Prime Minister Wong Advocates for Open Trade and Investment as Solutions to Global Poverty

RIO DE JANEIRO – At the recent G-20 Summit, Prime Minister Lawrence Wong emphasized that open trade and investments are essential tools in the battle against global poverty. Speaking to leaders from around the world on November 18, he highlighted that sustaining economic growth through trade can create vital job opportunities.

“Growth and trade are among the most powerful ways to generate jobs, which are the most direct means of reducing poverty,” PM Wong stated. He underscored that employment is not just a necessity, but a pathway to dignity, stability, and self-reliance for individuals and communities.

During the opening phase of the summit, Brazilian President Luiz Inacio Lula da Silva initiated a global coalition aimed at combatting hunger and poverty, a movement supported by over 80 countries, including Singapore.

In his address, Wong asserted that the most effective strategies to alleviate hunger and poverty involve not just economic measures but also conflict resolution. "Ending wars and providing support to conflict zones where assistance is critically needed are paramount," he remarked, noting Singapore’s commitment to humanitarian efforts in places like Gaza.

While underscoring the importance of trade and growth, PM Wong warned that these efforts must be complemented by skills development. "Simply creating jobs is not enough. We must ensure people are empowered with the skills necessary for these roles," he declared. Governments, he argued, should prioritize investments in human capital, focusing on education and robust vocational training systems.

Wong pointed out the necessity for lifelong skills training infrastructures to prepare individuals for emerging industries and to align job seekers with the new opportunities being created. This proactive approach has enabled Singapore to maintain its unemployment rate below 3 percent for an extended period.

The Prime Minister added, "We are eager to share our experiences and best practices," reaffirming Singapore’s willingness to assist in global initiatives such as the World Bank's High-Level Advisory Council on Jobs, which is particularly focused on Africa and the Global South. Co-chaired by President Tharman Shanmugaratnam, this council aims to address job creation challenges and promote effective policy solutions.

As the summit progressed, leaders echoed the consensus that collaborative global strategies in trade, investment, and education are crucial in the relentless fight against poverty and hunger.