At the 2025 Annual General Meeting Luncheon of the Singapore International Chamber of Commerce (SICC) on 27 June, SMU President Professor Lily Kong moderated a wide-ranging dialogue with Guest-of-Honour, Mr. Ong Ye Kung, Coordinating Minister for Social Policies and Minister for Health. Against a backdrop of global uncertainty, demographic change, and mounting socio-economic pressures, the discussion surfaced some of the most critical issues shaping Singapore’s future, from workforce resilience and ageing to geopolitical tensions and the national imperative of lifelong learning.
The event gathered senior leaders from across government, business, and the non-profit sector. In her opening remarks, Professor Kong noted that this was s a timely dialogue on how societies can adapt and thrive amid complex change.
Navigating Domestic Transitions: Trust as a National Resource
In her closing summary, Professor Kong drew together the wide-ranging discussion into two broad areas of reflection. The first centred on Singapore’s internal transitions: the ageing population, rising healthcare needs and costs, and the deeper questions of how society supports care, retirement, and learning across the life course. These are not merely technical issues — they speak to how we view well-being, intergenerational responsibility, and the kind of society we want to become.
The second focused on Singapore’s external posture in a world marked by superpower rivalry, trade realignments, and geopolitical flux. Here, she noted Minister Ong’s call for Singapore to learn to thrive in uncertainty – to find the opportunities in the face of adverse circumstances.
In both domains, she emphasised that more than policy is required. It is mindset — of trust, adaptability, and long-term commitment — that will determine how Singapore rises to the moment.
Minister Ong outlined four core pillars to guide Singapore’s long-term resilience in the face of demographic and economic change: Health, Tax, Retirement, and Lifelong Learning (HTRL).
Health: With a growing share of older citizens, preventive health and healthy ageing will be critical to sustaining both well-being and productivity.
Tax: Long-term fiscal sustainability, supported by reserves and taxation reform, is essential for meeting rising social spending needs.
Retirement: Extending re-employment and retirement ages can keep older workers meaningfully engaged and healthier for longer.
Lifelong Learning: Continuous learning across the life course is vital for adaptability. Singapore’s universities, he noted, have embraced this shift over the past decade.
Indeed, Professor Kong acknowledged the pivotal role the Minister played in drawing universities and polytechnics into lifelong learning in her opening remarks: “It was a pleasure to work with Minister Ong during his time in the Ministry of Education,” she recalled, citing his role in expanding the remit of Singapore’s universities beyond traditional undergraduate and postgraduate education to embrace lifelong learning.
The dialogue also acknowledged the role of Care — whether in terms of mental health, eldercare, or the systems that sustain well-being. While not framed as a formal policy pillar, the conversation highlighted care as an increasingly important part of the national fabric, particularly in the context of ageing and social resilience.
On fertility and workforce participation, Minister Ong was frank: “You can’t incentivise your way out of low fertility without systemic change.” He called for a more gender-equal society that enables women to thrive both as caregivers and professionals, and pointed to broader shifts needed in workplace culture and social expectations. “In the end,” he said, “women decide.”
Reflecting on Singapore’s COVID-19 response, Minister Ong described how the decision to simplify rules and trust citizens marked a turning point. “That was our liberation day,” he said. “People felt trusted—and they rose to the responsibility.” Professor Kong echoed the sentiment: “Whether we’re dealing with health, demographic change, or global disruptions, trust is the currency that enables national resilience.”
Positioning Singapore Amid Global Uncertainty
Turning to global affairs, the dialogue explored how Singapore can remain effective and relevant amid geopolitical tensions and evolving trade dynamics. Minister Ong offered a candid assessment: the shifts we are witnessing — rising protectionism, strategic competition, realignments in supply chains — are not short-term disruptions, but long arcs of change.
Singapore’s longstanding strategy, he noted, has been to prepare early. Its network of 28 free trade agreements and institutions such as the Port of Singapore Authority are part of this foundation, enabling continued global access even in turbulent times. Singapore, he said, must remain a place where others “turn to when the world feels unsafe.”
He also spoke to the importance of pragmatic engagement. Whether working with the US, EU, or regional partners, Singapore’s credibility lies in its clarity, consistency, and openness — qualities that continue to matter in a fragmented world.
Singapore’s rule of law, infrastructure, digital capabilities, and sustainability track record were discussed as key differentiators. The country’s ongoing push to be a green and liveable city — with strong environmental safeguards and long-term planning — was raised as a potential edge in future economic positioning.
The dialogue closed on a forward-looking note, as Professor Kong invited Minister Ong to reflect on what the so-called “Asian century” has meant, 25 years on. Minister Ong traced its trajectory through three phases: the rapid growth of the East Asian “tiger” economies; the rise of China as a global power; and now, an emerging era defined by intra-Asia trade, demographic transition, and rising consumer markets. While the pace of growth has moderated, he noted, the region’s relevance has not. Asia’s future, he suggested, will be shaped not only by economic figures, but by how well societies navigate ageing, adapt to disruption, and remain open to collaboration. The Asian century, in that sense, is still unfolding—and still being written.
Lifelong Learning as a Foundation
One theme ran strongly through the dialogue: lifelong learning must be foundational. It underpins not only economic agility but also social cohesion and personal growth.
Professor Kong reflected, “Trust, adaptability, and a willingness to learn — these are the competitive advantages of the future. In this, business, government, and educational institutions must walk hand-in-hand.”
This aligns with her own reflections in the IPS-Nathan Lectures, where she suggested that, in an era of the 100-year life, we must reimagine not only the span of careers but the role of learning, identity, and contribution across every stage of life.
A Shared Commitment: SMU and the Business Community
The Singapore International Chamber of Commerce has long been a valued partner of SMU, through SMU-X project collaborations, student scholarships, and shared efforts to cultivate workplace readiness. Professor Kong’s role in moderating this flagship dialogue affirms the university’s commitment to bridging business, government, and academia.
As Singapore confronts new transitions and new complexities, SMU’s collaboration with the Chamber reflects a shared ambition: to prepare future-ready talent—grounded in trust, driven by learning, and ready to lead.
