Mike Bloomberg Opens 2025 New Economy Forum

Thank you and good morning everyone and welcome to the seventh annual Bloomberg New Economy Forum. And once again this year our team is fortunate to be working in close collaboration with our hosts in Singapore. And I'll start with a big congratulations because Singapore is celebrating 60 years of independence this year. A nice round of applause for them would be great. Now at Bloomberg we're glad to be marking another anniversary. Our 35th year of doing business here and we want to make an applause for that. So thank you. So let me say thanks to Singapore's president. Thank you Tharman. President Prime Minister Wong and our minister friends in the audience and their many thoughtful colleagues across the government. We wouldn't be here without their partnership so they get a big hand of applause as well. Today we've assembled a group of 500 leaders from the public and private sectors representing 50 countries. Many hail from China, India and the Gulf states and we appreciate everyone making the trip. I came in in a horrendous rainstorm from Jakarta last night. It wasn't clear we were going to get off the ground and it wasn't clear we were going to land anyplace. But it just we just beat the where they closed the airport at 10 o'clock and we're here but I think 9.59. Otherwise I'd be someplace else and doing this by the video. To all of the government ministers, business executives, delegates and speakers who are here as well as our global audience watching live stream. Thank you all for joining us. We're also grateful to Bloomberg's new economies dedicated partners Envision, HSBC, Hyundai, Tata, PwC and the Singapore Economic Development Board. Now I think it's fair to say that we're gathered in a very challenging time in world affairs. If you read the newspapers it just seems like the world is coming apart. Headlines from everywhere tell the story. Tariffs are fraying audiences and fracturing the global economy. Military conflicts and war are grinding on and producing terrible suffering. The rise of AI which holds so much progress is also raising hard questions about the disruption that will bring to virtually every industry and the climate crisis is inflicting escalating damage on countries and their economies. Together all these forces are putting a premium on what this forum is all about. Spurring more cooperation and collaboration between businesses and government across hemispheres. Back when we started in 2018 I heard from many CEOs about their desire to expand in Asia and develop deeper ties between different regions. Together we conceived of the forum as a way to build bridges across borders and oceans and across the public and private sectors. I think it's fair to say we've had success doing exactly that, forming productive coalitions on sustainability and cancer research for example. But since we began I think it's also fair to say that working across those boundaries has become increasingly difficult. That reality can't be wished away but there is some good news. When government geopolitical dialogue grows more difficult between national governments the private sector has a more more opportunities to step into the breach. And these days we hear a lot about concern and the possibility of a decoupling between east and west and it'd be hard to overstate just how harmful that would be to people in both hemispheres. A world divided by technology trade and security rather than united by them is not a recipe for economic growth or peaceful relations or environmental protection. It's a recipe for stagnation and conflict and disaster. And here at the forum we're pushing in the opposite direction. I don't know if that means we're in the business of recoupling but does show how much is to be gained by pursuing common interests together and embracing a common set of core values that prioritize cooperation and conflict. And let me sum up those values this way. We believe that shaking a fist isn't the most productive way to respond to a changing world. Shaking hands is and that requires respectful dialogue, careful listening, and creative thinking that focuses on mutual benefits. In that can-do spirit our theme for this year's gathering is thriving in an age of extremes. As part of that we've launched a new coalition on energy technology. We're welcoming a new group of promising innovators that we call Catalysts. Entrepreneurs who are tackling big challenges in Asia, Africa, Europe, and more. And in shaping programs that think strategically in building alliances we really have found an ideal partner here in Singapore. This country really is one of the great economic success stories in modern history. Its steady growth is the result of careful long-term planning and investment, not a chase for headlines or a zero-sum game. And that fundamental strength continues to make Singapore an invaluable source of stability in an unstable world.