Singapore Armed Forces still an 'effective' force in 2040

Citation: http://www.straitstimes.com/microsites/parliament/story/singapore-armed-forces-still-effective-force-2040-20121112

I guess Singapore doesn't have to strengthen its military force. There are some reasons why I insist it.
On domestic viewpoints, the country is famous as the safest country in South East Asia ,and doesn't have political unease.
On international viewpoints, Singapore doesn't have any disputing territory.

So, military force will be needed only when the armed force has to deal with pirates on Malacca Strait.