Jan 25, 2019 05:40 PM

Singapore Finance Minister Says Trade War Hurting Global Investment

Singaporean Finance Minister Heng Swee Keat. Photo: VCG
Singaporean Finance Minister Heng Swee Keat. Photo: VCG

Since Singapore’s independence in 1965 it has become one of Asia’s most important trade and finance centers and a staunch supporter of globalization and free trade. However, the globalized free-trade system that has been growing since the end of the Cold War is facing serious threats from rising economic nationalism.

At the World Economic Forum in Davos, Switzerland, Singaporean Finance Minister Heng Swee Keat told Caixin in an exclusive interview that the trade war between China and the U.S. would not just affect Singapore but supply chains around the world. The uncertainty is also causing global investors to worry. “Investors are taking a wait-and-see approach,” he said. “You’re not going to invest a huge amount of capital when there’s so much uncertainty. Uncertainty is bad for global investments.”

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