00:00We are monitoring the situation very closely, both the situation that's unfolding in the Middle East
00:06as well as the impact on the Singapore economy.
00:11For now, I think a lot of concerns are about the price impact, and I can fully understand the concerns.
00:18But we are also concerned about what might happen if the situation in the Middle East
00:25continues for a prolonged period of time or even escalates,
00:31and the strait of Hormuz continues to be blocked for a prolonged stretch
00:38because then the impact of such a prolonged crisis is not just going to be about higher and elevated energy
00:47prices.
00:48We are talking about tremendous impact on supply chains, on energy markets,
00:54which will have huge impact for the global economy, and on Singapore.
01:01So we are monitoring all this very closely, and meanwhile, our officials are also working very hard
01:08to prepare for all possible contingencies and to look at ways to strengthen our energy and supply chain resilience.
01:17So a lot of work has been happening, and we will have a chance to provide more updates
01:23in the upcoming session of Parliament in April very soon.
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