|
Getting your Trinity Audio player ready...
|
Singapore’s Deputy Prime Minister and Minister for Finance Lawrence Wong underlined that Singapore prioritises the importance of promoting innovation and investing in digital technologies at a discussion at the Centre for Strategic and International Studies (CSIS). He added that technologies play a crucial part in the nation’s economic environment by acting as an essential enabler in a variety of industries, from advanced manufacturing to financial services.
Likewise, the city-state recognises the importance of staying at the forefront of technological advancements, acknowledging that while the latest ideas and innovations often originate from American universities and companies, Singapore can distinguish itself through rapid adoption. Its compact size and agility enable it to swiftly scale up applications, not only in a single sector but across the entire economy and society.
Singapore’s favourable tech landscape is further reinforced by its tech-savvy population, which eagerly embraces technological advancements. The nation’s long-standing commitment to reskilling and upskilling its workforce ensures that individuals affected by technological disruptions can transition into better jobs, harnessing technology to enhance their earning potential.
One of the paramount issues Singapore, like many nations, grapples with is harnessing the benefits of Artificial Intelligence (AI) and innovation while mitigating associated risks. DPM Wong cited that A.I. models, while highly effective most of the time, possess inherent vulnerabilities. Even a 1% failure rate in critical applications can have far-reaching consequences.
With this, Singapore recognises the need for a robust governance framework to ensure responsible AI usage. It calls for a cooperative effort between governments and the private sector to establish principles and a framework for responsible AI usage, shifting away from a paradigm where companies bear no responsibility and leave the government to intervene after the fact.
In Southeast Asia, regional cooperation is a top priority, according to DPM Wong. The Association of Southeast Asian Nations (ASEAN) has made substantial strides in fostering integration among its diverse member countries. While achieving goals in trade liberalisation and goods, there is room for improvement in services and infrastructure, particularly in areas such as energy and transport.
He added that digital connectivity is another burgeoning focus area. ASEAN envisions linking real-time payment systems to facilitate efficient cross-border transactions. Also, ASEAN aims to promote the seamless flow of data across its member nations, fostering an environment conducive to business expansion and innovation.
As ASEAN countries continue to collaborate and integrate, they believe they can wield collective influence in an ever-uncertain world. Their approach is characterised by openness and inclusivity, welcoming partnerships with various global configurations, provided they work within the framework of ASEAN centrality and uphold the rules-based international order underpinned by international law.
ASEAN’s emphasis on an open and inclusive approach reflects its aim to actively engage all major powers, including the United States, China, the European Union, and other partners. This proactive multi-engagement approach seeks to create a configuration that enhances stability and peace, thereby avoiding the proxy conflicts that plagued Southeast Asia during the Cold War.
DPM Wong further added that Singapore’s commitment to innovation, digital technology, and responsible AI usage aligns with its determination to lead in the digital age. As a small but nimble city-state, it aims to remain a fast adopter of cutting-edge technologies, ultimately improving the lives of its people and contributing to regional stability and prosperity through partnerships within ASEAN and with major powers worldwide.
