Singapore's Deputy Prime Minister Gan Kim Yong emphasized Asia's potential as a "beacon of growth opportunities" despite the escalating tensions in global trade. Speaking at CNBC's CONVERGE LIVE event in Singapore on Wednesday, he highlighted the resilience and promise that the region holds for the future.
Gan Kim Yong acknowledged the challenges posed by the current trade wars and rising tariffs. He noted that while some Asian countries may not be directly impacted, the broader implications could be significant.
"Even if some of us in Asia may not be directly affected, the impact of rising tariffs and trade wars could cause major disruptions to supply chains, slow down trade and investment flows and significantly set back the growth of global economy," – Gan Kim Yong
The Deputy Prime Minister's remarks underscore the importance of Asia's role in the global economy. With its dynamic markets and rapidly growing economies, Asia continues to attract attention from investors and businesses worldwide. Gan's comments suggest that the region can navigate these turbulent times by capitalizing on its inherent strengths.
At the conference, industry leaders and policymakers discussed strategies to mitigate the potential disruptions caused by trade tensions. There was a consensus on the necessity for regional cooperation and innovation to maintain economic stability and growth. Gan's statements align with these discussions, stressing the need for collaborative efforts to ensure Asia's continued ascent on the global stage.