Singapore must take sides based on principle as holding geopolitical neutrality ‘not possible' says DPM Gan
DPM Gan believes that Singapore must remain nimble and to respond fast to the changing world so that Singapore can remain 'one step ahead' of its competitors.
Geopolitical neutrality for Singapore is 'not possible' as the country continues to walk a 'narrowing road' in balancing trade relations with China and the US especially due to the heightened trade tensions between the two this year, says Deputy Prime Minister Gan Kim Yong.
'Singapore has never been neutral because we have to take a position on many things such as international policy. So we do take positions but the only difference is that we take positions that are always based on the interests of Singapore and Singaporeans,' he adds.
Trade fuels Singapore's economy. Over the years, Singapore has forged an extensive network of 27 free trade agreements (FTAs) and in 2023, Singapore's external trade in goods and services as a share of gross domestic product in Singapore was about 310%.
This all comes down to Singapore's willingness and ability to maintain good ties with many countries, being one of the few countries to have diplomatic ties with almost all 190 United Nations (UN) member countries and also one of the few countries to have established an FTA with the US and China.
'The road to stay neutral is getting narrower and narrower and it will eventually become a knife edge and you will not be able to stand up. So I think the key is that we have to take sides and we have to do so based on principles and that is something we would have to navigate very carefully,' DPM Gan adds.
The DPM was speaking at UBS' Asian Investment Conference 2025 on May 22, where he touched upon how Singapore is looking ahead to tackle the uncertainties and challenges in a new world of trade, deglobalisation and new reforms.
Also mentioned was the importance of certain industries that remain the core of Singapore's economy going forward into the future. One of which is Singapore's manufacturing industry which according to DPM Gan, contributes to about 30% of Singapore's GDP which he believes can be expanded further.
'We want to encourage manufacturing sectors that are focused on the global market, or at least the regional market. This will include things like semiconductors, pharmaceuticals, equipment, machinery, as well as aerospace. Those sectors are fast flowing and then we see the potential for these sectors to continue to grow in the global market,' says DPM Gan.
However, Singapore's manufacturing sector faces geographical and labour constraints as manufacturing requires resources such as land and manpower, both of which are scarce in a tiny nation like Singapore.
This is why DPM Gan also highlights the potential of the upcoming Johor-Singapore Special Economic Zone (JS-SEZ) to help boost investment into the region and to strike a win-win scenario for both Singapore and Johor.
'Companies can manufacture different components on both sides and by leveraging on the strengths and resources in both areas, they can combine the both to make products that can be cost competitive,' states DPM Gan.
While the SEZ will help Singapore and Johor create more business and investment opportunities, DPM Gan concedes that this will create more competition between the two nations but mentions that it is competition that helps push Singapore to continue to 'advance, make improvements and value add' and that the nation will not shy away from it.
DPM Gan believes that Singapore must remain nimble and to respond fast to the changing world that the nation faces in the present day so that Singapore can remain 'one step ahead' of its competitors which will put Singapore in a strong position to continue doing well.
Additionally, he emphasises the importance of continued investment towards the people of this nation.
'Our people are the most critical resource that we have and I am very happy to see that our workforce and our local talents in Singapore are very well trained, well skilled and well educated, making them one of the best work forces in the world. So we need every business and every industry along with the government to continue investing in bringing in and developing our local talent in Singapore.'
Lastly, being a trade dependent nation, DPM Gan believes that Singapore has to remain connected to the global economy so that the nation can continue to remain open to ideas, investments and opportunities moving ahead.
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