I am happy to be here for the launch of the Global AI Impact Lab for One Univers and partners.

AI and energy are not just buzzwords. These are two powerful forces that are reshaping the world and transforming industries. The future will be very different because of these two global trends.

In Singapore, we are transforming our economy to ride this wave of change.

This week is also the Singapore International Energy Week, and the Minister-in-charge of Energy and Science and Technology, Mr Tan See Leng spoke about a number of exciting projects yesterday, including how Jurong Island will be transformed into an innovation hub for green technology and green energy, including data centres.

This is part of Singapore's effort to meet our net-zero ambition and commitment towards climate change.

It also reflects our ambition to create new opportunities for industries, businesses and our workers.

1. Today, we are launching the Global AI Impact Lab that brings together ecosystem partners working on energy and AI.

2. It exemplifies the kind of transformation we are looking at for our economy, greening our economy and the same time, harnessing the power of AI.

I think we are just scratching the surface, and there is a lot more potential to harness the power of digitalisation and AI.

It is not just about harnessing technology, but the way we do so will be equally important, if not more important. That is the spirit of partnership and open innovation.

Now is a time where economies and governments around the world are turning inwards. Some become more nativist and protectionist.

If you look back at the time when Singapore became independent 60 years ago, the prevailing economic logic for newly independent nations was to close off its markets and protect its industries because they have vested interest in their own businesses.

Singapore did the opposite - we opened up. Why? Because we are too small, and we knew that our fate to being a vibrant economy lies with being connected and relevant to the world. So, we work with partners from around the world, tapping on the best ideas, best companies and the best talent to create value, jobs and opportunities for our people.

In the next phase of economic transformation, we must change, adapt and do things better.

But at the same time, we must also continue to preserve what has worked well for us - the sense of openness and working with stakeholders. This project again exemplifies that, by bringing together different parts of the value chain across different ecosystems, to collaborate and innovate together while creating new opportunities. Singapore wants to continue to be a partner to such innovations. It is not just about adopting technology, but working with partners and like-minded stakeholders to innovate and develop new ideas that are useful for Singapore and the world in many sectors.

I look forward to many ideas and exciting new projects in the coming years that exemplify the opportunities of a green and digital economy, and cement new partnerships to create ideas and innovations that work for Singapore as well as for the rest of the world.

Thank you.