The three-day Singapore Summit is a forum where global business and thought leaders discuss topics in economics, business and finance, focusing on the confluence between Asia and the world.

This year's forum is attended by global dignitaries, including Myanmar opposition leader Aung San Suu Kyi and former Indonesia Vice President Jusuf Kalla. The conference chairman is Former Foreign Minister George Yeo.

PM Lee Hsien Loong was the keynote speaker last night. PM Lee shared his confidence about the prospects for Asia. However, he highlighted that countries needed to tackle challenges in four areas: demographics; generational changes; economic and social transformation; and peace and security.

Below is a summary of his speech:

1. Asia in a stronger position than in 1997 (Asian Financial crisis): Banks are better capitalised, external balances are generally stronger, countries have significantly higher reserves and exchange rates are more flexible.

Challenges for Asian societies

2. Demographics challenges. No Asian society is in demographic equilibrium. While Asia is home to some of the most rapidly ageing societies (Japan), others such as India, Indonesia and Vietnam have youthful societies. Unemployed youth could pose social and political problems if the issue is not addressed.

3. Generational changes. The right balance is necessary between the old and the new. Technology is widening gaps between the "digital natives" and the "digital immigrants", especially in Asia, which has some of the most IT-literate populations and wired countries in the world.

4. Economic and social transformation: The growth of Asian economies will depend on active and effective governments to create the preconditions for markets to function properly. Major Asian economies will need structural changes to continue high growth because the strategies they used to get where they are have run their course.

5. Peace and security: In the longer term, the single biggest determinant of regional security will be China's peaceful development and integration into the regional order.

Featured Photo from George Yeo's Facebook

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