Singapore Promotes Regional Economic Cooperation
Speech by Dr. Vivian Balakrishnan, Minister for Communitiy Development, Yout and Sports, at opening ceremony of Voices of the Future 2009, 10 November 2009
Distinguished Guests and Participants
Ladies and Gentlemen
Good Morning
Thank you for the opportunity to join you today at the opening ceremony of the Voices of the Future 2009. To our guests from overseas, a warm welcome to Singapore! I am sure that you will be well taken care of by your Singaporean hosts, and will be able to experience first hand the many unique facets of our city-state during your stay here.
Over the course of the next few days, you will be able to experience some of the key APEC meetings in a very tangible way. I hope you will be able to go away with a better understanding of what APEC is all about, through the structured programme as well as from learning from your fellow participants. You come from 18 APEC economies. Your generation’s aspirations and concerns will provide the context to the numerous major issues that will be addressed by APEC over the course of this week.
APEC 2009 AND THE GLOBAL ECONOMIC DOWNTURN
Since mid 2008, the global economic environment has been very challenging.. The International Monetary Fund has earlier projected world economic growth for 2009 to fall to its lowest levels since World War II. The majority of APEC economies will in fact register contractions for 2009. The governments, the central banks and international organizations have all responded by embarking on major fiscal and monetary interventions to prevent a global depression.
Today, there is evidence that the worst is over for the global economy. There is cautious optimism among policy makers that the situation will pick up gradually in most economies, especially from 2010 onwards. The focus, therefore, is shifting from emergency economic stimulant measures to the restructuring of economies for the growth ahead. This is reflected in the theme for APEC 2009: “Sustaining Growth, Connecting the Region”. Let me now touch on the theme, and offer some questions for you to ponder on.
“SUSTAINING GROWTH”
Have we learnt the correct lessons from the crisis? Or are we setting ourselves up for another hard fall in the near future?
Let us not be lulled into a false sense of security. We will be far better off to assume that real economic growth will be sluggish and recovery will be in spurts, than to rush ahead on the presumption that all is well. We do not know how far this initial rebound will go. As governments and central banks start scaling back on fiscal and monetary stimulants, will there be sufficient private demand to carry the momentum? The next few months will continue to test if the emergency measures put in place in the past year have built the foundation on which private businesses could drive the global economy forward. How, as members of the APEC economies, can we work together to overcome these challenges?
Secondly, we have seen economic liberalization bring about sustained growth and prosperity, and reduce overall poverty in the Asia-Pacific region since APEC was founded. However, not all economies or sectors of society have been able to reap all the benefits. How are we able to better support those who have been left behind? Moving forward, how do we ensure that the gains of our economic growth are shared across the region, and among the less fortunate?
Thirdly, what can we do to make sure that our growth will be a sustainable one? Climate change is one of the key challenges that the world faces today. Will we be able to get our act together to embark on the collective global action needed to put things right? Will we be able to create the economic structures and incentives to persuade businesses and industries to go green?
“CONNECTING THE REGION”
This brings me to the second half of this year’s theme: “Connecting the Region”. APEC was founded to promote regional economic cooperation. This remains the raison d’etre for APEC’s existence today. For a small and young nation without natural resources or markets like Singapore, it is obvious that our very survival depends very much on us being plugged into the global economy. We do not have a choice, but to build strong ties with other economies near and far. This notion holds true, and is applicable even to the largest economies in order to fully realize their economic potential.
However, even in the best of times, protectionism in various forms make attractive rally calls everywhere in the world. In the face of the current economic downturn, we have seen greater pressures for protectionism and a fall in foreign direct investment around the world. Much of this skepticism may have stemmed from the staggering speed at which the crisis has spread to become a global one. How can we restore confidence and formulate the proper regulatory frameworks to ensure that regional and global economic integration and cooperation continues to be attractive? Just as importantly, how do governments and businesses communicate to the public the benefits of globalization against the obvious emotional pull of protectionism?
While the focus is on economic cooperation, APEC’s significance extends beyond economic issues. It is also a useful platform to foster greater understanding among its 21 member economies. Together, we make up some 40% of the world’s population. Given our diversity in cultural, social and business norms, conflicts and misunderstandings are bound to arise. APEC is not a panacea for this of course, but it is a significant step in creating common understandings within the region. Economic cooperation and trade between economies often form important foundations for international ties. They are also strong impetuses for people from different economies to understand and appreciate our differences and similarities.
VOICES OF THE FUTURE
APEC has come a long way – 20 years to be exact. The world has changed dramatically in past 20 years. A whole new generation has come of age. At this very juncture, the APEC economies are confronted with the task to make some of the most important decisions in our lifetimes. As Voices participants, you are right in the thick of all the action. Needless to say, this is a fantastic opportunity for all of you, to play your part as youth.
Since its inception, the Voices programme has been providing such opportunities to the youth of APEC. We are glad to continue with the proud tradition of Voices in Singapore. I am heartened by the fact you are interested in the future of APEC, and want to have a voice in what that future will be.
Other than involving you in the APEC meetings to witness firsthand the different proceedings, the Voices programme also allows you to build strong networks and friendships with your peers from around region. Even in our digital age, nothing quite beats the face-to-face interaction that you will get from a programme like Voices. After you return to your respective economies, I hope that you will continue to build on these relationships with the other Youth leaders.
ROLE OF THE YOUTH
In this programme, you will be interviewing economic and business leaders, and asking them many questions. I have already raised a few questions earlier. However, the most important question you can ask is for yourself: What can I do? How can I contribute?
Your generation is the most highly educated and trained generation in history, and you hold limitless potential for positive social and economic development in your economies and beyond. You are not just the voices of the future: you are the future. The key issues confronting the world today are not only transnational, but also long term. Climate change, for example, is a challenge that will persist for generations beyond mine or yours. It is therefore important that you fully understand the key issues at stake and continue to build on the transnational networks that will be increasingly crucial in addressing these issues.
It is equally important, as Youth leaders, that you actively share the lessons and experiences from this programme with your peers back home. What you bring back to your economy, and how you ensure that your peers can learn from your experience here, will be pertinent to how the future will turn out eventually.
CONCLUSION
Before I end, I would like to commend the youth organisers for the fine job thus far. I understand that many of them have volunteered their time to be in the organising committee despite being in the midst of their school examination preparations. I am very proud of their dedication.
I hope that the Voices programme will be an enriching one for you. I hope that it will ignite a spark within you to bring about positive change in your economy and in the region. Please enjoy your time here in Singapore, and I wish you all the very best for the future!
Thank you.
Topics: APEC, economic develpment, economic growth, Economy, global economy, Governance, Singapore, stimulus, sustainable growth, Voices of the Future
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