Opening Remarks by Minister for Transport and Second Minister for Finance, Mr Chee Hong Tat at Mr Tan Chong Meng’s “Exploring Global Trade and Singapore’s Place as a World Connector” Book Launch

Mr Janadas Devan, Director, IPS, 

Mr Tan Chong Meng, 14th S R Nathan Fellow, 

Ladies and Gentlemen, 

Good evening.

1.     Thank you for joining us today as we celebrate the launch of Mr Tan Chong Meng’s book, “Exploring Global Trade and Singapore’s Place as a World Connector”. This insightful work, drawn from Chong Meng’s three IPS-Nathan lectures as the 14th S R Nathan Fellow, is a timely reflection on the evolving nature of trade and Singapore’s role in it, and it is also a testament to Chong Meng’s deep expertise in this field.

Chong Meng’s Contributions to MaritimeSG

2.     Chong Meng is no stranger to the maritime community here in Singapore and globally. As the Group CEO of PSA International from 2011 until his recent retirement in 2024, he has been at the forefront of global port operations, supply chain management and innovation. Under his able leadership, PSA not only navigated many shifts in global trade but also made huge strides on the logistics and connectivity fronts.

3.     During the COVID-19 pandemic, Chong Meng co-chaired the Emerging Stronger Taskforce alongside Minister Desmond Lee to chart Singapore’s post-pandemic economy. His foresight and leadership were instrumental to ensure that Singapore’s ports remained operational despite global supply chain disruptions. I also recall how Chong Meng had worked tirelessly to ensure PSA staff had the necessary support to adapt to the crisis, such as through the development and use of positive pressure chambers to create safe zones. These safe zones minimised infection risk to workers and staff at Temasek’s community care facilities at Changi Expo and Tanjong Pagar Terminal. These efforts demonstrate not only his strategic acumen and foresight, but also his deep sense of responsibility to both industry and society.

4.     Beyond his professional achievements, Chong Meng is also known for his deep commitment to his colleagues and peers. When PSA transitioned operations from the City Terminals to Pasir Panjang Terminal, Chong Meng worked closely with the Singapore Port Workers’ Union and the Port Officers’ Union to ensure that this process took place smoothly. Hundreds of port workers were reskilled to adapt to new technologies and modes of operation, reinforcing the spirit of tripartism that has been a cornerstone of Singapore’s success. I was at the event that we organised when Chong Meng retired and the union sisters and brothers spoke fondly of Chong Meng’s leadership and importantly, his care and concern for the workers.

About the book

5.     Chong Meng’s book has come to us at a pivotal moment. Global trade is under immense pressure from intensifying geopolitical tensions, threats of trade wars, and at the same time, will be transformed by technologies like artificial intelligence and the impact of climate change.

6.     The book spans the past, present and future of trade, tracing the historical drivers of economic growth, examining its present-day challenges, and imagining its future trajectories. From the post-global financial crisis transformation of industries to the pandemic’s disruption of supply chains, Chong Meng has painted a vivid picture of how interconnected, yet fragile our world has become. The book’s clarion call is an incisive one – to build sustainability, resilience, and adaptability into the very fabric of global trade networks.

7.     Recent geopolitical developments, including the latest trade policies from the US and other countries, illustrate the volatility of global supply chains. President Trump’s recent moves to impose tariffs on different countries do have significant repercussions, especially on a country like Singapore which relies very much on trade and it has also triggered a domino chain of negotiations and retaliatory protectionist measures across key trading partners and I’m afraid that this has caused a dark cloud of uncertainty over international trade. Looking ahead, we must expect more disruptions on the horizon.

Singapore as a leading Hub Port and IMC

8.     As Chong Meng has reminded us, Singapore’s success as a maritime hub relies on partly our strengths and our ability to stay nimble and to adapt. Our success and position as a maritime hub is not permanent nor guaranteed. The quest to maintain Singapore’s position as a hub port and an international maritime centre must be a continuous journey and it requires the collective efforts of tripartite partners. I will briefly touch on three areas that we must continue to build on our strengths, which Chong Meng has also highlighted. 

The Three Pillars: Diversification, Digitalisation, and Decarbonisation

9.     First, diversification. In a world where economic nationalism is on the rise, Singapore must deepen and broaden its economic partnerships to remain competitive and resilient. This is why we must continue to diversify trade routes and pursue policies that ensure Singapore can remain an attractive and reliable node in global commerce. We will work with as many countries as possible who want to trade with us, who want to do business with us.

10.    As we look around the world, the politics of trade have shifted. There are growing sentiments of disenfranchisement in many countries from people who feel that they have not benefitted from the dominant market-liberal “Washington Consensus” that has advocated for free trade all these years. The support for protectionism and trade barriers, can then lead to fracture in the supply chains. There have also been calls to rebalance the responsibilities between markets and the Government towards the latter. 

11.    As a small city-state, Singapore is an open economy and we rely heavily on trade – while we have benefited from globalisation, we are and we can be vulnerable to shocks in supply chains. Singapore’s approach under ForwardSG, which PM Lawrence Wong launched, is that we want to achieve economic growth while intervening in a decisive, targeted manner to ensure that the benefits of trade and growth can be widely shared. So it’s not just a small segment of the population who will benefit but as many people as possible can benefit from economic growth. These are mutually reinforcing strategies – where we can have inclusive outcomes and strong social compact going hand in hand with pro-growth economic policies. If we do well on the economic front, we can have more resources and we can then re-invest in strengthening our social safety nets and our social compact Our social compact then provides the stability and cohesion in our society that can then support economic growth, trade policies and economic developments. 

Decarbonisation

12.    Second, decarbonisation. Chong Meng had included a quote from Bill Gates in his book, “we always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten”. The wisdom of this statement is clear in the context of our sustainability efforts. Over the past decade, sustainability has gained increasing urgency worldwide. This is a real risk and it’s something that all countries will have to continue to work on. The transition to a low-carbon economy is not just about virtue-signalling or greenwashing; but you should look at what are the economics and technology that can allow us to respond to this very real threat. There are things that we can do to get there, things that will allow us - based on science, economics and proper sound evidence - to make an impact on making carbon emissions in the world reach a lower level compared to business as usual. 

13.    We must stay the course in our sustainability commitments to ensure that all parts of society, including the maritime and port sector will align with Singapore’s Green Plan. I fully agree with Chong Meng that bold initiatives from green shipping corridors to circular economy principles are needed to position Singapore as a leader in sustainable shipping, and to secure our long-term relevance in the world.

Digitalisation

14.    Third, digitalisation. We must embrace technological advances from the Fourth Industrial Revolution in areas such as artificial intelligence, automation, and data analytics. Chong Meng has done all that in PSA. Chong Meng’s reflections underscore the urgency for Singapore to do all these, not just to keep pace with, but if possible, to lead the way in creating smarter, more efficient, and more resilient supply chains.

15.    The Maritime and Port Authority of Singapore has commenced pilot trials for Artificial Intelligence tools – Documind and Documatch – which will reduce the processing time for new and renewal submissions for insurance certificates for Singapore-registered ships. This will translate to savings of approximately 300 man-days, or about $140,000 per year. 

16.    We will look to expand the application of AI-driven tools to improve the efficiency of our port operations, such as for the submission of ship certificates for port clearance. 

Conclusion

17.    As global power dynamics shift and global trade becomes increasingly fragmented, we must resist from being drawn into the escalating power struggles between countries and we must also look at how we can deepen our ties across a broad spectrum of partners to serve as a trusted hub for trade and diplomacy. It is precisely our ability to adapt and strengthen our economic base through diversification, digitalisation and decarbonisation that will ensure Singapore remains relevant and resilient for many more years to come.

18.    I would like to take a moment to acknowledge Chong Meng for his significant contributions to Maritime Singapore and through this book, enhancing our understanding of Singapore’s place in global supply chain networks. Chong Meng’s ability to distil complex, global issues into narratives that are engaging and accessible is truly impressive.

19.    I would like to invite each of you to not only learn from the book, but also to reflect, question and importantly, put it into action. Whether you are a student, policymaker or a curious reader wanting to find out more, I am sure that there will be something in these pages for you. Thank you.