Global Leaders Call for Cooperation at New Economy Forum 

by Victor Adetimilehin

The New Economy Forum in Singapore brought together global leaders from China, Saudi Arabia, and Singapore to discuss the challenges and opportunities of the new economy. They emphasized the need for greater cooperation and dialogue amid rising tensions and uncertainties. The forum, hosted by Bloomberg, was held on November 8, 2023, amid a backdrop of wars in the Middle East and Europe, the decoupling of economies, and the rise of AI. The speakers addressed these issues and shared their visions for the future.

Chinese Vice President Han Zheng praised the “positive” signals from recent high-level meetings between China and the US and expressed hope for a constructive dialogue between President Joe Biden and President Xi Jinping, who are expected to meet virtually later this month. Han said China is committed to opening up its economy and promoting multilateralism.

Saudi Arabia’s Minister of Investment Khalid Al-Falih announced that his country plans to host two summits next year to push for peace and stability in the Middle East. He said Saudi Arabia is undergoing a transformation to diversify its economy and attract foreign investment. He also highlighted the potential of green hydrogen as a clean energy source.

Singapore Foreign Minister Vivian Balakrishnan warned of the dangers of a fragmented world and urged countries to avoid a “Thucydides trap” of conflict between a rising power and an established one. He said Singapore is a small but open and connected country that can serve as a bridge and a hub for the new economy. He also stressed the importance of digitalization and innovation.

The New Economy Forum is an annual event that brings together influential leaders from business, government, academia, and civil society to explore the opportunities and challenges of the new economy. The forum aims to foster collaboration and action to address the most pressing issues facing the world today.

The forum will continue on November 9, 2023, with more speakers and sessions on topics such as climate change, health, trade, technology, and education. The forum hopes to inspire optimism and hope for a better future for everyone.

Source: Bloomberg

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