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Straits Times
an hour ago
- Business
- Straits Times
PM Wong to visit China, where he will discuss cooperation to strengthen rules-based order
PM Lawrence Wong said he hopes to build closer ties with Chinese leaders, especially with President Xi Jinping and Premier Li Qiang. PHOTO: MDDI PM Wong to visit China, where he will discuss cooperation to strengthen rules-based order SINGAPORE – The world is in a state of flux, and countries big and small have to do their part to manage geopolitical tensions and rivalry carefully so as to minimise the risk of conflict and war, said Prime Minister Lawrence Wong. In an interview with Chinese state broadcaster CCTV ahead of his first visit to China as prime minister, he said a key priority is to discuss broader regional and global developments with Chinese leaders, and explore how both countries can work together to strengthen multilateralism and the rules-based international order. He also said that he hopes to build closer ties with the Chinese leaders, especially with President Xi Jinping and Premier Li Qiang. His visit from June 22 to June 26 was announced on June 20 by Chinese foreign ministry spokesman Guo Jiakun, who said PM Wong will be meeting Mr Xi, Mr Li and Mr Zhao Leji, chairman of the National People's Congress. The visit comes as strategic rivalry between the United States and China has triggered supply chain disruptions, technological decoupling, and growing fears that other countries may eventually be forced to pick sides. The US has also imposed sweeping tariffs on much of the world, including Singapore, with particularly high duties on China. 'We are in the midst of a very messy and unpredictable transition,' PM Wong said in the interview, aired on the CCTV programme Leaders Talk on June 20. He noted that the US had helped shape the global order after World War II – an order that benefited all countries, including China and the US itself – which is now under strain as America signals a desire to pull back from it. 'There is no country in the world today that can replace the US, no one. So what is our alternative? I think frankly, at this stage, no one knows the answer,' he said. PM Wong said it will take time for a new equilibrium to emerge. Unlike the post–Cold War era, which was dominated by a single superpower, he believes the new global order will be shaped by countries both large and small. But in the meantime, the transition is potentially dangerous. 'Without clear global leadership and coordination, there are many things that can go wrong in this world,' he warned, urging all countries to manage geopolitical tensions and rivalry carefully to minimise the risk of conflict and war. PM Wong will emphasise the importance of upholding a rules-based multilateral order when he attends a World Economic Forum event in Tianjin next week. The event, officially called the Annual Meeting of the New Champions, is commonly known as Summer Davos. In the interview with CCTV, he acknowledged that today's multilateral system is not perfect, but said it should be reformed and improved – not abandoned – to better serve all countries. Asked about his top concern for Singapore, PM Wong said the increasingly fragmented global environment poses challenges for a small, open economy like Singapore, which depends heavily on trade. But while global supply chains are being reshaped and countries seek greater self-sufficiency, he stressed that trade will continue, albeit in new configurations. Singapore, he said, must stay competitive and relevant to remain a key node in shifting trade and investment flows, and is working with like-minded partners to uphold free trade and a rules-based system. Within Asean, efforts are under way to deepen integration and lower trade barriers. Singapore is also strengthening ties with key Asian economies such as China, India, Japan and South Korea, while reaching out to further markets in the European Union, Latin America, and Africa. 'I believe in every crisis, there will always be opportunities, and so we are finding ways to seize new opportunities for ourselves and for other countries,' he said. Mr Wong described the relationship between Singapore and China as 'a very close and steadfast partnership', nurtured over generations of leaders. 'So I hope to do the same in my visit with Chinese leaders, especially with President Xi and Premier Li, and I think the close ties at the leadership level sets the tone for the overall relationship.' A key objective of his trip to China will be to reaffirm a shared commitment to bilateral cooperation, as Singapore and China mark the 35th anniversary of diplomatic ties. The cooperation led to the three government-to-government projects of Suzhou Industrial Park, Tianjin Eco-city and Chongqing Connectivity Initiative. Asked if he envisioned introducing a new project during his term, PM Wong said that he does not consider existing projects as completed and done with, but platforms that can continually host new areas of cooperation. This is in line with bilateral ties, which were upgraded in 2023 to an All-Round High-Quality Future-Oriented Partnership. PM Wong is no stranger to China, having visited almost every year since entering politics in 2011. He described the transformation he witnessed in China as 'nothing short of an economic miracle'. In the interview, he expressed confidence in China's economy despite global headwinds, citing its strong track record and capable leaders who are willing to adapt. Most of all, he said, his optimism stems from the determination of the Chinese people to keep moving forward and improve their lives. 'It's a remarkable transformation, and I continue to wish China every success in its journey of modernisation,' he said. Yew Lun Tian is a senior foreign correspondent who covers China for The Straits Times. Join ST's WhatsApp Channel and get the latest news and must-reads.
News18
an hour ago
- Business
- News18
Cognizant Gets Land For Just 99 Paise In Visakhapatnam, To Set Up Rs 1,582-Crore IT Campus: Report
Last Updated: IT company Cognizant is reportedly set to invest Rs 1,582 crore in a new IT campus in Vazag, which is expected to generate 8,000 jobs over the next eight years. In a move to woo tech investment, the Andhra Pradesh government is allotting land to IT giant Cognizant Technology Solutions for just 99 paisa to set up a major campus in Visakhapatnam, according to a report by Moneycontrol citing sources. It said the company is set to invest Rs 1,582 crore to establish the new IT campus in the city. The nominal land rate, just under one rupee, underscores the state's aggressive push to transform Visakhapatnam into a full-fledged IT and innovation hub. Cognizant is set to invest Rs 1,582 crore in the project, which is expected to generate 8,000 jobs over the next eight years, according to the report. 'Cognizant has sought 21.31 acres of land at Kapulauppada under the Visakhapatnam Metropolitan Region Development Authority (VMRDA), and the state government would allot the land for a nominal rate of just 99 paisa," one of the sources told Moneycontrol. Cognizant has set March 2029 as the target date for commencing commercial operations from the facility, as per the report. The development aligns with Chief Minister N Chandrababu Naidu's vision of positioning Visakhapatnam as the economic capital of Andhra Pradesh. Naidu has repeatedly emphasised the city's potential to emerge as a digital powerhouse. Earlier this year, Andhra's IT and Human Resources Minister Nara Lokesh had hinted at Cognizant's likely entry into the state. At the World Economic Forum in Davos, Lokesh met with Cognizant CEO Ravi Kumar S, urging the company to consider expanding into tier-2 cities like Visakhapatnam. In April, the Andhra Pradesh government also allotted 21 acres of land to India's largest IT services company Tata Consultancy Services (TCS) for 99 paise. In April, the state's minister of technology Nara Lokesh told CNBC-TV18 that he aims to make Vishakapatnam a new hub for IT investments. 'I keep joking and telling people that if Goa were to marry Bangalore and have a child, that could be Visakhapatnam. We have it all, and we believe that this could be the trigger for larger investments coming to Visakhapatnam," he said during the interview. First Published:
Business Times
2 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.'
Arabian Business
3 hours ago
- Business
- Arabian Business
European space ambitions need Gulf partners
I f Europe wants to stand on its own two feet, it must look up – literally. Space, once associated only with exploration – or, more cynically – national vanity projects, has become crucial to the economic health, security, and soft power of any government, national or regional. That's one reason why Josef Aschbacher, head of the European Space Agency, has called for more investment in the sector. Europe, he argues, cannot afford to lag behind. The ambition to be 'strategically autonomous' and shape its own future depends on catching up in an area where other powers, the U.S. and China most notably, are pulling ahead. Space technology, it's crucial to note, is not just about satellites and rockets even though culturally, that's often what comes to mind when people think about it. This perception has been strengthened by Elon Musk's SpaceX, which communicates aggressively around its many launches. Space in fact touches everything from military equipment and weapons to communications infrastructure to environmental monitoring and supply chain efficiency. A recent study published by the World Economic Forum and McKinsey underscored how 'space-based technologies are revolutionising the supply chain, transportation, and mobility sectors, positioning them as the fastest-growing segment of the global space economy.' In these areas, Europe has some of the world's best engineers. But it consistently fails to support the companies where they work with meaningful investment. Compare this situation with that of the Middle East. The Gulf region has become a surprising contender in the new space race. The UAE and Saudi Arabia, once absent from this arena, are now outspending many of their Western counterparts and making rapid progress. In just over a decade, they have poured $25 billion into the field, and that is expected to grow to $75 billion by 2032. First, national security remains essential. Secondly, they need to plan for the post-oil era. The Gulf economies rely heavily on oil, and they will be in deep trouble if they do not diversify their economies. Thirdly, they need to prepare the labour market for the twin challenges of automation and climate change. They are also closely aligned with strategic initiatives: AI, autonomous systems. Space covers all of these. It promises robust security, long-time prosperity, and future-proof jobs, as well as national prestige and the tools to adapt to an uncertain world. But the Middle East and Europe need not see themselves as rivals. The Gulf states are actively looking for partners; they want to develop their space infrastructure further. They are becoming global hubs of innovation. And Europe, with its highly skilled, highly educated workforce and depth in advanced technology, should be an obvious ally in this undertaking. A paradigm shift is underway: those countries that fail to see how much more the Middle East is than a source of capital will fall far behind. Europe would benefit from the support. It has many promising space companies developing world-beating dual-use technologies. With more funding and backing, they could scale rapidly: ICEYE, one of Europe's most exciting space companies, has benefitted hugely from its presence in the Gulf. Growing fast would stop lesser companies in other nations from appearing, gaining more funding, and out-scaling them. In the United States, small, innovative companies have long been seen as the key to remaining at the forefront of innovation, and those companies receive generous funding for that reason. In Europe, procurement processes badly need rethinking, and there is still some hesitation around investing in defence, which often overlaps with space. There was a time when the Middle East was viewed (wrongly, even then) as a source of oil money and little else. That has changed: it is now widely viewed as a genuine industrial power, as well as a large and growing market and a vital bridge and trading point between East and West. If Europe were to collaborate with the United Arab Emirates, it could get much more than funding. The Gulf is vast, with open landscapes and a climate perfectly suited for the testing of advanced, satellite-based tech. Europe is densely packed and its regulations are stringent. The Gulf, for its part, would gain European know-how, which would accelerate its development in space. Jobs, knowledge transfer and commercial opportunities would also follow. So a strong Europe–Middle East alliance in space would serve both sides: creating economic opportunities, reducing dependency on unpredictable allies, and developing infrastructure that will define the next century. It's a win-win. The Middle East is ready and waiting. It has shown that it's looking ahead to the future, and it is eager to join hands with countries and regions for mutual advantage: the slew of multibillion-dollar U.S. tech deals struck by Saudi Arabia, the United Arab Emirates and Qatar shows that. Europe, which for a long time has relied on others, and has been able to invest in its social infrastructure due to the promise of U.S. military support, badly needs to work with other countries to ensure its security and the quality of life of its citizens. It should act now. The clock is ticking.
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Business Standard
4 hours ago
- Business
- Business Standard
Cognizant gets 21-acre plot in Andhra for 99 paise to build IT campus
The Andhra Pradesh government will allocate 21.31 acres of land to Cognizant Technology Solutions for a nominal lease price of just 99 paise. As part of the deal, the company is expected to invest ₹1,582.98 crore to set up an information technology (IT) campus in Visakhapatnam. Cognizant aims to create approximately 8,000 jobs in the region over a period of eight years, further boosting the state's IT ecosystem. The company sought 21.31 acres of land at Kapulauppada under the Visakhapatnam Metropolitan Region Development Authority. It plans to begin commercial operations by March 2029, with the entire project being 100 per cent self-funded. The deal is part of the state government's approval on Thursday of 19 industrial projects worth ₹28,546 crore, including ₹18,910 crore in investments by the Adani Group. Other major projects include Reliance Consumer Products investing ₹1,622 crore in Orvakal, Chinta Green Energy ₹2,323 crore in Kadapa, and Raymond ₹1,201 crore across various locations. The agreement with Cognizant follows state IT Minister Nara Lokesh's meeting with Cognizant Chief Executive Officer S Ravi Kumar at the World Economic Forum in Davos earlier this year, where Lokesh encouraged the company to consider setting up operations in Tier-2 cities like Visakhapatnam, according to Moneycontrol. Similar deal with TCS The decision also comes months after the state struck a similar deal with Tata Consultancy Services (TCS). Under that agreement, TCS will invest ₹1,370 crore to establish a development centre in the city, generating over 12,000 jobs in return for a 99-paise lease for 21.16 acres of land. 'With continuous follow-ups and discussions between the state government and TCS, (Nara) Lokesh has piloted an allotment of 21.16 acres of land in Vizag to TCS for a total consideration of 99 paise. It is a bold decision to signal to the industry that Andhra Pradesh is serious about attracting IT investments,' a government source told Business Standard at the time. The Cognizant deal is seen as another success for Lokesh, who has played a key role in driving IT growth and attracting global technology companies to the state. The state government has set a target of creating around 2 million jobs and aims to attract investments worth over ₹40 trillion by 2029. It has also announced a special IT and global capability centres policy to attract multinational firms with strong financial incentives.
