Developing Resilience for Unstable Times: Transcript of Speech by President Tharman Shanmugaratnam at the Singapore Chinese Chamber of Commerce and Industry (SCCCI) 62nd Council Installation Ceremony on 15 March 2025

Mr Kho Choon Keng, President of SCCCI

SCCCI Council Members,

Distinguished Guests

Ladies and Gentlemen        

1.      It is a pleasure to be here today at the installation of the 62nd Council of the Singapore Chinese Chamber of Commerce & Industry (SCCCI).  

2.       We meet at a time of darkening economic clouds. The world is seeing a growing trade war, against the backdrop of a weakened international order.

3.      It is not a passing phase. Nor can anyone tell how damaging this will get – for growth, for peace and stability everywhere, and for the world’s ability to cooperate on the global challenges that confront every nation such as climate change.

4.       We must therefore brace ourselves for prolonged instability and uncertainty. Most importantly, we must develop the capacity and networks that will give us economic and social resilience and help us grow opportunities in these challenging times:

   •        by strengthening our international partnerships, both existing and new;

   •     accelerating efforts to build up advanced skills and capabilities, both within individual enterprises and collectively;

   •        and continuing to deepen our sense of community in Singapore.

5.       The SCCCI plays important roles in all three respects. Let me touch very briefly on each of them.

Strengthen Partnerships Abroad

6.      Singapore is working actively with its partners abroad to preserve and rebuild an open and rules-based economic order.

7.      We are also deepening integration with each of our economic partners – ASEAN, China, the US, India and Europe – and building bridges to the emerging world, in Africa and Latin America.

8.      It will do us well to take the long view on our economic partnerships. It helps to avoid absolutist views on any of these economies, and not take the excessively optimistic or pessimistic views on each economy that we may often come across. In fact, each of the major economies – US, China, India, and Europe – faces short-term challenges, but each also has significant underlying strengths.

9.      China is a good case in point. It has immediate challenges – such as an export sector that faces growing US tech restrictions, and the continuing oversupply in its property sector especially outside its top-tier cities. It will take some time to resolve the property market overhang and to restore fully consumer sentiment. But China is at the same time showing impressive growth in the high-tech sector. DeepSeek, and more recently Manus, illustrate what the country is capable of in cost-effective AI. But they are also indicative of the depth of the country’s start-up talent, and China’s ability to produce cutting-edge innovations in a range of industries such sustainable energy and batteries, and robotics and other advanced industrial machinery.   

10.    SCCCI is doing well to take the long view. Through initiatives such as GlobalConnect@SCCCI, you have helped our businesses build their international presence patiently. In China in particular, SCCCI has supported nearly 300 companies in forging partnerships and navigating the challenges of entering a new market for many of them.   

    1.    Take J316 Pte Ltd for example – a local provider of disposal services for semiconductor parts. SCCCI connected it with local industrial parks in China. It set up its subsidiary in Wuxi, which serves as a distribution hub to the region.

11.    We must also grow bridges with each of our other partners abroad.  There is much to be achieved within ASEAN in particular:

    1.     Through bilateral initiatives such as the Johor-Singapore SEZ, and possible further linkages with Batam, Bintan and Karimun (BBK). 

    2.     By opening up ASEAN’s digital economy, which has huge potential. The governments are working hard on the rules, standards and interoperable payment systems that will help to grow the digitally-enabled ASEAN market, including for SMEs across the region.

    3.     By developing the ASEAN power grid. It will enable ASEAN countries with renewable energy potential to grow capacity, enable each country to improve its energy resilience, and lower the costs of the transition to a clean energy future.

12.    I am glad that SCCCI has forged strategic partnerships with other regional chambers in ASEAN to facilitate collaboration between our businesses.

13.      An example is the Joint Steering Committee for Cooperation and Consultation (JSCCC) established by SCCCI and the Associated Chinese Chambers of Commerce and Industry of Malaysia last year.

Accelerating Skill and Capability Development

14.     Secondly, we must redouble our efforts to develop skills and capabilities that ensure Singapore’s relevance and appeal in a time of uncertainty and possible supply chain disruptions.

15.      SCCCI is playing a useful role here. The chamber has evolved beyond its traditional roles to become a catalyst for business transformation.

    1.   With support from Enterprise Singapore, SCCCI set up the Trade Association Committee (TACOM) Transformation Centre in August last year. The Centre has helped five trade associations and chambers (TACs) develop transformation roadmaps to meet the needs of their members.

16.     In addition, SCCCI’s SME Centre (SMEC@SCCCI) has guided over 5,000 companies in navigating government support schemes, obtaining expert advice and facilitating collaboration.

17.    The Singapore Chinese Chamber Institute of Business (SCCIOB) has also been busy in helping individuals acquire new skills – including in workplace digitalisation and international expansion – and to manage mid-career transitions.

18.    There is much more work ahead of us, nationally. SCCCI can grow its role in helping more of our companies upgrade and develop distinctive competitive advantages. That should include mobilising companies to take full advantage of the SkillsFuture Enterprise Credit scheme and other government incentives for skill and capability development.

Strengthening our Community

19.      Let me turn a third and equally important thrust, which is to strengthen our resilience as a society.

20.    SCCCI has developed an instinctive understanding of the need to preserve and strengthen Singapore’s multicultural fabric and its distinctive social compact.

    1.     The  ‘Grateful for the Present, Nurturing the Future’ initiative in 2023 – a collaboration with the Singapore Federation of Chinese Clan Associations (SFCCA), Singapore Malay Chamber of Commerce and Industry (SMCCI), Singapore Indian Chamber of Commerce and Industry (SICCI) and Eurasian Association (EA) - raised over S$10 million as part of the Lee Kuan Yew Centennial Fund, to develop and recognise young leaders in Singapore.

    2.     Last year, SCCCI contributed S$1.2 million to the Singapore University of Social Sciences to set up the SCCCF-SUSS Scholarship, for students who have made contributions beyond their studies to the community.

21.    Here too, there is much ahead of us. But this will be a journey that ultimately defines why we call ourselves Singaporeans. Not just Singaporeans by birth or because we take on Singaporean citizenship, but because of what we what we contribute to each other, and how together we make this a society where everyone, regardless of race, religion or social background, can live a life of dignity, and feel respected by others. 

Conclusion

22.    Finally, to SCCCI President Kho Choon Keng and the newly elected Council, my warmest congratulations. Building on the previous Council’s achievements, I am sure you will continue to encourage and support our companies along in their journey of transforming their capabilities and spread their wings abroad. And so too, that you will keep finding ways to contribute to our social compact in Singapore. I look forward to your leadership in guiding SCCCI in all these important dimensions.