Media Release
For Immediate Release
ASEAN’s Competitiveness in an Era of Turmoil and Transformation
SIIA’s 18th ASEAN & Asia Forum discusses how the region can stay open, resilient and adaptable amid global fragmentation
Amid growing geopolitical rivalry and an increasingly fragmented global economy, speakers at the 18th ASEAN & Asia Forum (AAF) emphasised that ASEAN’s future competitiveness will depend on its ability to remain open, resilient, and adaptable while strengthening regional cooperation.
Organised by the Singapore Institute of International Affairs (SIIA), the Forum, themed “Power, Rules and Competitiveness amidst Turmoil and Transformation“, convened more than 320 policymakers, business leaders, diplomats and experts to discuss the strategic challenges reshaping Singapore, Asia and the global economy.
In a keynote dialogue on “Power and Agency Amidst Turmoil”, Mr. Chan Chun Sing, Coordinating Minister for Public Services and Minister for Defence, Republic of Singapore, said that security cannot be understood only in military terms. “Three strands always have to come together for society to progress: physical security, economic security, and domestic cohesion,” he said.
Mr. Chan said that, in a more contested global environment, Singapore and ASEAN can retain their competitive advantage by staying out of trouble, remaining consistent in policymaking and execution, keeping open and connected, and being a relevant and resilient partner.
In emphasising the need to diversify partnerships, Mr. Chan said that Singapore and ASEAN must offer value propositions based on our core interests and capabilities that others can treasure and depend on. “If we work on three commanding heights of the new economy – namely energy, finance, and data – then it will provide us a basis to actually propel the rest of the economic activities.”
But all this will not be achieved without exercising our independence and agency. “We cannot be operating our economic policy at the behest of other people.”
Dr. Kirida Bhaopichitr, Vice Minister of Commerce, Kingdom of Thailand, delivered a panel keynote on how ASEAN can preserve agency and economic relevance in a weaker rules-based environment through practical cooperation in areas such as trade facilitation, digital trade, green trade, and supply-chain resilience.
“The current weak rule-based and fragmented global trade environment calls for greater trade and investment cooperation among ASEAN member countries. Practical cooperation in trade facilitation, food security arrangements, digital trade, green trade and supply-chain resilience will raise not only intra-regional trade, but also trade with the world which will strengthen the economic security and resilience of ASEAN. Cooperation can be ASEAN-wide or begin with a few countries while allowing others to join when they are ready,” Dr. Kirida said.
Mr. Simon Tay, Chairman of the SIIA, said that Singapore’s competitiveness and ASEAN’s competitiveness should be seen as mutually reinforcing.
“A stronger ASEAN is good for Singapore. Our future competitiveness is closely tied to the region around us. If ASEAN remains open, resilient and connected, Singapore will have more opportunities to play its role as a trusted hub for investment, finance, innovation and partnerships. This is not a zero-sum relationship. As ASEAN becomes more competitive, Singapore benefits, and we can also contribute to strengthening the region,” Mr. Tay said.
The Forum opened with the launch of SIIA’s Competitiveness Commission public report titled, “Tested Through Turmoil“. The report draws on closed-door roundtables and interviews with representatives from multinational corporations, business leaders and policymakers on how Singapore can strengthen its competitiveness amid global uncertainty.
Discussions across the Forum reflected the pressures facing Singapore and ASEAN. The first panel, “Competitiveness in an Age of Fragmentation“, examined how regulatory divergence and economic security concerns are reshaping investment flows, and how Singapore can continue to serve as a trusted regional hub for business, finance, logistics, technology and innovation.
The second panel, “ASEAN’s Competitive Future Amidst Turbulence“, examined how ASEAN can remain a compelling base for production, investment and growth amid tariff uncertainty, energy disruptions and logistics shocks. Speakers discussed how governments can strengthen policy credibility, regional connectivity and long-term investment confidence.
The third panel, “Agency, Rules, and Partnerships in ASEAN and Asia-Pacific“, considered how ASEAN countries and their partners can preserve agency in a more contested region. Speakers discussed how ASEAN can remain a credible platform for economic coordination, regional engagement and practical cooperation even as global trade rules weaken.
The 18th ASEAN & Asia Forum underscored that ASEAN’s competitiveness and Singapore’s competitiveness are increasingly connected. In a world where businesses are rethinking supply chains, investment locations and regional strategies, ASEAN’s ability to stay open, resilient and adaptable will matter not only for the region, but also for Singapore’s continued role as a trusted hub and partner.
The 18th AAF was made possible with the support of the following organisations:
- Donors: Equinix, Grab, Moody’s Ratings, Sembcorp, Swift, and Temasek
- Supporting Organisations: EuroCham Singapore, Indonesia Investment Promotion Center (IIPC) Singapore, and National Youth Council Singapore
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About the ASEAN & Asia Forum (AAF)
Into its 18th edition, the AAF is a platform for the private sector to better understand the region’s political, economic, and strategic challenges, as well as their implications for businesses. The annual Forum draws more than 300 high-level corporate leaders and policymakers each year and encourages open dialogue and networking among regional stakeholders. For more information, visit www.aseanasiaforum.com.
About the Tested Through Turmoil Report
The Tested Through Turmoil: Advancing Singapore’s competitiveness with ASEAN Report examines how Singapore can strengthen its competitiveness amid global uncertainty by deepening its links with ASEAN. The report draws on SIIA’s analysis and insights from roundtables with multinational corporations convened through the SIIA Competitiveness Commission (CompCom), which served as a knowledge parter to the Economic Strategic Review by contributing private sector perspectives on Singapore’s future competitiveness. Read the report here: https://siiaonline.org/special-report-tested-through-turmoil.
About the Singapore Institute of International Affairs (SIIA)
Insights • Networks • Access
Established in 1962, the Singapore Institute of International Affairs (SIIA) is a not-for-profit and independent think tank committed to producing policy analysis, fostering in-depth dialogues and bridging gaps between policymakers, private sector decision-makers and experts to shape public policy and social responses. Centred around ASEAN-focused themes, the institute aims to deliver policy analysis in international affairs and on issues driving environmental sustainability. As a founding member of the ASEAN-ISIS (ASEAN Institutes of Strategic and International Studies) network since 1988, we engage in “Track II” diplomacy, fostering dialogue among stakeholders in our region and beyond. Visit us at www.siiaonline.org.
Mr. Chan Chun Sing, Coordinating Minister for Public Services and Minister for Defence of Singapore, speaking at the 18th ASEAN & Asia Forum on 3 August 2026 during the keynote dialogue, Power and Agency amidst Turmoil. The session was moderated by Ms. Quah Ley Hoon, SIIA Council Member and Group Chief Corporate Officer, CapitaLand Investment. (Photo: SIIA)
(From left to right) Mr. Simon Tay, Chairman of the Singapore Institute of International Affairs (SIIA); Mr. Jeffrey Siow, Minister for Transport and Second Minister for Finance of Singapore; and Mr. Satya Ramamurthy, Chair, Public Sector, Asia Pacific, Sumitomo Mitsui Banking Corporation, and SIIA Council Member, with SIIA’s latest report, Tested Through Turmoil: Advancing Singapore’s Competitiveness with ASEAN, which was launched at the 18th ASEAN & Asia Forum on 3 August 2026. (Photo: SIIA)
