Ministers

Mr Kho Choon Keng, 61st Council President of the Singapore Chinese Chamber of Commerce & Industry (SCCCI)

Mr Lee Yi Shyan, Chairman of Business China

Distinguished Guests

Ladies and Gentlemen

The Chinese saying goes, “A year’s plan begins with spring; a day’s plan begins with the morning”. I am delighted to spend the morning of the Spring Festival with you. The Lunar New Year is one of the most important celebrations in Chinese tradition. It is a time to gather with loved ones to reflect on the past year and express our hope for peace and prosperity in the coming year.

SCCCI’s Lunar New Year Gathering has been a hallmark of its heritage. It has been a tradition, one that goes back to the founding of the Chamber in 1906, to hold the Lunar New Year Gathering on the first day of the festival. This Gathering is testament to its adaptiveness, especially in difficult times. During the pandemic, the Lunar New Year Gathering went digital. This allowed the Chamber to uphold its traditions and ensured that businesses celebrated the festival safely.

In the same way, SCCCI has grown with the times and remains relevant even after 117 years, advocating for and supporting the growth of local businesses and enterprises. As early as the 1930s, many Chinese businessmen had begun developing a strong sense of identity and belonging to Singapore. After Singapore gained independence as a nation-state, they became pioneer leaders in industry, championing Singapore’s growth and diversity. They worked with fellow Singaporeans from other communities to develop Singapore into the thriving, multicultural society that it is today.

As one of the biggest Trade Associations and Chambers (TACs) today, I am glad to see SCCCI in its continued role as a bridge between the Government and businesses. The theme for today’s Gathering is “Uniting Businesses and Celebrating a Prosperous Year at Hill Street”. Let me touch on three ways that the Chamber has united businesses and benefitted society.

First, SCCCI has been a strong pillar of support for Singaporean businesses, both at home and abroad. Today, it has a membership network comprising some 5,000 corporate members and 160 trade associations, representing over 40,000 companies from a wide spectrum of trades and industries. In the past three years, the SME Centres under the Chamber have reached out to more than 10,000 SMEs, providing business advisory services and helping them transform and build resilience in areas such as data management and security.

During the COVID-19 pandemic, SCCCI continued to be a leading Chamber to facilitate business links between Singapore and China. It helped more than 700 local enterprises in their internationalisation efforts in the past three years, through the Singapore Enterprise Centres in Shanghai and Chengdu. With China’s relaxation of travel and border restrictions, the Chamber’s role in facilitating business links will be ever more important and relevant as local enterprises seek to re-engage and explore new opportunities in the China market.

SCCCI is also dedicated to uplift the capabilities of its fellow TACs. It launched the TAC Growth Model and Competency Framework last year to empower the growth of TACs and nurture talent in the sector. I am confident that the Chamber will continue to support our businesses in the many years ahead.

Second, SCCCI has strengthened efforts to promote social harmony in our multicultural society. I am happy to see many business leaders from other ethnic groups as well as foreign dignitaries in the audience, taking part in this joyous occasion together. It is commendable that the Chamber has leveraged the Lunar New Year Gathering to foster multi-racial and multi-cultural interaction. The Chamber has also actively involved other communities in key festivals such as the Mid-Autumn Celebrations. Singapore's social harmony is a constant endeavour, and it should never be taken for granted.

Third, SCCCI has intertwined innovation with its love for Singapore. Choon Keng explained the engravings on the plaques I saw on my way into this Auditorium. The 16 Chinese characters read “Integrity, Patriotism, Innovation and Giving Back to the Society”. These values embody the essence of its entrepreneurial spirit, exemplified by the Chamber’s pioneer businessmen who were dedicated to Singapore’s progress.

I am heartened to know that SCCCI has set up a permanent Chinese Business Culture Hub within this newly refurbished building, to further enhance its national education efforts and strengthen Singapore’s national identity. The SCCCI Chinese Business Culture Hub is a place for all to visit, to deepen their understanding and appreciation on our shared values and culture.

While Singapore’s economy is expected to grow slower this year amidst a weaker external environment, we can make the best of the circumstances. Singapore looks forward to restoring travel links with China to pre-pandemic levels, and our agencies are working with Chinese counterparts to do so at a calibrated pace that safeguards the health and well-being of both our populations. China has been Singapore’s top investment destination since 2007. In 2021, China was our largest trading partner for the ninth consecutive year, making up 14.2% of Singapore’s total merchandise trade with the world. Singapore continues to broaden our economic cooperation with China in forward-looking areas such as the digital economy and the green economy as well as deepen cooperation under supply chain connectivity. The Government is also working to upgrade the China Singapore Free Trade Agreement to provide for more transparent investment rules and improved market access for investments and services. These developments underscore the longstanding and robust economic relations between Singapore and China, nurtured also by stakeholders like SCCCI.

Moving forward, I am confident that SCCCI will continue to lead the business community, as a trusted partner and collaborator, on the road ahead. Building a cohesive, inclusive, and united Singapore, regardless of circumstances, is an aspiration that we all share.

According to the Chinese Zodiac, 2023 is the Year of the Rabbit.  We often associate the Rabbit with its agility, resilience, and high-spiritedness in leaping forward. On this note, I wish everyone leaping success and good health to usher in the Year of the Rabbit.

Thank you.