Mike Bloomberg Opens 2025 New Economy Forum

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00:00Well, thank you and good morning, everyone, and welcome to the seventh annual Bloomberg

00:07New Economy Forum.

00:09And once again this year, our team is fortunate to be working in close collaboration with

00:14our hosts in Singapore.

00:16And I'll start with a big congratulations, because Singapore is celebrating 60 years

00:22of independence this year.

00:24A nice round of applause for them would be great.

00:30Now, at Bloomberg, we're glad to be marking another anniversary, our 35th year of doing

00:37business here.

00:38And we want to make an applause for that.

00:40So thank you.

00:44So let me say thanks to Singapore's president.

00:47Thank you, Thurman, Prime Minister Wang, and our minister friends in the audience, and

00:53their many, I think, thoughtful colleagues across the government.

00:56We wouldn't be here without their partnership, so they get a big hand of applause as well.

01:06Today, we've assembled a group of 500 leaders from the public and private sectors representing

01:1250 countries.

01:14Many hail from China, India, and the Gulf states, and we appreciate everyone making the trip.

01:20I came in in a horrendous rainstorm from Jakarta last night.

01:24It wasn't clear we were going to get off the ground, and it wasn't clear we were going

01:27to land anyplace.

01:29But we just beat, well, they closed the airport at 10 o'clock, and we're here, but I think

01:349.59.

01:35Otherwise, I'd be someplace else and doing this by the video.

01:40To all of the government ministers, business executives, delegates, and speakers who are

01:45here, as well as our global audience watching live stream, thank you all for joining us.

01:51We're also grateful to Bloomberg's New Economy's dedicated partners, Envision, HSBC, Hyundai,

01:59Tata, PwC, and the Singapore Economic Development Board.

02:05Now, I think it's fair to say that we've gathered in a very challenging time in world affairs.

02:11If you read the newspapers, it just seems like the world is coming apart.

02:15Headlines from everywhere tell the story.

02:18Tariffs are fraying audiences and fracturing the global economy.

02:24Military conflicts and war are grinding on and producing terrible suffering.

02:30The rise of AI, which holds so much progress, is also raising hard questions about the disruption

02:37that will bring to virtually every industry.

02:40And the climate crisis is inflicting escalating damage on countries and their economies.

02:46Together, all these forces are putting a premium on what this forum is all about, spurring more

02:52cooperation and collaboration between businesses and government across hemispheres.

02:57Back when we started in 2018, I heard from many CEOs about their desire to expand in Asia and

03:06develop deeper ties between different regions.

03:09Together, we conceived of the forum as a way to build bridges across borders and oceans and

03:16across the public and private sectors.

03:18I think it's fair to say we've had success doing exactly that, forming productive coalitions

03:24on sustainability and cancer research, for example.

03:28But since we began, I think it's also fair to say that working across those boundaries

03:32have become increasingly difficult.

03:34That reality can't be wished away, but there is some good news.

03:39When government geopolitical dialogue grows more difficult between national governments,

03:45the private sector has more opportunities to step into the breach.

03:50And these days, we hear a lot about concern and the possibility of a decoupling between east

03:55and west, and it'd be hard to overstate just how harmful that would be to people in both hemispheres.

04:02A world divided by technology, trade, and security, rather than united by them,

04:07is not a recipe for economic growth or peaceful relations or environmental protection.

04:13It's a recipe for stagnation and conflict and disaster.

04:17And here at the forum, we're pushing in the opposite direction.

04:22I don't know if that means we're in the business of recoupling, but it does show how much is to be gained

04:28by pursuing common interests together and embracing a common set of core values

04:33that prioritize cooperation and conflict.

04:37And let me sum up those values this way.

04:40We believe that shaking a fist isn't the most productive way to respond to a changing world.

04:45Shaking hands is, and that requires respectful dialogue, careful listening,

04:52and creative thinking that focuses on mutual benefits.

04:56In that can-do spirit, our theme for this year's gathering is thriving in an age of extremes.

05:03As part of that, we've launched a new coalition on energy technology.

05:07We're welcoming a new group of promising innovators that we call Catalysts,

05:12entrepreneurs who are tackling big challenges in Asia, Africa, Europe, and more.

05:18And in shaping programs that think strategically and building alliances,

05:23we really have found an ideal partner here in Singapore.

05:26This country really is one of the great economic success stories in modern history.

05:32Its steady growth is the result of careful long-term planning and investment,

05:37not a chase for headlines or a zero-sum game.

05:39And that fundamental strength continues to make Singapore an invaluable source of stability in an unstable world.

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