AUKUS Security Pact’s impact on Businesses
4 October 2021
The Business Times- Singapore
How will the ongoing geopolitical developments such as the AUKUS security pact impact multi-national businesses ? Leon Perera, Chief Executive Officer of Spire Research and Consulting shared his thoughts with The Business Times, Singapore.
While AUKUS, the new trilateral security pact between the US, UK and Australia, included cooperation on cyber capabilities, artificial intelligence, quantum and undersea technologies, it is primarily for the US and UK to help Australia to acquire nuclear-powered submarines, to add to the Western military presence in the Pacific region. It provoked the ire of China, who responded swiftly and sharply, and drew mixed reactions from the ASEAN countries.
The current US political establishment views China as a serious economic and political competitor. Leon believes that this will have significant implications for the private sector. With both the US and China increasingly setting their own technological and regulatory standards, companies can expect more curbs and red tape. Most importantly, businesses will need to adapt to a world where both the US and Chinese governments will use their considerable influence to promote their own “national champion” companies in key industries, such as technology.
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