Singapore is not stopping in its infrastructure expansions despite the impact of the trade war on the city-state as it is now planning a new airport terminal that should open by 2030. If all goes well, it would be the fifth terminal in Changi.
According to the Financial Times, Singapore's fifth terminal is expected to further boost Changi airport's reputation as one that has what it takes to deliver high-end facilities and technologically-advanced infrastructure.
Singapore's drive to further develop excellent and modern-day infrastructure was, in part, boosted by the Asian Development Bank's estimations that many ASEAN residents will move to urban regions by 2030.
The bank noted that with millions of people expected to move towards urbanized towns, Singapore and other ASEAN nations need billions to support the increasing demand for water, transport, food, reliable infrastructure, and other necessities.
The Singaporean government believes that the finance sector can help spur activities that aim to provide ASEAN citizens with environments that will support their needs as they move to cities.
As part of the goal to provide its citizens with facilities that make a statement around the world, Singapore has been promoting the Smart Cities Network, a program that many other ASEAN nations are involved in.
The city-state is also planning to participate further in China's Belt and Road Initiative (BRI) as well as keep improving its own infrastructure projects. Changi's fifth terminal is just one of them.
Singapore's involvement in the BRI project is still small at this point. Prime Minister Lee Hsien Loong has urged the Chinese government to be more transparent so countries interested in the scheme can be at peace.
As if responding to Lee's call, Chinese President Xi Jinping hinted previously that Beijing may consider revamping some parts of the BRI project that lacks transparency. The BRI project is expected to build connecting infrastructures for many countries around the world.
Aside from adding more life to the already stellar Changi Airport, Singapore will also build a 5G ecosystem for its citizens. According to Channel News Asia, Communications and Information Minister S Iswaran said on Thursday that the planned S$40 million will be used to support trials on 5G tech.
Singapore's 5G project will not only focus on cybersecurity and fast speed connections. The city-state is exploring ways to utilize the next-generation network in urban mobility. This particular segment should help improve the Singaporean exporting sector's potential and capacities in operations.
Singapore recently admitted that the local economy is experiencing a slowdown amid global trade tensions but Lee encouraged his people to keep focusing on what the city-state can do and not what it is suffering through.
