Singapore’s Foreign Minister Vivian Balakrishnan has asserted that the world faces heightened global instability as it transitions from an ‘old world order’ to a yet-to-emerge ‘new world order’. Speaking at a global investment conference, he urged acceleration in intra-regional trade and investment across Asia and expanding to India, Africa, and South America.
Balakrishnan highlighted Asia’s acute energy vulnerability due to its dependence on the Straits of Hormuz, a vital chokepoint for energy flows. Differentiating from past Gulf conflicts, he noted that disruptions could choke Asia’s energy supply, underscoring the need for strategic connectivity and cooperation across the region.
He emphasized the necessity of sustaining peace and stability for realizing Asia’s economic potential, pointing out that even the best infrastructure and investment managers cannot compensate for regional turmoil. Additionally, Balakrishnan called for a renewed commitment to multilateralism, essential for global peace and stability amidst decreasing restraint by major powers.