Singapore DPM Gan Keynote: Trade, AI, Energy Risks at CNBC Converge Live 2026

1. Speeches # Keynote Address by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong at CNBC Converge Live 2026

22 April 2026

Distinguished guests,

Ladies and gentlemen

1.               Good morning. It is a pleasure to join you once again at CONVERGE LIVE.

2.               When this platform was first launched last year, the world was already changing. But over the past year, those changes have become more visible, more immediate, and more consequential. This is especially so in recent weeks. The ongoing conflict in the Middle East has disrupted the Strait of Hormuz — a critical artery for global energy and trade, through which about a fifth of the world’s oil flows.

3.               For businesses, this is not a distant geopolitical event. Its impact is immediate and direct – higher energy prices, increased freight and insurance costs, and delays across supply chains. What this shows is how quickly external shocks are now transmitted across energy, logistics and cost structures, and impacting business operations. And it points to a broader shift in the environment in which we operate – a world that is more contested, more complex, and more fragmented.

4.               At the same time, this is not just a story of disruption, but transformation.

a.         New markets are emerging.

b.         New technologies are unlocking value.

c.         New areas of growth are taking shape.

5.               But these opportunities are no longer straightforward to capture – they come with greater uncertainty and risk. This is why CONVERGE LIVE is so timely –

a.         Many of the uncertainties businesses are managing today – and the opportunities they are positioning for – sit at the intersection of technology, energy, capital and leadership.

b.         And how we bring these together will shape the next phase of growth.

A World Defined by Opportunity and Uncertainty

6.               Across the global economy, three forces are reshaping the landscape:

a.         The fragmentation of global trade;

b.         The rapid advancement of technology; and

c.         And the shift in energy, with both decarbonisation and energy security as equally important imperatives.

7.               Each of these trends is reshaping both near-term operating conditions and longer-term competitive advantage. **

Trade: Reconfiguration and Risk ****

8.               First, shifting trade flows. We are moving from an era of deep integration to one of reconfiguration.

a.         Supply chains are no longer optimised purely for efficiency. They are being redesigned for resilience and security.

b.         Companies are rethinking where they produce, where they source from, and where they invest in.

9.               This creates new opportunities — to explore emerging markets, diversify production bases, and build more resilient supply chains. But it also makes operating models more complex.

a.         Costs are higher.

b.         Regulatory environments differ among operating jurisdictions.

c.         And the predictability that businesses once relied on is no longer assured.

10.            How businesses manage cost and supply chain volatility today, while diversifying production and markets over time, will shape their resilience and competitiveness. **

Technology: Acceleration and Execution

11.            At the same time, technological change — especially in AI — is accelerating. What began as experimentation is now moving into deployment.

a.         Firms are no longer asking whether AI can create value, but how quickly they can integrate it into their business operations.

b.         The emergence of agentic AI systems adds another dimension — enabling more autonomous decision-making, and changing how work is structured within organisations.

12.            This opens up significant opportunities for productivity gains, new products and services, and entirely new business models. But it also raises difficult questions — about workforce adaptation, organisational change, and trust in increasingly complex systems.

13.            In this phase, the gap will not be between those who have access to technology and those who do not. It will be between those who can deploy it effectively — and those who are reluctant or unable to adapt.

Energy: Transition and Security

14.            The third shift is in energy. We will need to confront the transition to a low-carbon economy, especially as climate change accelerates in the years ahead. At the same time, recent geopolitical developments have underscored the importance of energy security. For businesses, this creates a dual challenge.

a.         In the near term, businesses must manage volatility in energy costs and supply.

b.         Over the longer term, they must position for the transition, and the new growth areas — in clean energy, new technologies, and emerging markets – that it will create.

15.            And as systems become more complex, one underlying factor becomes increasingly important. That is trust.

Where Leadership Meets Innovation

16.            Amidst all these trends, one thing is clear – the environment has become more challenging, and the margin for error has narrowed. In this context, competitive advantage will depend on the ability to make clear strategic decisions — and to execute them efficiently and effectively.

17.            This is why we had convened an Economic Strategy Review last year to refresh our blueprint for the economy. Our aim is to be a trusted partner for businesses – a place where they can operate with confidence in the near-term, while positioning for growth over the longer-term.

18.            Our approach is anchored on three priorities.

a.         First, to ensure that businesses remain connected, so that they can operate across markets even as the global system fragments.

b.         Second, to help firms deploy technology effectively, so that they can build new capabilities over time.

c.          Third, to enable firms to position early in the energy transition, so that they can manage current constraints while capturing new areas of growth.

19.            Underpinning all of these is trust, which allows businesses to operate with confidence across markets, systems and partners.

Staying Open — But Making Connectivity Work Harder

20.            For a small country like Singapore, staying open is fundamental to our survival. We must be connected across more markets, and across different economic systems.

21.            This is why we are building bridges across regions — strengthening linkages between ASEAN and partners like the EU and the CPTPP, and supporting engagement between CPTPP and the EU. This will enable businesses to operate across different markets with greater confidence, even as the global system becomes more complex.

22.            At the same time, we are strengthening Singapore’s role as a strategic node in global flows — investing in the infrastructure, systems and standards that allow goods, capital and data to move efficiently and seamlessly across markets.

23.            Enterprises will also need to transform to respond to the new reality. We are moving beyond helping companies enter markets. We want to help them operate across multiple markets — building partnerships, diversifying revenue, and managing supply chains across geographies. This allows businesses based in Singapore to grow with greater agility and resilience.

AI: Competing on Execution, Not Access

24.            The second area is technology — especially AI. Most companies already have access to AI tools. But few have integrated them into their core operations in a way that delivers real impact. This is why our focus is on deployment at scale.

a.         We are launching AI Missions in key sectors such as advanced manufacturing, connectivity, financial services and healthcare, bringing together industry and research efforts to solve real operational problems.

b.         We are working with leading firms through the ‘Champions of AI’ programme — supporting them to redesign workflows, integrate AI into core processes, and demonstrate what transformation at scale looks like.

c.         At the same time, we are building an AI Park, to bring together companies, talent and capabilities to accelerate development and deployment.

d.         And we are investing in workforce transformation, so that employees can work effectively and confidently with AI in their day-to-day roles.

25.            Our aim is to make Singapore an AI-empowered economy, where companies can not just access AI, but deploy AI effectively.

Energy: Competing in the Transition

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26.            The third area is energy. The transition is underway — but concerns around security and resilience are rising. We will help our businesses to embark on the longer-term transition, while navigating near-term uncertainties.

a.         At the regional level, initiatives like the ASEAN Power Grid will enable clean energy to be developed and traded across borders.

b.         Around this, we are building the supporting ecosystem so that capital can flow, investments can be made with confidence, and new markets can develop.

c.         We are also supporting companies as they prepare and adjust — whether by improving energy efficiency, adopting cleaner technologies, or developing new and greener products and services.

27.            Singapore will be a place where businesses can tap on opportunities that will emerge through the energy transition process and continue to grow in the energy transition.

Trust-Based Services: Competing on Trust

28.            Beyond trade, technology and energy, there is a fourth dimension that is becoming increasingly important – and that is trust. Trust can no longer be assumed; it has to be built, verified, and maintained.

29.            Singapore already has strong foundations — in our institutions, our regulatory systems, and our role as a trusted financial centre.

30.            The next step is to build on this and develop a broader ecosystem of trust-based services. This includes areas such as risk management, cybersecurity, AI governance, and testing and certification. These services sit at the heart of how modern economies function.

a.         As supply chains become more complex, firms need trusted partners to manage risk.

b.         As digital systems become more integrated, they need assurance that systems are secure and reliable.

c.         As AI becomes more embedded in decision-making, they need confidence that systems are transparent and accountable.

31.            This is why we are growing and anchoring trust-based services here.

a.         As a hub for capital — where investment decisions are made and financed.

b.         As a centre for risk management — where complex risks are assessed and managed.

c.         And as a base for assurance services — where standards are set and verified.

d.         This will allow Singapore to play a broader role – not just as a hub, but as a trusted partner.

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Conclusion

32.            Ladies and gentlemen, the world today is more complex, contested and fragmented. But it is also one where new opportunities are emerging. The challenge for businesses is to navigate the near-term uncertainties, while staying positioned for these longer-term shifts.

33.            Singapore’s role is to be a trusted partner in that journey.

a.         A place where businesses can operate with confidence today, and seize the opportunities of tomorrow;

b.         A place where businesses can stay connected across markets, adopt new technologies, stay competitive amidst the energy transition, and operate with trust.

34.            And that is why platforms like CONVERGE LIVE matters. Because how businesses operate and grow in this environment will depend on our ability to converge — to bring together ideas, capital, technology and leadership — and, ultimately, to turn uncertainty into opportunity.

35.            Thank you.