A strong political centre is needed for countries and leaders to make"difficult and bold trade-offs" that ensure long-term gains, Minister for Trade and Industry Chan Chun Sing said yesterday.
The two-day forum discusses new horizons for the world economy and, in his opening speech, the minister stressed the need for countries to rethink the way they redistribute globalisation's benefits, rejuvenate industries and evolve the global trading system's rules. This sets the foundation for a strong political centre, translating to support for leaders who focus on the long term, Mr Chan added.
This means accepting the need to re-engineer production and supply chains so as to integrate with global shifts, and creating new opportunities with fresh technologies, connectivity and business models rather than sheltering old industries from change. In his speech, former French minister of economy and finance Michel Sapin said globalisation is not just an economic or scientific crisis, but a political one.
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Source: The Straits Times - 🏆 8. / 63 Read more »
Source: The Straits Times - 🏆 8. / 63 Read more »