Singapore moots tighter semiconductor trade ties

The people of Taiwan and Singapore share a language and other cultural similarities, making Taiwan a “natural partner” for nurturing Singapore’s semiconductor talent, she said.

Describing the global semiconductor supply chain as “very long,” Foo added that Singapore holds strengths in areas such as packaging.

“I believe we can identify our respective strengths and form a complementary partnership in the semiconductor ecosystem,” she said.

Asked why Singapore, a peaceful city-state, has spent more than 3 percent of its GDP on defense for two consecutive years — higher than most NATO members — Foo said the majority of Singaporeans have no illusions about relying on others for survival.

“We have always believed that peace and security cannot be taken for granted. Because we cherish peace, we know well that peace is maintained through credible deterrence,” Foo said.

“We do not assume threats will arise or present themselves, but we must plan for a rainy day and ensure that we can safeguard our people’s interests and safety under all circumstances,” she said.

“Singapore’s defense expenditure is expected to hold steady at around 3 percent [of GDP],” she said, adding that the country would increase spending if necessary.

“The survival and security of Singapore ultimately rely on ourselves. We cannot expect the help of others in times of crisis or emergency,” she added.