Singapore is a proud economy in Asia, not just because it just declared budget surplus for the first quarter of the year 2017, but it’s enjoying booming international trade with two world super powers who are at daggers drawn.
The likely friction between the US and the Asian superpower China may have a dicey effect on Singapore, who enjoyed export success last year with a buck of the trade to China. There are many things at stake that if not properly handled, may turn to be a serious issue for the 2030 vision of Singapore.
Singapore: friends with two rivals
The assumption of power by the new American President Mr. Donald Trump is heating up the fledging relationship with China, it may be another cold war of sort if care is not taken, but the side that Singapore would take will surely have an impact on the economy of the tiny country.
The trade with China worked out the magic Singapore economy experienced late last year; medical, biomedical and electronics enjoyed heavy patronage from the world’s most populous nation. There were no secrets that Singapore benefited from the mass patronage from China to rescue her weak economy last year.
The Americans are serious trade partners with Singapore as well. But the military corporation Singapore enjoys from the US is not quantifiable. Either trade or corporation, America presents another door to an economy that is very demanding. In addition, it can turn the international trade in favor of any country.
Whom will Singapore line up in the cold war?
The situation will become tougher according to the PM, Mr. Loong Lee Hsien if the relationship between the two biggest trade partners with Singapore becomes difficult and possibly get out of hand.
The Prime Minister comment was worrisome. Especially considering the fact that China is not happy with the relationship Singapore is having with the US. Perhaps that informed Hong Kong’s seizure of nine infantry Carriers belonging to Singapore. Which was on the way back from a military exercise in Taiwan back in December. Though Mr. Lee debunked it and didn’t see it as a serious problem, but is one of the signs that all may not be well with the two business partners.
The US is the biggest investor in Singapore. Yet the trade with China is at the highest level in years. Singapore must thread softly and choose wisely. Considering what it may lose if side is taken with one of the world superpowers at war. Since the war is not Singapore’s, it will be better to keep watching from afar.
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