Singapore’s Unique Charm:
Singapore stands out for its unexpected and distinct characteristics.

Positive Attitude and Welcoming Environment:
The locals warmly welcome visitors and create a hospitable atmosphere.

Encouraging Exploration:
The speaker encourages visitors to embrace the unexpected and explore the city’s hidden gems.

Inviting Visitors to Experience Singapore:
The speaker extends an invitation to visitors to immerse themselves in Singapore’s unique offerings.

Welcome and Introduction:
Mike Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies, warmly welcomed the attendees to the Bloomberg New Economic Forum Dinner in Singapore. He expressed gratitude to the Singapore host partners for facilitating the dinner and forum.

Recognition of Singapore’s Environmental Efforts:
Bloomberg acknowledged Prince William’s visit to Singapore to celebrate the Earthshot Prize winners. He highlighted the significance of the prize in supporting environmental progress and Bloomberg Philanthropies’ involvement.

Bloomberg’s Connection to the UK:
Bloomberg shared his personal ties to the UK, mentioning his daughters’ British passports and receiving the Freedom of the City of London Award. He humorously mentioned the privileges associated with the award, including carrying a sword in public and driving sheep and cattle over London Bridge.

Introduction of Special Guest of Honor:
Bloomberg introduced the special guest of honor, Prime Minister Lee of Singapore, who has a distinguished career in the military and government. He praised Prime Minister Lee for building on his father’s legacy and continuing Singapore’s economic success story.

Moderation by John Micklethwaite:
Bloomberg introduced John Micklethwaite, the moderator of the evening, who runs Bloomberg News. He jokingly referred to a previous incident where an Oxford-educated Brit (Boris Johnson) created an international incident during a similar event. He assured the audience that Micklethwaite would behave himself and reminded him that only Bloomberg was entitled to carry a sword in London.

Contrasting Academic Backgrounds:
Bloomberg highlighted the contrast between Micklethwaite’s Oxford education and Prime Minister Lee’s Cambridge background, playfully suggesting that Cambridge was a more reputable university.

Bloomberg’s Congratulations to PM Lee:
Bloomberg congratulated PM Lee on his retirement and thanked him for his leadership. Bloomberg hoped everyone would join him in giving PM Lee a well-deserved round of applause.

Bloomberg’s Two-Term Limit as Mayor:
Bloomberg mentioned his two-term limit as mayor of New York City. He expressed gratitude that his successor was effective in making his critics remember him fondly.

Singapore’s Stability in a Tumultuous World:
Bloomberg acknowledged Singapore’s stability as a source of stability in a tumultuous world. He highlighted the uncertainties in every corner of the world.

Purpose of the New Economic Forum:
Bloomberg explained that the New Economic Forum aims to bring together business and government leaders from Asia to discuss future directions. He emphasized the seriousness of the discussions and expressed confidence in PM Lee’s insights on the region’s and world’s trajectory.

PM Lee’s Conversation with John Micklethwaite:
Bloomberg announced that PM Lee would be in conversation with John Micklethwaite, the editor-in-chief of Bloomberg News. He introduced Micklethwaite as a longtime friend and strategic partner of the New Economic Forum.

Principled Position on Israel-Hamas Conflict:
Singapore condemns Hamas’s terrorist attack on October 7th. Israeli response in Gaza resulted in a humanitarian tragedy with significant civilian casualties. Upholds principles of border inviolability, self-defense rights, and international humanitarian law.

Two-State Solution:
Supports the two-state solution as the only viable long-term solution to the Israel-Palestine conflict. Alternative to a two-state solution is unimaginable and would lead to a cycle of mutual destruction.

Terrorism Concerns in the Region:
Singapore takes precautions against potential terrorism in Southeast Asia due to the Israel-Hamas conflict. Self-radicalized individuals in Singapore have been detected and prevented from carrying out attacks. Regional terrorist groups like Jemaah Islamiyah pose a continued threat.

Ceasefire in Gaza and Russia-Ukraine War:
Singapore calls for a ceasefire in Gaza to address the humanitarian crisis. Ukraine-Russia conflict is expected to be protracted and challenging, with significant human casualties. Singapore emphasizes the importance of diplomatic efforts to resolve the conflict.

Russia’s Failed Objectives in Ukraine:
Russia’s failure to achieve its goal of overwhelming Ukraine prevents a more dangerous world situation. Ukraine’s supporters face challenges in sustaining their efforts, and public sentiment in America may shift.

China’s Consideration of Taiwan:
China recognizes the complexities of an amphibious attack on Taiwan. China’s desire to incorporate Taiwan into One China is tempered by the need to avoid provocation and escalation.

Concerns over the South China Sea:
Four ASEAN countries (Philippines, Brunei, Malaysia, and Vietnam) have overlapping claims in the South China Sea with China. These countries seek to work out arrangements among themselves and with China due to its dominant presence.

Southeast Asian Countries and the South China Sea:
Southeast Asian countries have complex relationships with China, recognizing the importance of trade but also concerned about the South China Sea tensions. They remain realistic about the balance of power and are cautious about being drawn into a conflict.

China’s Growing Power:
China is determined to grow and develop, and its leaders believe they will achieve this goal eventually. China’s challenge lies in balancing its growth and ambitions with inspiring confidence and tranquility among the international community.

China’s Actions and Global Impact:
China’s actions, even if motivated by legitimate rights, can have significant global repercussions. Striking the right balance between growth and maintaining good relations with other countries is a complex task.

Efforts for Improved China-US Relations:
Australia’s Prime Minister has made efforts to improve relations with China, despite their differences and Australia’s alliance with the US. China and the US are preparing for a meeting between Xi Jinping and Joe Biden to address the strained relationship.

Deep Contradictions between China and the US:
There is a fundamental contradiction between China and the US, with entrenched views on both sides. In the US, both parties see China as a grave threat, while China perceives America as an obstacle to its progress. Coexisting peacefully and finding constructive solutions is challenging due to these deep-rooted perceptions.

Impact of the American Election on China-US Relations:
The upcoming American election and the possibility of Donald Trump’s return could intensify pressure on China. Trump’s previous actions, such as imposing tariffs and disrupting predictability, may influence China’s approach. Biden’s more predictable approach, while firm on China, has not reversed Trump’s policies. Trump’s foreign policy approach, if re-elected, could significantly impact the bilateral relationship.

Long-Term Perspective and Global Preoccupation:
Despite domestic challenges, maintaining a global perspective and equanimity is crucial for managing the China-US relationship. Balancing the relationship without compromising core values and interests requires careful diplomacy.

India’s Rapid Growth and Economic Reforms:
Lee Hsien Loong recognizes India’s rapid growth and economic reforms under Prime Minister Modi, which have driven India’s progress and moved it up another level.

India’s Influence Beyond the Subcontinent:
Lee suggests that India should leverage its younger and growing population to expand its reach beyond the subcontinent and influence East Asia, Southeast Asia, and the wider world.

India’s Involvement in the Quad:
Lee notes that India is beginning to engage in the wider game beyond the subcontinent, as evidenced by its participation in the Quad, a security dialogue between the United States, Japan, Australia, and India.

India’s Limited Resources and Different System:
Lee points out that India’s resources and system are not as extensive as China’s, making it difficult for India to replicate China’s ambitious infrastructure investments across the region.

Globalization and Regionalization:
Lee expresses concern that the world has felt more regional and less global, with countries like the United States and China making unilateral decisions and industrial policies, challenging the rules-based order.

Trump’s Proposed Tariffs and Their Impact:
Lee warns that President Trump’s proposal to impose 10% tariffs on everything would mark the end of the global age, further undermining the trend towards globalization.

Challenges to the Rules-Based Order:
Lee emphasizes the difficulty in understanding how rules are being made in the current global landscape, where countries are increasingly making their own rules and disregarding multilateral negotiations.

European Perspective on the Rules-Based Order:
Lee mentions that the Europeans have strongly emphasized the importance of the rules-based order, highlighting the need for collective rule-making and adherence to international agreements.

AI’s Uncertainties:
Lee Hsien Loong admits that he does not fully understand how AI works and where it is headed. He acknowledges that AI has the potential to transform the world in profound ways. There is uncertainty about whether AI can reach the point of having insight, understanding, judgment, reasoning, and empathy. Lee believes that it is possible to build a machine that thinks, acts, speaks, and looks like a human being.

AI’s Challenges:
Lee emphasizes the need to carefully navigate the ethical and societal implications of AI’s advancements. He highlights the difficulty of pre-programming AI to be subordinate to humans once it reaches a certain level of intelligence. Lee recognizes that the United States is currently ahead in AI development due to its technological prowess, talent attraction, and free enterprise system.

Singapore’s Approach to AI:
Singapore is taking a measured approach to AI, gaining experience and understanding before implementing regulations. The government is aware that tech experts have a deeper understanding of AI than government officials. Lee emphasizes the need for collaboration and partnership between the government, academia, and the private sector to address AI’s challenges.

Singapore’s Economic Policies:
Singapore has shifted from a rigorous approach to helping those who fall behind to a more inclusive approach. The government is focusing on providing assistance to ensure that everyone has the opportunity to contribute to society. Lee explains that the government is working to find a balance between lean governance and addressing the needs of an aging population and rising healthcare costs.

Taxation and Social Programs:
Singapore is gradually increasing its goods and services tax (GST) to fund social programs. The government is providing generous subsidies to lower-income households to mitigate the impact of the GST increase. Lee emphasizes the need to strike a balance between funding social programs and maintaining fiscal discipline.

Lee’s Legacy:
Lee does not seek recognition or eulogies for his accomplishments. He focuses on doing his job and helping his successor succeed. Lee’s predecessor, his father, worked closely with him as a senior minister, providing advice and support. Lee expresses his willingness to serve in any capacity that his successor deems helpful.