The second day of the Singapore Apex Business Summit 2024 featured the Singapore Regional Business Forum (SRBF®), themed “End of Business as Usual: Transforming Regional Collaborations towards a Sustainable Future.” This forum brought together leaders from across Asia to discuss critical challenges and opportunities shaping the region’s economic landscape, focusing on four key areas: evolving regional collaboration, digital transformation, sustainability efforts, and strategic philanthropy.

Key Insights:

• Regional Collaboration: Geopolitical tensions, particularly between the US and China, are reshaping trade patterns. Despite challenges, trade flows demonstrate resilience and adaptability. Speakers emphasized the need for innovative approaches to cross-border partnerships.
• Digital Transformation: Asia’s digital economy is experiencing rapid growth, with Southeast Asia’s digital market estimated at US$100 billion in 2023. However, fragmented payment systems and cybersecurity risks pose significant challenges. The potential for digital technologies to drive financial inclusion was highlighted.
• Sustainability: Asia’s path to net zero emissions requires sector-specific approaches. The energy sector faces significant hurdles due to heavy reliance on fossil fuels. Speakers emphasized the need for science-based targets, comprehensive emissions measurement, and innovative financing models.
• Strategic Philanthropy: Philanthropy in Asia is evolving from spontaneous acts to strategic, impact-driven initiatives aligned with business goals. There’s an increased focus on data-driven approaches, partnerships, and using philanthropic funds as “risk capital” for social innovation.

Challenges and Opportunities:

Key challenges include navigating diverse regulatory environments, balancing economic growth with sustainability, addressing the digital divide, and fostering innovation in traditional industries. Opportunities lie in regional harmonization initiatives, sector-specific decarbonization strategies, digital financial inclusion, and cross-industry collaborations.

Recommendations:

• For Businesses: Embrace digital transformation, adopt sustainable practices, diversify supply chains, leverage strategic philanthropy, and foster innovation.
• For Policymakers: Harmonize regional regulations, support sustainable development, bridge the digital divide, foster regional collaboration, and promote innovation through supportive policies.
• For Non-Profits and Foundations: Adopt strategic approaches, foster collaborations, focus on capacity building, leverage technology, address emerging challenges, and act as catalysts for innovation.

The third day of the Singapore Apex Business Summit 2024 featured the Future of Trade Forum (FOTF) 2024, themed “End of Business as Usual: Global Trade at a Crossroads,” brought together industry leaders, policymakers, and experts to explore the evolving landscape of global trade. The discussions highlighted the resilience of trade amidst global challenges, the transformative impact of digital technologies, the increasing importance of sustainability, and the complexities of regulatory compliance.

• Resilience and Growth Amid Global Challenges: Despite facing numerous crises, including the COVID-19 pandemic and geopolitical conflicts, global trade has demonstrated remarkable resilience. Johanna Hill, Deputy Director-General of the World Trade Organization, noted that merchandise trade in real terms was 6% above its pre-pandemic level by the end of 2023, underscoring the adaptability of global trade systems.
• Shift from Globalisation to Re-globalisation: The concept of globalisation is evolving into “re-globalisation,” focusing on creating more inclusive and sustainable trade practices. This shift involves rethinking supply chains, considering environmental impacts, and ensuring wider distribution of trade benefits.
• Impact of Geopolitical Tensions on Trade Dynamics: Geopolitical tensions are increasingly shaping global trade, leading to signs of fragmentation along geopolitical lines. The slowdown in bilateral trade between China and the United States and the alignment of Foreign Direct Investment (FDI) with geopolitical considerations were key points of discussion.
• Digital Trade as a Growth Driver: Digital trade has emerged as a bright spot in the global economy, showing robust growth even as traditional trade faces headwinds. The digital economy is reshaping international trade, from e-commerce platforms enabling small businesses to reach global markets to digital services facilitating remote work and collaboration.
• Emerging Technologies in Trade Facilitation: Technologies such as AI, blockchain, and IoT are playing crucial roles in facilitating trade and addressing challenges in the global trading system. These technologies offer solutions for enhancing supply chain transparency, streamlining customs processes, and optimising logistics.

The insights and recommendations from the Future of Trade Forum underscore the need for businesses and policymakers to adapt to the evolving global trade landscape, capitalise on emerging opportunities, and contribute to a more sustainable and inclusive international trade ecosystem.