Speeches
Opening Address by Minister for Finance Mr Heng Swee Keat at the Singapore International Arbitration Centre (SIAC) Congress 2018 at St. Regis Hotel
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17 May 2018
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The Honourable The Chief Justice Mr Sundaresh Menon
Mr Lucien Wong, Attorney General
Mr Davinder Singh, Chairman of SIAC
Ladies and gentlemen
Introductory Remarks
Good morning, and a very warm welcome to our guests visiting Singapore from abroad.
This year’s SIAC Congress focuses on “Charting the Future of International Arbitration”. I will attempt to do so by:
The Growth of Asia
The centre of economic gravity continues to shift towards Asia.
Tailwinds
Asia’s growth will stimulate cross-border trade.
As Asian economies grow, their companies will seek out new resources and markets, and forge new partnerships.
More international companies will expand their presence in Asia, to tap on the opportunities here.
The corresponding growth in cross-border commerce will require the support of strong professional services, including dispute resolution services. Why?
As a Global-Asia node of innovation, technology and enterprise, Singapore is in a good position to cater to this growing demand for professional and dispute resolution services. Let me elaborate.
The ability to serve international parties’ needs for professional and dispute resolution services can, in turn, enhance Singapore as a Global-Asia node.
Consider the infrastructure sector, which exemplifies how we can contribute to the region’s development.
In short, professional services, dispute resolution, and arbitration are important to Asia’s growth, and Singapore can add value as a key node for these services.
Headwinds?
This future is contingent on, amongst other things, an open and rules-based international economic order.
Responses
Those, in brief, are some of the trends and opportunities that bear watching. How should one respond? Perhaps I can share Singapore’s perspective.
Internationalisation
First, to effectively harness Asia’s potential, we need to work together and look outwards.
Asia has made a good start in this. ASEAN was formed precisely to encourage cooperation among Member States and with its external partners.
Singapore too is taking steps in this direction.
SIAC is also a salient case study in internationalisation.
Innovation
Second, innovation is necessary to remain relevant and responsive to challenges.
This is why Singapore has chosen “Innovation and Resilience” as the theme of our ASEAN Chairmanship this year.
In arbitration, there have been criticisms, including costs and delays – you know these issues better than me.
The ability to find novel solutions to these criticisms will determine whether arbitration survives and thrives in the future.
For Singapore, we have consciously made changes to keep up with the evolving landscape.
SIAC has also continually refreshed its services to stay ahead of the game.
Technology
Third, we should make full use of technology.
Technology is changing how business is done. It is replacing some tasks, augmenting some jobs, and even creating new roles. While we may not know the impact fully now, we should know enough to respond accordingly.
For the arbitration community, technological disruption is less remote than it sounds.
Conclusion
To conclude, let me return to the theme of the conference:
Thank you. I wish you all very fruitful discussions ahead.