Minister for National Development & Second Minister for Finance Lawrence Wong said that Singapore's partnership with China in the Belt and Road initiative brings both opportunities and challenges.
Opportunities
Singapore can play a role to help finance infrastructure projects and provide expertise in infrastructure planning, Mr Wong said. Singapore companies can also partner Chinese companies to invest in South East Asia.
Challenges
"But we should be aware that it can present competition. With the Belt and Road (initiative), new infrastructure will be built all around us. ... Trade routes will be adjusted as these new roads and ports get built and developed," Mr Wong said.
There are other countries looking to be the next transshipment port, air hub, sea hub, or financial hub as they ride on Mr Xi's mega project, which promises to boost growth by building roads, railways, ports and industrial parks along the trade routes.
What this means for us
"This means that we shouldn't be complacent and should continue to work hard to make Singapore relevant," he said.
Be confident
We should also be confident of our abilities to stand up to challenges.
We are not standing still
"Already, if you look at our plans, we are putting in significant investment to expand our airport and seaport. We are doubling the capacity of the two ports, and that will make them much more relevant in the future," he noted.
Singapore's smart nation drive will also put it in a good position to compete with other digital hubs that may be created out of the Belt and Road initiative, he added.
"We are not standing still and we cannot afford to stand still," he said.
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