Opening Address By Ms Indranee Rajah, Minister In The Prime Minister's Office, Second Minister For Finance And National Development at the Singapore Corporate Counsel Association Asia Pacific Legal Congress 2025 2025

Ms. Renita Crasta and Mr. Daniel Choo, Co-Presidents of Singapore Corporate Counsel Association (SCCA),

Mr Stanley Park, thank you for your warm welcome earlier,

Presidents of the respective in-house associations representing In-House Counsel Worldwide (ICW), Indonesia, Japan, Korea, Malaysia, Philippines and Thailand,

Distinguished Guests,

Ladies and Gentlemen

A.    INTRODUCTION

1.     Thank you all very much for inviting me to this conference. I think it is a wonderful event, to see how it has been going year by year, and this size is unprecedented.

2.     A warm welcome to all our guests from overseas. We hope that you enjoy your time here in Singapore, not just for the conference, but to also take time to see the rest of Singapore.

3.     I am heartened to know that the Congress provides a valuable platform for legal professionals across the Asia-Pacific region to gather and discuss the opportunities and challenges in our rapidly changing business landscape.

4.     The timing of this gathering is particularly relevant, as businesses navigate an increasingly complex global environment, and the role of legal professionals is even more vital.

B.    NAVIGATING A COMPLEX GLOBAL LANDSCAPE

5.     We are experiencing a period of profound global transition, shaped by three major forces.  

6.     First, geopolitical tensions are reshaping global trade.

a.     The US and China are engaged in an intense rivalry for global dominance, with both prepared to pursue their strategic interests through more assertive actions, even if doing so undermines established international norms.

b.     We are seeing the fragmentation of the global trading system, with the rise of 'friend-shoring' and deglobalisation threatening multilateral trade norms crucial to Singapore.

7.     Second, economic headwinds are intensifying.

a.     The impact of rising tariffs and trade wars could cause major disruptions to supply chains, slow down trade and investment flows, and significantly set back the growth of the global economy.

b.     We also see major markets experiencing slower growth. The International Monetary Fund projects that China's GDP growth would moderate to 4.5% this year, down from 5% in 2024.

c.     Furthermore, financial conditions remain volatile. Inflation, while easing in some markets, still casts a long shadow of unpredictability.

8.     Third, technology is disrupting industries at speed and scale. Artificial intelligence, automation, and data-driven decision-making are no longer niche developments - they are redefining industries, including the practice of law.

C.    THE CASE FOR CAUTIOUS OPTIMISM IN SINGAPORE

9.     While these global forces have significant implications for Singapore’s position as an open business hub dependent on technology, trade and transhipments, we have good reason to remain cautiously optimistic. Let me share some of these.

10.       First, Singapore sits at the heart of Asia’s growth story.

a.     Singapore’s strategic location and longstanding regional connectivity position us well to benefit from Asia’s continued rise.

b.     Asia remains one of the most dynamic regions globally with Asia’s economy projected to expand from around 50% of global GDP today to approximately 60% by 2030.

c.     Closer to home, Southeast Asia is expected to become the fourth-largest economy in the world by the same year.

d.     With our role as a trusted and well-connected hub in the region, Singapore has an outsized ability to attract investments, host regional headquarters, and serve as a springboard for companies looking to expand across Asia.

e.     As businesses increasingly adopt “Asia-for-Asia” strategies, Singapore also stands out as a preferred partner for navigating diverse and fast-growing markets.

11.       Second, emerging technologies and sustainability transitions are creating new engines of growth.

a.     Singapore continues to empower the transformation of our industries through AI and advanced digital technologies. Today, Singapore is home to leading tech companies, R&D centres, and a growing ecosystem of startups and digital professionals; and this is just the beginning.

b.     Our $28 billion investment into the Research, Innovation and Enterprise 2025 plan has enabled firms to develop cutting-edge technologies and create high-value jobs. Demand for high-tech products as seen from the 11.2% growth in global semiconductor sales in 2025 will further support our electronics sector.

c.     At the same time, the global push towards sustainability and net-zero transition presents new opportunities in green financing and climate technology. Singapore’s early moves – such as the Green Plan 2030, green economy partnerships and carbon services hub – will help position us to support and benefit from the region’s sustainability ambitions.

12.       Third, Singapore can capitalise on the ongoing shifts in global production and supply chains.

a.     In response to geopolitical uncertainties, companies are rethinking where and how they produce. More are moving from “just-in-time” to “just-in-case” models, and from concentrated supply chains to “friend-shoring” and diversification.

b.     Singapore’s reputation as a stable, reliable and efficient hub makes it a natural choice for companies seeking to anchor regional supply chains, manage risk and ensure business continuity.

c.     We are already seeing evidence of some of these – through investments in high-value manufacturing and logistics.

d.     We will continue to strengthen our infrastructure, workforce, and innovation ecosystem to reinforce our position as a key node in the reconfigured global trade flows.

D. THE EVOLVING ROLE OF IN-HOUSE COUNSEL

13.       In this complex environment, companies increasingly rely on the integrated ecosystem of professional services to navigate challenges effectively – from consultants to accountants to lawyers. In-house counsel stand at the centre of this ecosystem, bridging external expertise with internal business imperatives.  

14.       As Singapore captures new opportunities in Asia’s growth, digitalisation, and the green economy, corporate legal teams will be called upon for support.

a.     You must do more than just ensure compliance - you have to become the strategic advisors for your companies.

b.     This means identifying supply chain vulnerabilities and designing flexible agreements. It means turning legal insights into competitive advantages and architecting frameworks that enable business continuity and growth.

15.       It is actually an exciting time of change for legal counsel, as you look to catalyse growth and innovation to create value for your firms.

16.       This calls for legal teams to evolve and adapt the way that you operate. This involves:

a.          Embedding yourselves deeper within the business, working side-by-side with leadership and operational teams to anticipate challenges early, shape strategy, and drive execution;

b.          Leveraging legal technology and data analytics to automate routine tasks, extract insights, and deliver faster, more cost-effective advice;

c.          And most importantly, moving from reactive problem-solving to proactive risk management. This means helping the businesses to stay ahead of evolving regulations, reputational risks, and new areas like AI governance and ESG compliance.

17.       It also means working with the private sector, external counsel, because they must also know your goals, ambitions and imperatives. And if you have a good working collaboration and explain the objectives to them, then in-house legal counsel as well as external counsel can work in partnership to meet your business objectives. The goal is clear – to build legal teams that are not just efficient, but agile, forward-looking, and deeply integrated with the organisation’s mission.

18.       This is not a nice-to-have, it is a competitive advantage, and a right to exist. Legal departments that evolve in step will be the ones that can drive impact, command influence, and help their businesses lead from the front.  

E.    SINGAPORE’S COMMITMENT TO THE IN-HOUSE COUNSEL COMMUNITY

19.       The Singapore Government recognises the increasingly strategic role that in-house counsel play in today’s complex business and legal landscape. You are on the forefront of navigating legal complexity and shaping business resilience.

20.       We are committed to supporting your continued growth and leadership. Together with our partners, we are shaping an environment where in-house counsel do not just thrive, but lead – driving innovation, influence, and impact within the organisations you serve.

21.       As the national in-house counsel association, Singapore Corporate Counsel Association (SCCA) is a key partner in this endeavour. SCCA serves as the central platform for in-house counsel to connect, learn and grow as a professional community.

22.       To strengthen this role, the Government has invested in SCCA’s capabilities. Our expectation is clear – SCCA must take the lead in three areas to:

a.     Champion the voice of in-house counsel, ensuring your perspectives inform policy and regulatory development;

b.     Deliver quality professional development, attuned to the evolving demands of the in-house counsel role, from ESG, digital transformation, to corporate governance; and

c.     Position Singapore as a hub for regional and global in-house counsel community, fostering strong networks and cross-border collaboration.

23.       We are encouraged by the progress made. Over the past year, SCCA has achieved early wins that signal momentum.

a.     The Singapore Academy of Law is working with SCCA to develop a Skills Framework for Legal Services and training roadmap, with a dedicated track for in-house counsel to be launched next year. This will serve as a guide for career development and capability building.

b.     At the same time, members have deepened their engagement from thematic chapters, such as ESG, creating opportunities for peer learning, practical collaboration, and knowledge exchange.

c.     Today, I am pleased to note that SCCA will formalise partnership with three corporate counsel organisations across the region. This is a welcome and timely step - reflecting a shared commitment to uplift the in-house profession, strengthen regional connectivity, and open up new pathways for growth and learning. 

F.    CONCLUSION

24.       As we look to the future, the path ahead will require adaptability, innovation, and collective leadership. By working together, we can build a vibrant in-house legal community – one that strengthens Singapore’s position as a leading global business and legal hub.

25.       I wish you all a productive and insightful conference, and all of your businesses the very best.

26.       Thank you.