus to head the PAP's 4G leadership team in late 2018. He had asked Trade and Industry Minister Chan Chun Sing to be his deputy, with both men subsequently appointed the ruling party's first and second assistant secretary-general, respectively. At the time, observers noted that Mr Heng's new position in the party hierarchy - just below that of PM Lee - set the stage for him to become Singapore's next prime minister. The writing on the wall became even clearer six months later, when Mr Heng was formally appointed DPM. At the time, Coordinating Minister for National Security Teo Chee Hean and Coordinating Minister for Social Policies Tharman Shanmugaratnam relinquished their appointments as DPMs and became Senior Ministers. PM Lee said then that the changes were part of ongoing leadership renewal. He had originally intended to step down by the time he turned 70 next year, but said during last year's general election campaign that he intends to see the Covid-19 pandemic through. More on this topic   Related Story DPM Heng steps aside as leader of 4G team, setting back S'pore's succession plan for next PM   Related Story Who will be Singapore's next PM with Heng Swee Keat stepping aside? Mr Heng joined politics in 2011 and stood in Tampines GRC, after stepping down as managing director of the Monetary Authority of Singapore (MAS). His candidacy was publicly endorsed by founding prime minister Lee Kuan Yew, who spoke of how his former principal private secretary had seen Singapore through the 2008 global financial crisis. After being elected, Mr Heng was appointed Education Minister, a post he held until he became Finance Minister in 2015. But less than a year after taking up the new post, Mr Heng suffered a debilitating stroke during a Cabinet meeting and underwent surgery before being hospitalised in Tan Tock Seng Hospital's intensive care unit. He remained in a coma for six days. Among the first words he scribbled when he woke up were: "Is there a Cabinet meeting today? Where are the papers?" Mr Heng was discharged on June 25, 2016 - six weeks after his stroke. Although he did not return to his office at The Treasury immediately, he still kept abreast of current events in what proved to be a challenging year for Singapore. That conscientiousness has been a defining trait of his career, even before he entered politics. He grew up in a kampung, studied at Raffles Institution and subsequently obtained a police scholarship to read economics at Cambridge. More on this topic   Related Story Cabinet reshuffle to be announced in two weeks; DPM Heng to give up finance portfolio   Related Story DPM Heng steps down as 4G leader: Read his letter to PM Lee After his return to Singapore, Mr Heng spent 15 years in the Singapore Police Force before leaving the service as assistant commissioner. He moved to the elite Administrative Service in 1997, where he spent time in the Education and Trade and Industry ministries. He then moved to MAS, after which he began his political career. In a surprise move ahead of last year's general election, Mr Heng moved to lead the hotly contested East Coast GRC, retaining the constituency with 53.41 per cent of the votes there. He has delivered his share of Budget statements as Finance Minister, including a landmark five Budgets last year as Singapore rolled out emergency measures to help keep the country afloat during the economic crisis. He was also the man, in 2018, to broach the unpopular topic of raising the goods and services tax. More on this topic   Related Story PM Lee's letter to DPM Heng on his decision to step aside as 4G leader   Related Story PAP 4G team says more time needed to pick new leader after DPM Heng steps aside Outside his finance portfolio, Mr Heng took the lead on the Singapore Together Movement, a national exercise to tap ground-up ideas and perspectives, as well as get Singaporeans involved in policymaking. He also chairs the Future Economy Council, which oversees Singapore's economic transformation, and the National Research Foundation. In his letter to PM Lee, Mr Heng said that having worked with him, Emeritus Senior Minister Goh Chok Tong and Mr Lee Kuan Yew, he knows that the top job imposes "exceptional demands" on the office holder. "In a very different post-Covid-19 world, the demands will be even more exacting. While I am in good health today, it is in the best interests of the nation for someone who is younger to tackle the huge challenges ahead," he said. "It will be for the 4G team to choose this person, and I stand ready to support the next leader." More on this topic   Related Story DPM Heng says East Coast GRC election result not the reason he is stepping aside as 4G leader   Related Story DPM Heng steps aside: What lies ahead for PAP's 4G in electing its new leader and team builder

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US and China must manage tensions, cooperate on common challenges despite competition: DPM Heng

SINGAPORE - Even as the United States and China compete strategically, the two major powers must find a way to manage tensions and develop a framework for cooperation, said Deputy Prime Minister Heng Swee Keat. Speaking at the Credit Suisse Asian Investment Conference on the topic "Will Asia emerge stronger in a post-Covid-19 world?" on Monday (March 22), Mr Heng said a stable US-China relationship is important to the global commons. While the Biden administration will bring a more predictable approach to the world's most critical bilateral relationship, the US and China will continue to be strategic competitors, he said. "I am glad that both sides have acknowledged that there are areas that they could work together on, despite the competitive tenor of their relationship." He called the first high-level, face-to-face meeting between both countries under the Biden presidency last week "a step in the right direction". At the start of what Washington called "tough and direct" talks in Alaska last Thursday and Friday, top Chinese and US diplomats publicly rebuked each other's policies. China's official Xinhua news agency later said that both sides will set up a joint working group on climate change. Mr Heng said it is in the interest of both sides to cooperate on common challenges such as Covid-19 and climate change. "The meeting showed a recognition from both sides on the need for dialogue. It is important that they persevere - maintain open channels of communication, find a way forward to deal with their differences, and manage the tensions and frictions." While tensions could intensify for some time, he hoped that a framework for cooperation will be developed even as both sides continue to compete. "Fair, healthy competition can be positive, if it spurs innovation to achieve better solutions for the many complex challenges that the world faces," he said. He also said it is critical that both countries remain constructively engaged with the region. The US' presence has provided much needed stability since World War II, and its investments have been instrumental to the region's rapid growth. Welcoming the Biden administration's commitment to continue to engage and strengthen its partnership with the region, Mr Heng said Asean is an important partner for the US, not just in terms of tackling existing and emerging global challenges, but also in putting regional engagement efforts into concrete action. At the same time, China's economic success has been a boon for growth in the region, he said, noting that the Asean-China Dialogue Partnership, which commemorates its 30th anniversary this year, is one of Asean's most substantive external partnerships. "The constructive involvement of both the US and China in the region will be key to Asia's continued peace, stability and growth." Mr Heng added that South-east Asia must continue to work with all parties, not just the US and China. Describing the principle of Asean centrality, he said the region must work as one Asean to advance its collective interest. This is not a question of choosing sides, but of retaining the ability to make choices for itself. "Should US-China tensions escalate, our region must firmly remain anchored on Asean's own interest, and to keep ourselves open and relevant through practical steps," he said. "This will enable us to emerge stronger from this crisis." He noted that other than the US and China, the leaders of the Quad - US, Japan, India and Australia - also recently reaffirmed their strong support for Asean centrality. The Quad - short for Quadrilateral Security Dialogue - is an informal strategic dialogue between the four countries. In a joint statement released earlier this month, the group stressed its "strong support for Asean's unity and centrality". Mr Heng said that while Asia faces promising prospects due to its young population and fast-growing middle class, its growth is "not fore-ordained". More on this topic   Related Story Not possible for S'pore, many countries, to choose between US, China: PM Lee   Related Story Amid inevitable 'tug' of US-China competition, S'pore must act independently: Vivian Its demographic dividend could turn into a lost generation if countries are not able to equip their young with the right skills and create enough good jobs to ride the structural shifts, he said. Countries such as Japan, China, South Korea and Singapore are also ageing rapidly, which will affect economic growth and increase social needs. "Without adequate and sustained investments, the region's economy will not achieve its full potential, and could remain susceptible to future pandemics and catastrophes." He said it is important for the region to not only navigate the shifting geopolitical tides, but also ride the next wave of economic opportunities together. This means deepening regional integration and cooperation by speeding up the ratification of trade pacts such as the Regional Comprehensive Economic Partnership and growing the cross-border digital economy, stepping up economic transformation, and remaining open to investments from around the world. "The economies of South-east Asia must seek to draw in more investments, as companies reconfigure their production bases and supply chains for greater resilience," he said. "Given the huge need for investment capital in the region and the expertise investors bring, it is neither possible nor prudent to rely only on one source of investment. We must therefore continue to welcome countries and companies from around the world to grow their presence here." Singapore, he added, can be a partner in the region by serving as a gateway for investments, a launchpad for innovation, and a green node for sustainability. The Republic has a strong rule of law, international connectivity and a workforce which understands regional culture and norms, he said. As a trusted global financial centre with prudent and progressive regulation, Singapore can play a useful role in bringing in global investments. The venture capital sector is also growing, with many global companies setting up research and development facilities here. More on this topic   Related Story Businesses can be a bridge between countries: DPM Heng   Related Story The decade of living dangerously: Impact of US-China rivalry on Asia "To expand our capacity for innovation, we are investing US$19 billion (S$25.5 billion) over the next five years in research, innovation and enterprise, across key domains such as advanced manufacturing, healthcare, urban solutions and the digital economy," he said. Singapore can also be a marketplace for high-quality carbon credits and promote sustainability through green finance, said Mr Heng. He pointed that today, the Republic accounts for over one-third of the sustainability-linked loan market in the Asia Pacific. The Government will take the lead by issuing green bonds on select public infrastructure projects. In his Budget statement on Feb 16, Mr Heng said $19 billion of public sector green projects have been identified as a start. He stressed that as the pandemic accelerates disruptions, it is important that countries plan ahead, invest in new capabilities and innovate so as to emerge stronger. "There are many opportunities in Asia, especially South-east Asia. To continue to thrive, we must remain an open and inclusive destination for investments around the world." The five-day conference, held virtually, features prominent speakers and audience members from political, economic, financial and academic circles in the Asia Pacific. It ends on Friday. More on this topic   Related Story US-China Alaska meeting: Contentious tone at opening of talks may be new normal, experts say   Related Story US v China: Biden bets on alliances to push back against Beijing

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US, China should seek common ground: DPM

The United States and China must find common ground on global issues, competing as well as cooperating where possible, said Deputy Prime Minister Heng Swee Keat yesterday. Asean countries should also stand together in the face of pressure from great power competition, in order to advance the region's collective interests. "It is not a question of choosing sides, but rather, retaining our ability to make choices for ourselves," Mr Heng said at The Straits Times Global Outlook Forum. He was the keynote speaker at the annual event organised by The Straits Times, in partnership with presenting sponsor OCBC Premier Banking, and held online. Mr Heng also touched on Singapore's place in the world, saying that its openness underpins its economic success and the country will lose its relevance if it closes up. He said the world must be prepared for sharper competition between the US and China. Some in the US and elsewhere regard China as a strategic competitor, he noted, and there is now bipartisan support within the US for taking a tougher stance on it. The incoming administration of President-elect Joe Biden may not reverse some of the moves the outgoing one has put in place, he said. Yet, while strategic rivalry will colour the relationship for a long time to come, both the US and China can still reach a more measured tone of engagement and greater predictability in decision making, he added. Conflict is not inevitable, he said, noting that competition and cooperation can co-exist. Even during the Cold War, the US and the Soviet Union worked together on several issues, including eradicating smallpox, he pointed out. "The key is that both sides must take a rational view and find common ground, to compete when necessary and cooperate wherever possible," he said, adding it would suit both countries to stay engaged. The current global order did not come about naturally, he noted, saying it was created through strong leadership and purposeful decisions. For the US and China, Mr Heng said: "It is in the interest of both to remain engaged with each other and with the global system. "There are challenges that the US will not be able to manage alone. China has been a major beneficiary of the global system since it undertook reforms and its entry into the World Trade Organisation two decades ago." There are early signs that both could be willing to seek common ground on global issues such as climate change and public health, Mr Heng added. On Asia, he noted the continent's share of global gross domestic product has been growing steadily, and it is projected to recover faster than the rest of the world, and will contribute 60 per cent of global growth by 2030. But an "Asian century" is not inevitable and economic recovery will be uneven across countries, with US-China competition possibly impacting growth. "To secure the region's potential and address risks, leaders need to work together to take action," he said. In Asean, the active presence of both the US and China is important for the region to progress, Mr Heng added. The American presence underpins regional stability, while China is the largest trading partner for eight Asean countries. But the region will feel the tug of US-China competition. "We cannot determine the trajectory of this contest, but we can stand together to advance Asean's collective interests. Asean's interests must be defined by Asean, not by others." The grouping must retain its central role in the region, to safeguard its independence and agency, he added. "Asean must play a proactive and central role in engaging external partners, always working inclusively and pragmatically, and transcending disagreements between external powers," he said. More on this topic   Related Story ST Global Forum: Singaporeans can get to know their Asean neighbours better, says DPM Heng Swee Keat   Related Story ST Global Forum: Asia must guard against protectionism, experts warn

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ST Global Forum: Singapore’s ability to stay relevant to the world depends on staying open and united, says DPM Heng

SINGAPORE - Singapore's economic success is underpinned by openness, Deputy Prime Minister Heng Swee Keat said on Monday (Jan 11), adding that as a small country, it cannot close up, as doing so means it will soon lose its value and relevance to the world. This is why it is actively looking for ways to reopen safely while remaining vigilant of Covid-19, he added in his speech at the annual The Straits Times Global Outlook Forum. While being small and open means Singapore feels the tugs of external events more keenly, being small has its advantages, said Mr Heng. It can be more adaptable, flexible, and innovative in tapping opportunities brought about by global cooperation. For instance, Singapore is exploring how it can serve the region as a marketplace for carbon credits, he added. It will also continue to invest in innovation, including in emergent areas like quantum computing. But its ability to make the best of these opportunities and its relevance to the world ultimately depends on its strengths at home, he stressed. [LIVE] Asia and Asean: the way forward? | The Straits Times Global Outlook Forum 2021 "As we strive to remain open and grow, we must ensure that the benefits of growth are spread more equitably," he said. Singapore will help its businesses to transform, while attracting more companies to set up operations here. It will also invest significantly to bring out the best in its people, while complementing the workforce with expertise from abroad, he added. "Above all, we must continue to strengthen national solidarity, and push back against the division and polarisation seen elsewhere," he said. Mr Heng, who is also Coordinating Minister for Economic Policies and Finance Minister, was reflecting on the impact of the Covid-19 pandemic and United States-China strategic rivalry globally and on Singapore. He was the keynote speaker at the conference organised by The Straits Times in partnership with presenting sponsor OCBC Premier Banking. Earlier in his speech, he had outlined three areas of global cooperation - in public health, climate change, and digital governance - that were especially important as countries seek to rebuild after the pandemic, and called for Asean to stand together to advance its collective interests amid the backdrop of US-China competition. Mr Heng said that while being small and open means feeling the effects of external events more keenly, especially as the multilateral system comes under pressure, Singapore can take advantage of opportunities such as in the fields of climate change and technology. More on this topic   Related Story ST Global Forum: US and China must take rational view, find common ground in spite of competition, says DPM Heng   Related Story ST Global Forum: Countries must work together in public health, climate change in post-Covid-19 world, says DPM Heng Climate change is an existential threat for Singapore, but can also create new opportunities, he said. As a global financial hub, it can contribute to a "green recovery" in Asia, through looking at how it can serve the region as a marketplace for high-quality carbon credits and providing technology-enabled verification systems for carbon solutions. The tech sector is also a bright spot for businesses and workers in Singapore, he said, adding that it will continue to grow the tech and start-up ecosystem, nurturing unicorns like Sea and Grab. "We will continue to invest in innovation, deepen our capabilities in technologies like AI, which already has widespread applications, and develop emergent areas like quantum computing," he said. Singapore will also continue to grow partnerships with tech giants from around the world. But the ability to make the best of these opportunities and ensure Singapore's relevance to the world ultimately depends on its strengths at home, Mr Heng said. "The stronger we are at home, the more we can contribute to the global commons and create opportunities for Singaporeans." More on this topic   Related Story Singapore's openness to world will never change: Chan Chun Sing assures foreign businesses over anti-foreigner sentiments   Related Story Singapore's 2021 will be lived under the long shadow of Covid-19

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