The US-China trade war results in fewer opportunities for Singapore companies to invest in China and export to America, or to invest in America and do business with China, said Singapore’s Prime Minister Lee Hsien Loong.
“And these are all win-win opportunities, which is the essence of what international trade is, and it is how the world has prospered for many decades,” he added.
Speaking at a dialogue at the 19th Forbes Global CEO Conference in Singapore on Wednesday, October 16, PM Lee highlighted the uncertainty faced by consumers and investors due to the trade war.
“It means that much less prosperity for the two countries, and that much less buoyancy for the rest of the world,” said Lee. He addressed a two-day gathering of roughly 400 global CEOs, tycoons, entrepreneurs and investors in a dialogue at the conference themed “Transcending the Turbulence.”
Trade-reliant Singapore has seen its economic prospects falter as a result of the trade war between two of its largest trading partners, Forbes said in a report. The city-state’s economy grew by 0.1 per cent in the third quarter of 2019, according to advance estimates by Singapore’s Ministry of Trade.