The global landscape is shifting towards multipolarity, where economic and political influence is no longer dominated by a single superpower but spread across multiple regions. This transition presents both opportunities and challenges for Singapore businesses looking to expand into the region and beyond.

At the FutureChina Global Forum (FCGF) 2024, more than 700 business leaders, high-level officials and thought leaders from Singapore, China and around the globe gathered in Singapore to discuss how businesses can learn to navigate these and other complexities.

MORE DIVERSE, INTERNATIONAL VOICES

Organised by Business China, the event held at Sands Expo & Convention Centre Singapore on Oct 18 sought to help companies understand the key drivers of change – such as geopolitical contests, technological breakthroughs and shifting demographics – while maximising opportunities and minimising risks.

These opportunities lie in China’s vast market, increasing outbound investments and the rise of new technologies like artificial intelligence (AI), even as certain risks – stemming from the breakdown of globalisation, rising nationalism and regional conflicts – add to supply chain uncertainties and political volatility.

“The FutureChina Global Forum is the pre-eminent conference in Singapore for business-related topics with regard to China,” said Mr Lee Yi Shyan, chairman of Business China, which has organised FCGF since 2010. He added that the forum has evolved through the years to include more diverse international voices from Southeast Asia as well as the West, and this direction is set to continue in the coming years.

ASEAN AS A STRATEGIC CHOICE

With ongoing geopolitical tensions between global powers like the United States and China, businesses are increasingly looking to Southeast Asia as a key growth market. Financial institutions such as OCBC and Bank of China are playing pivotal roles in facilitating this shift. The two institutions are key sponsors of the FCGF.

“Both banks have been long-term supporters of the forum – providing connections and insights to the China and Southeast Asian markets; supporting Business China’s mission to nurture China-savvy youths and entrepreneurs; and sharing their networks, expertise and advice,” said Mr Lee.

At the forum, OCBC and Bank of China took part in panel discussions on regional economic cooperation amid global challenges, and shared their insights on supporting businesses in the region.

The discussions revolved around the importance of Southeast Asia’s position in the global restructuring of supply chains, with ASEAN offering opportunities for collaboration in sectors such as semiconductors and electric vehicles. The panellists also discussed the need for more diverse trade routes to address geopolitical tensions, highlighting Singapore’s key role as a hub in this changing landscape.

“In view of geopolitical tensions and the need for supply chain resilience, multinational corporations and large companies are reconfiguring and diversifying their operations,” said Mr Tan Teck Long, head of global wholesale banking at OCBC. “ASEAN economies have emerged as a natural choice for this realignment due to their close geographical proximity to China and strong economic ties.”

Mr Tan remains confident that OCBC, with its presence in both ASEAN and China, is uniquely positioned to serve as a bridge between these two dynamic regions. “Our long history and extensive network in both regions have allowed us to develop a winning combination of capabilities – including seamless digital banking experience across the region and specialised teams with deep understanding of cultural nuances and knowledge of local markets,” he said. “These have earned us a reputation as a trusted partner for businesses seeking to navigate the complexities of cross-border trade and investment.”

Meanwhile, Bank of China aims to continue to be a partner for Chinese enterprises expanding into Southeast Asia, and for Singapore companies entering the Chinese, ASEAN and global markets. The ASEAN region is highly attractive to international businesses – including Chinese enterprises – due to its large market size, strong economic resilience and expanding middle-income segment, said Ms Shi Wei, general manager and Singapore country head at Bank of China.

Going forward, Bank of China plans to help improve the connectivity between China and Singapore’s capital markets. “Singapore is one of the world’s leading asset management hubs, and as China’s financial markets continue to open, we are seeing growing mutual interest from global investors using Singapore as a gateway into China, as well as from Chinese investors looking to invest globally,” she said.

AS CURRENT AS THE WORLD CAN BE

The theme of connectivity was just one of several timely topics covered at the forum, which included China’s evolving economic policies and the transformative role of AI in business and society.

Singapore’s Senior Minister Mr Lee Hsien Loong and Deputy Prime Minister Mr Heng Swee Keat were the guests of honour, along with notable speakers, who included Mr Ray Dalio, founder of Bridgewater Associates; Mr Gita Wirjawan, chairman of Ancora Group and former Indonesian trade minister; Mr Zhang Hongjiang, founding chairman of the Beijing Academy of Artificial Intelligence; and Mr Bi Jingquan, chairman of the China Centre for International Economic Exchanges.

“By tapping into its extensive network of business, academic and government experts on global finance, regional geopolitics, technology and China policies, Business China hopes to promote dialogue across different fields, allowing speakers and attendees alike to explore synergies that transcend immediate challenges, focusing instead on fostering long-term partnerships,” Business China’s Mr Lee explained.

Business China plans to continue evolving the forum to reflect changing global dynamics. Future forums will focus on key trends like AI, digital transformation and green technologies that are reshaping industries globally, he added.

“The FCGF has become an international gathering place for diverse global business leaders, academics and officials from both East and West, as well as the (immediate) region, who are keen to better understand China and its impact on the world,” he said.