Senior Minister Teo Chee Hean addresses supply chain disruptions, climate change, and strategic diversification at the Singapore Regional Business Forum.
Senior Minister and Coordinating Minister for National Security Teo Chee Hean spoke at the Singapore Regional Business Forum on July 24, 2024, focusing on the theme “Enhancing Resilience and Seizing New Opportunities in a Just-in-Case World.” Teo emphasized the need for businesses to adapt to ongoing global disruptions and to diversify strategically.
Teo noted that the global business landscape has faced significant upheavals, including supply chain disruptions due to the COVID-19 pandemic and ongoing conflicts in Europe and the Middle East. He highlighted that 43% of Singapore businesses experienced negative impacts from supply chain issues over the past year, with manufacturing being the hardest hit.
Climate change also poses a major challenge, with natural disasters causing extensive economic damage globally. Teo stressed the importance of resilience and diversification in business operations, encouraging companies to diversify their sources, markets, products, facilities, and workforce to mitigate risks.
Teo discussed the shift from a “just-in-time” to a “just-in-case” approach, emphasizing the need for businesses to future-proof against climate change and comply with sustainable regulatory requirements. He also underscored the ongoing relevance of free trade, despite increasing nationalistic tendencies and trade barriers.
Teo outlined three key strategies that Singapore is employing to support a resilient business environment: encouraging regional and global collaborations, fostering partnerships in the digital and green economies, and building critical infrastructure such as the ASEAN power grid and cross-border digital payment systems.
He concluded by highlighting Singapore’s role as a reliable and efficient business hub, urging businesses to leverage the stability and connectivity that Singapore offers.
Source – PMO
