Singapore hails Belt and Road

SINGAPORE: Having recognised early on the benefits of China’s Belt and Road initiative, Singapore has actively supported it and is well-positioned to make gains from it, Home Affairs and Law Minister K. Shanmugam said.

“Singapore’s competitive advantage lies partly in the fact that it is well-governed, upholds the rule of law, has a highly educated population and is a respected financial centre and port,” he said.

Singapore has also been an “active proponent” of China’s growth since the opening up of the country in 1978, and was among the earliest supporters of China’s Asian Infrastructure Investment Bank, which will fund projects under the Belt and Road initiative.

The Belt and Road initiative seeks to enhance links between China and Europe, Asia, the Middle East and parts of Africa by building roads, railway and other infrastructure.

First unveiled by President Xi Jinping in 2013, China’s plan is expected to bring trillions of dollars in infrastructure spending to over 60 countries.

“The Belt and Road initiative offers tremendous economic opportunities. If connectivity improves, people travel, investment flows increase, we will benefit if we are ready and smart,” said Shanmugam, who is a former foreign minister.

Calling China’s initiative a game changer and “the most ambitious infrastructure project in history”, Shanmugam noted figures that showed Singapore was already benefiting significantly from it.

“For example, one-third of China’s total Belt and Road-related investments in all countries is in Singapore. In return, Singapore’s investments in China account for 85% of the total Belt and Road investments made by all countries there,” he said.

Shanmugam was speaking yesterday at a forum organised by the Asia Competitiveness Institute, which is part of the Lee Kuan Yew School of Public Policy.

His speech was the latest in a series of remarks from Singapore’s leaders in support of what has been called China’s bid to recreate the Silk Road.

Singapore was one of three South-East Asian countries whose heads of government did not attend the Belt and Road Forum in Beijing in May this year, causing some to raise questions about bilateral ties.

But observers say relations between the two countries are on an even keel, following the announcement in June that Chinese Premier Li Keqiang has accepted an invitation to visit Singapore. — The Straits Times/Asia News Network