ASEAN, Alternative energy, and artificial intelligence

Mr Stephane Malrait, Chairman, ACI FMA
Mr Andrew Ng, President, FMAS
Mr Leng Hoe Lon
Ladies and gentlemen, good morning. I am delighted to join you at the 61st ACI World Congress.

What a Difference Ten Years Make

The last time Singapore hosted this Congress was back in 2013. What a difference ten years can make.

In 2013, financial markets were on a roll and the key concern was inflation being too low.

  • The S&P 500 was in the middle of the longest bull run in history. US inflation was running at 1.5% and the US 10-year bond yield was 2.35%.
  • The S&P 500 now, while not exactly in a bear market, is still 8.2% lower than its record high in January 2022. US inflation is at 3.7%, and the latest US 10-year bond yield is at 4.41%.

In 2013, if you looked at Asia, China took the spotlight and ASEAN was in the shadows.

  • China accounted for 51% of all FDI inflows into the Asia-Pacific in 2013 while ASEAN’s share was 32%.
  • In 2022, China’s share was down to 28%, but ASEAN’s share increased slightly to 33%, which is more than China’s share.

In 2013, Artificial Intelligence or AI was not a top focus for investments.

  • AI accounted for a miniscule 3% of all venture capital investments in 2012. By first half of 2023, it had jumped to 23% of all VC investments.

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