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Excellencies, distinguished guests, ladies and gentlemen, I am delighted to join all of you this morning for the opening of our 10th World Cities Summit. And let me also extend a very warm welcome to our overseas guests, especially those who are here for the first time. And I hope you also get to enjoy some of the sights and sounds of Singapore beyond this conference venue.
Uh, we are gathering at a time of profound global change. Geopolitical tensions are rising and the world is becoming increasingly fractured and polarized. At the same time, rapid technological change is creating anxieties for workers and businesses alike. Together, these shifts are reshaping economies and testing societies around the world. The effects are felt by ordinary citizens everywhere. Many worry about jobs, the rising cost of living, and whether their children can have a better future. There is a growing sense of dislocation, a feeling that familiar identities, communities, and ways of life are changing too quickly. The future feels less certain and less secure than it did just a decade ago. And as a result, societies are becoming more polarized and trust in institutions becoming under strain. All this makes it increasingly difficult to build consensus around the difficult long-term solutions we need to move forward.
Nowhere are these pressures felt more keenly than in our cities. Cities are where people live, work, and interact with one another every day. Cities are where opportunities are created, but also where inequality is often most visible. Demands on housing, transport, and public services are often felt most acutely in cities. They are also amongst the first to experience the effects of climate change and social stress. So, in many ways, cities sit at the front line of humanity's biggest challenges. When the cities when the world is under strain, cities feel the impact first.
Yet, cities are also among our best hope for finding solutions. Just as cities concentrate our most complex problems, they also concentrate human ingenuity, bringing together people, ideas, capital, and innovation in ways that make solutions possible. That makes cities the ideal test baits for problem solving. They are the places where new ideas can be developed, tested, refined and scaled for wider impact. And wherever we come from, city leaders are grappling with many of the same challenges like how do we harness technology and keep our economy growing while ensuring people are not left behind? How do we bring together people of different backgrounds while maintaining social cohesion? How do we meet growing infrastructure needs while keeping our cities sustainable and livable?
There are no perfect answers or silver bullets to these questions. Difficult tradeoffs are unavoidable. Every city must navigate its own constraints and tap on its unique strengths to find its own path forward. But no city has to do this alone because these are shared challenges. There is much we can learn from one another's experiences. And such cities to city cooperation matters more than ever in a world that feels more divided and fragmented between countries. Governments may not always see eye to eye on every geopolitical issue. But cities can still find common ground, exchange practical ideas, and learn from one another's experiences. And that is why Singapore created this summit. And I hope the exchange over the next few days will inspire new ideas and possibilities for all cities.
Singapore's own journey reflects these realities and illustrates just how difficult the tradeoffs can be in practice. Our developmental story has always involved balancing competing priorities. External observers sometimes look at us and try to fit us into a particular model or framework. But Singapore often defies easy categorization. For example, some see that Singapore has been consistently ranked amongst the world's freest economies. Yet they are struck by the active role the government plays across many areas. Others focus on our state capacity and imagine that we run a very large public sector. They are often surprised to learn that the government spends less than 20% of GDP, far lower than in many advanced economies. So the reason for these seeming contradictions is simple. We have never fitted neatly into any single doctrine, model or label. From the very beginning, we have been guided not by ideology but by pragmatism. We try different approaches. We keep what works and we change what does not. And above all, we focus on what delivers the best outcomes for Singapore and Singaporeans.
And let me illustrate with three examples. First, we place great emphasis on economic growth because a strong economy is the foundation for stability and for our people to flourish and thrive. But we also recognize that a good life cannot be measured by GDP alone. And that is why, as you heard just now from the minister, we protect our natural and cultural heritage and dedicate prime land to such spaces even in a small land scarce city. In fact, right in the heart of our city, nearby from this conference venue, on some of our most valuable land, we set aside space for Gardens by the Bay. And when the 24 kilometer railway that once ran from northern Singapore to our city center was discontinued, we chose to preserve the line as a green corridor. In both cases, we looked beyond purely commercial considerations and took a broader view of value. We chose instead to create public spaces that enhance quality of life, strengthen our connection with nature, and can be enjoyed by generations of Singaporeans.
Second, while we believe in the power of markets to allocate resources efficiently, we recognize that markets alone do not always produce the outcomes we want. And so, in certain areas, the state takes a more active role. That is the case for housing. From the outset, we decided on a state-led approach to public housing. Today, about eight in 10 Singaporeans live in public housing flats, and the vast majority own their homes. We ensure a sufficient supply of new flats to meet demand and heavily subsidize them to keep home ownership within reach for Singaporeans. And our objectives go beyond affordability. We also ensure that our public housing estates have an inclusive mix of residents with Singaporeans of different races and backgrounds living side by side in every block and every precinct. Because we believe a home is not just shelter. It is where communities are built, where neighbors form lasting bonds, and where the social fabric of a city is woven over generations.
Third, while Singapore may be associated with active state planning, what is less visible is the emphasis we place on partnerships and groundup community participation. Take our approach to an aging population. Rather than building exclusive retirement villages for seniors, we are developing what we call age well neighborhoods so that older citizens can age in place within their own homes, within their own communities and still access a wide range of services and support close to home. And that depends on much more than physical infrastructure. It requires strong partnerships with healthcare providers, community organizations, caregivers, and volunteers so that we can build extensive social networks. Our aim is to make every neighborhood a place where seniors can remain active, connected, and supported as they age.
All of these examples I cited just now reflect a broader philosophy. We do not assume that yesterday's solutions will always work tomorrow. As circumstances change, we continue to learn, adapt, and innovate. Today, a major part of this involves harnessing technology and engineering, not just for convenience, but to strengthen our long-term resilience. And so, we are expanding digital services to make everyday life more convenient for our citizens. We are deploying urban solutions to tackle long-term climate threats. From testing new urban cooling and heat mitigation materials to investing heavily in coastal protection to defend our low-lying island against rising sea levels. Ultimately, city planning is not about pursuing a fixed blueprint. It is a continuing process of learning, adapting, and improving. Cities succeed when they remain open to new ideas while staying anchored to enduring principles.
Uh, Singapore has been fortunate to have many urban leaders who embodied this spirit. One of them whom perhaps many of you know was the late Dr. Leu Tiker. He led the planning of many of our new towns and played a key role in shaping our city. After retiring from public service, he continued to share his expertise widely contributing to urban development in cities around the world. Uh, to honor his contributions and legacy, I'm pleased to announce the launch of the Lu Tika Distinguished Speaker Series. The inaugural session will be held later this year in Singapore. And we hope the series will inspire new generations of urban leaders and carry forward his legacy of thoughtful people centered city building.
Singapore has found our own way forward. But we know that no city has all the answers. Every city, regardless of its size or stage of development, has experiences that others can learn from. And that is what the lieuan world city prize seeks to recognize. And this year's laurate London offers an extend outstanding example of how cities can tackle complex challenges and deliver meaningful outcomes for its people. London created the world's largest clean air zone benefiting some 9 million people. It pursued ambitious projects in transport and social equity. Crucially, its achievements were made possible through close partnerships among government, businesses and local communities. So, congratulations to Mayor Sadi Khan and London. Well done.
There is much to learn from London and our past laurate cities as well as the cities receiving special mentions both this year and past. Each has made meaningful progress in addressing specific urban challenges and each offers valuable lessons for cities around the world. And that is why we've built a network that brings these cities together to share ideas and experiences. We want to strengthen and expand these connections further so that successful innovations can spread more widely and benefit even more cities. To support this effort, we are launching a new initiative, the mayoral fellowship. The fellowship extends opportunities for learning and exchange to leaders beyond the existing circle of prize awarded cities. After all, good ideas can come from anywhere. So, we want this to be a platform for mayors to engage candidly with one another, share both their successes and setbacks, and build lasting relationships. And today I'm pleased to welcome our four inaugural mayoral fellows from Agra, Bucharest, Kegali and Shwani. Welcome all of you. We also welcome as visiting fellows the former mayors of Helsinki and Paris who bring with them a wealth of experience. And I hope all of these exchanges will spark new ideas, forge enduring partnerships, and strengthen cooperation well beyond this week in Singapore.
To conclude, in an increasingly fragmented world, the connections we are building matter more than ever. Cities may differ in size, history, and circumstances, but we all share a common purpose. To improve the lives of our residents and build a better future for the people we serve. The challenges we face cannot be solved by any city alone. And Singapore remains committed to playing our part as a connector, bringing together people, ideas, and cities from around the world. And looking around this room, I am encouraged by the diversity of cities represented here and the wealth of experience gathered at this summit. Our challenges may be complex, but they are not insurmountable. If we continue to learn from one another, adapt boldly, and work together, we can build cities that are not only more livable and sustainable, but also more inclusive, resilient, and hopeful. In doing so, our cities can become not just places where challenges are felt most acutely, but places where some of the world's most important solutions are forged. On that note, I wish all of you a fruitful and productive summit. Thank you very much.