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Business Times
8 hours ago
- Business
- Business Times
PM Wong to strengthen ties, discuss multilateralism in upcoming China visit
[SINGAPORE] Prime Minister Lawrence Wong laid out three objectives for an upcoming trip to China – establishing closer ties, reaffirming a commitment to enhanced cooperation, and discussing global affairs – in an interview broadcast on Chinese state media on Friday (Jun 20). PM Wong will visit China from Jun 22 to 26, at the invitation of Chinese Premier Li Qiang. Aside from meeting Li and Chinese President Xi Jinping, he will speak at the World Economic Forum's (WEF) Summer Davos meeting in Tianjin. On the Leaders Talk programme on China's CCTV-13, PM Wong said: 'I made it a point to visit China almost every year since entering politics, because it is useful to visit regularly, to interact, exchange notes with my counterparts, and to get a sense of how China is moving and transforming.' But the upcoming visit is 'more special' as it is his first as prime minister, added PM Wong, who took the helm in May 2024. His first objective is to establish closer ties with China's leaders, especially Xi and Li, both of whom he has met before. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The second is to reaffirm both countries' commitment to enhancing bilateral cooperation, especially as 2025 marks 35 years of diplomatic relations. In 2023, Singapore and China upgraded relations to an 'All-Round High-Quality Future-Oriented Partnership'. The two countries have a 'very close and steadfast' partnership built on mutual trust, respect and understanding, which began with Singapore's founding prime minister Lee Kuan Yew and China's Deng Xiaoping, said PM Wong. Major government-to-government projects in Suzhou, Tianjin and Chongqing 'are not simply projects that are completed', he noted, but ongoing platforms for wider cooperation. PM Wong's third objective is to discuss global challenges and explore how both countries can work together to strengthen multilateralism and the rules-based global order. The need to uphold this order will be his key message at Summer Davos, he added. 'Without rules, without longstanding norms of cooperation, countries everywhere will be worse off.' Small countries such as Singapore are naturally concerned, as their limited bargaining power means a risk of being 'sidelined and squeezed'. But large countries will also be hurt in a more fragmented world, as mistrust will mean more uncertainty and volatility, with slower growth and higher inflation. In the face of rising protectionism, one important move is the proposed upgrade of the China-Asean Free Trade Agreement (FTA), which Singapore fully supports, said PM Wong. 'We hope this can be signed at the coming Asean-China summit in October, and the new upgrade will come into force soon after that.' This is in line with Singapore's efforts to work with Asean and other like-minded countries to uphold free trade and a rules-based trading system, he pointed out. Beyond Asia, Singapore is also working with partners such as the European Union, Latin America and Africa. 'Some of these are countries we are not so familiar with, but we think we should now make an extra effort to establish closer links with them.' PM Wong also said that he fully supports China's intended accession to the Digital Economy Partnership Agreement (DEPA), established by Singapore, Chile and New Zealand to promote collaboration on digital trade issues. 'There are requirements; there are standards to meet,' he noted, regarding the agreement. 'There is also a consensus process among all existing members.' He added: 'So we will do our part to support this, but we hope China will meet the requirements, and we look forward to being able to welcome China as part of DEPA.'
India Gazette
13 hours ago
- Business
- India Gazette
World Economic Forum report praises India's efforts in shaping global energy transition
New Delhi [India], June 20 (ANI): Ranked 4th among the world's five largest economies, India holds a critical position in shaping the global energy transition, not only due to its rapid economic growth but also because of its rising energy demand and increasing influence on global emissions and energy policy, according to a report by the World Economic Forum (WEF). The real measure of the world's shift to clean and sustainable energy lies in the hands of -- the United States, China, the European Union, Japan, and India. These five economies together make up about half of the world's population, GDP, and energy use. More significantly, they are responsible for nearly two-thirds of global emissions, giving them a major role in how quickly and effectively the planet can shift to cleaner energy. Over the past ten years, all five of these economic giants have made progress. India and China showed the most improvement, especially in expanding access to energy and preparing their systems for the future. 'Over the past decade, India made significant strides in increasing equity through greater access to energy and clean fuels, while also improving energy regulations and investment in renewable and other clean-energy technologies,' said the WEF report In India, strong steps were taken to ensure more people have access to electricity and clean fuels, along with better energy laws and increased investments in solar, wind, and other renewable sources. India still faces challenges. The WEF report highlights the need to improve electricity supply in rural areas, reduce dependence on imported energy, and strengthen grid reliability. More investments in infrastructure, clean energy technologies, skilled workforce, and finance options will be key to moving forward. India's efforts have not gone unnoticed. The report praised India's National Green Hydrogen Mission programme, which supports clean energy industries in different states. For example, Gujarat's chemical industry, Tamil Nadu's renewable energy sector, and Odisha's steel plants are all being supported under this mission, aiming to reduce carbon emissions and boost exports. The WEF report stated, 'India made progress in lowering energy intensity and CH4 emissions, creating more favourable energy regulations and increasing clean energy investments.' The National Investment and Infrastructure Fund (NIIF) is another important step. It brings in global investors to support India's clean energy projects by reducing financial risks and encouraging private investment. India also made progress in using energy more efficiently and cutting methane emissions. While 77 of 118 countries improved their energy transition scores in 2025, only 28 per cent showed balanced progress across all key areas. India stands out as one of the few emerging economies, making strides on multiple fronts. (ANI)
Time of India
14 hours ago
- Business
- Time of India
World Economic Forum report praises India's efforts in shaping global energy transition
Ranked 4th among the world's five largest economies, India holds a critical position in shaping the global energy transition, not only due to its rapid economic growth but also because of its rising energy demand and increasing influence on global emissions and energy policy, according to a report by the World Economic Forum (WEF). The real measure of the world's shift to clean and sustainable energy lies in the hands of -- the United States, China, the European Union, Japan, and India. These five economies together make up about half of the world's population, GDP, and energy use. More significantly, they are responsible for nearly two-thirds of global emissions, giving them a major role in how quickly and effectively the planet can shift to cleaner energy. Over the past ten years, all five of these economic giants have made progress. India and China showed the most improvement, especially in expanding access to energy and preparing their systems for the future. "Over the past decade, India made significant strides in increasing equity through greater access to energy and clean fuels, while also improving energy regulations and investment in renewable and other clean-energy technologies," said the WEF report Live Events In India, strong steps were taken to ensure more people have access to electricity and clean fuels, along with better energy laws and increased investments in solar, wind, and other renewable sources. India still faces challenges. The WEF report highlights the need to improve electricity supply in rural areas, reduce dependence on imported energy, and strengthen grid reliability. More investments in infrastructure, clean energy technologies, skilled workforce, and finance options will be key to moving forward. India's efforts have not gone unnoticed. The report praised India's National Green Hydrogen Mission programme, which supports clean energy industries in different states. For example, Gujarat's chemical industry, Tamil Nadu's renewable energy sector, and Odisha's steel plants are all being supported under this mission, aiming to reduce carbon emissions and boost exports. The WEF report stated, "India made progress in lowering energy intensity and CH4 emissions, creating more favourable energy regulations and increasing clean energy investments." The National Investment and Infrastructure Fund (NIIF) is another important step. It brings in global investors to support India's clean energy projects by reducing financial risks and encouraging private investment. India also made progress in using energy more efficiently and cutting methane emissions. While 77 of 118 countries improved their energy transition scores in 2025, only 28 per cent showed balanced progress across all key areas. India stands out as one of the few emerging economies, making strides on multiple fronts.
The Star
17 hours ago
- Business
- The Star
‘Do not neglect our well-being'
KUALA LUMPUR: As women shoulder growing responsibilities in the workplace and at home, Datuk Seri Dr Wan Azizah Wan Ismail is calling for focus on mental health and work-life balance to avoid burnout. Speaking at the Women Economic Forum (WEF) Asean 2025, the Prime Minister's wife and former deputy prime minister stressed that true progress means not just economic empowerment, but also shared family duties and emotional well-being – areas often overlooked in the push for gender equality. 'Despite our hectic work schedules, we must not neglect our well-being, including mental health, in the pursuit of work-life balance. 'Achieving this balance involves dedication to personal growth and development to enhance professional skills while nurturing spiritual and emotional well-being,' she said in her opening speech at the event yesterday, which was attended by women leaders, entrepreneurs and policymakers from across the region. Dr Wan Azizah, who is the Bandar Tun Razak MP, noted that work-life balance, however, remains a challenge for working parents who lack the extra support to afford living costs, manage careers and maintain good parenting. 'Yes, we want more women to contribute to the economy, yet we must also remind ourselves that caring for the family is a shared responsibility. 'Both parents should actively participate in the emotional, physical and logistical aspects of raising children and sharing household duties,' she said, adding that the balance may not always be equal but should be based on mutual understanding and tolerance. Speaking from her experience, Dr Wan Azizah called on parents not to take for granted the responsibility of taking care of our families. 'This responsibility extends beyond the visible and direct expenses. Unpaid care work, household management and emotional support have substantial economic value, but they are not quantifiable. 'Whether we realise it or not, the 'profits' can only be 'sown' in perhaps 20 years' time,' she said. In her address, Dr Wan Azizah said the concept of the 'SHEconomy' is a testament to the growing influence of women in shaping economic narratives. She said the forum's theme, 'Women Leaders Beyond Borders: Shaping the Future of Asean SHEconomy', resonated deeply with her vision of leadership, inclusivity and cross-border collaboration. 'I believe this forum can highlight women's roles in advancing technology, sustainability, trade, and governance,' she said, expressing her hope that the dialogues will translate into actionable commitments and partnerships. 'Let us commit ourselves wholeheartedly to building a world where gender ceases to be a barrier to success and where every woman has the opportunity to shine,' she added. Deputy Investment, Trade and Industry Minister Liew Chin Tong, who was at the event, called for urgent measures to enhance female participation in Malaysia's economy. He said there is a need for equal opportunities for women across all aspects of life, noting a discrepancy between women's educational attainment and their workforce participation. 'Although 65% of our public university students are women, the female labour participation rate lags at 56%, compared to 82.9% for men. This is a challenge we must overcome for Malaysia to thrive,' he said. Despite successes like women holding 58% of civil service jobs and 42% of decision-making positions, Liew identified barriers such as reliance on cheap foreign labour and inadequate childcare services. 'We need to change this. By moving our economy up the value chain, we can attract more skilled women into the formal labour market,' he said. The opening ceremony also saw several notable awards presented to deserving leaders and entrepreneurs. Among the awards presented were the Women of the Decade, Leaders of the Decade, Iconic Women Creating a Better World for All, and Exceptional Women of Excellence. Taking place until June 21, the three-day WEF Asean 2025 is organised by Yayasan Bina Kesejahteraan with the support of the Investment, Trade and Industry Ministry. The forum focuses on efforts to create a cross-border economic ecosystem, emphasising dignity, inclusivity and data-driven policies, with gender equality as a core principle. Fireside chats, plenary sessions, workshops, roundtable meetings and WEF Awards will take place throughout the days before culminating in a closing ceremony tomorrow.
Economic Times
a day ago
- Business
- Economic Times
India slips to 71st place on Energy Transition Index; efficiency, investment capacity up
Helped by significant improvement in energy efficiency and investment capacity, India has been ranked 71st on a global Energy Transition Index released on Wednesday by the World Economic topped the list of 118 countries, followed by Finland, Denmark, Norway and Switzerland in the top was ranked 12th, the US was 17th and Pakistan at 101st place. Congo was ranked India's rank has fallen from 63rd last year, the WEF said India and China experienced the greatest overall improvement among large economies, especially in increasing access to energy and strengthening transition WEF said the top five largest economies - China, the US, EU, Japan and India - will ultimately determine the pace and direction of the global energy transition due to their sheer size. Together, they account for around half of the global GDP, population and total energy supply (TES), and also nearly two-thirds of global emissions, giving them an outsized influence through their consumption patterns, investment flows and policy the past decade, India has made significant strides in increasing equity through greater access to energy and clean fuels, while also improving energy regulations and investment in renewable and other clean-energy said that continued improvement in grid reliability, energy access for rural areas and further reducing dependence on imported energy may enable further progress in energy security and equity."Further investment in infrastructure, renewables, labour force development and financing conditions could help boost the country's energy transition," it also made progress in lowering energy intensity and CH4 emissions, creating more favourable energy regulations and increasing clean energy investments, it 77 of 118 countries improved their scores in 2025, the share of countries advancing across all three energy dimensions -- security, sustainability and equity -- was only 28 per cent, highlighting that the majority still progressed US led in energy security, while India advanced in energy efficiency and investment WEF said global progress towards secure, equitable and sustainable energy is accelerating after years of sluggish rising geopolitical tensions, investment gaps, and a growing disconnect between clean energy innovation and deployment where it is needed most threaten to undermine momentum. The Fostering Effective Energy Transition 2025 report, developed in collaboration with Accenture, benchmarked the performance of energy systems of 118 countries across three performance dimensions - security, sustainability and equity - and five readiness factors -- political commitment, finance and investment, innovation, infrastructure, and education and human capital. It noted that despite USD 2 trillion in clean energy investment in 2024, emissions hit a record 37.8 billion tonnes in the hottest year on record, as energy demand rose 2.2 per cent driven by artificial intelligence (AI), data centres, cooling and electrification. PTI
