Speech by President Halimah Yacob at Singapore Business Federation 20th Anniversary Event

Mr Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies

Mr Goh Chok Tong, Emeritus Senior Minister

Mr Gan Seow Kee, Vice-Chairman, Singapore Business Federation

Distinguished Guests

Ladies and Gentlemen

A very good evening. It is my pleasure to join you at the 20th Anniversary Event of Singapore Business Federation (SBF) today, held as part of this year’s Singapore Apex Business Summit (SABS). Over the years, SBF has played an important role in working with Trade Associations and Chambers (TACs) to promote sustainable, resilient businesses.

TACs are vital aggregators and multipliers in our business ecosystem. TACs are close to the pulse of businesses, and have a deep appreciation of their needs and challenges. TACs support companies both small and large by working together, promoting activities that would otherwise be difficult for a single company to do alone.

SBF’s predecessor, the Singapore Federation of Chambers of Commerce and Industry (SFCCI), was established in 1978 with five TACs as its founder members: the three ethnic chambers, the Singapore International Chamber of Commerce, and the Singapore Manufacturers’ Association. SFCCI represented local business interests and employer groups in local and regional forums, such as the Asian Chambers of Commerce and Industry and the International Chamber of Commerce.

The need to bring the TAC stakeholders together, and to provide room for growing advocacy and trade facilitation responsibilities both locally and abroad, led to the formation of SBF on 1 April 2002. Since then, SBF has gone from strength to strength. From the five SFCCI founder members in 1978, SBF today represents more than 27,000 companies, as well as key local and foreign business chambers.

As the apex business chamber, SBF works in close partnership with local and foreign TACs to share resources and synergise efforts in supporting members of the business community. For example, the SBF-led TAC Alliance, which was established in 2017, looks into priority areas for different TACs and explores opportunities for collaboration. Indeed, TACs continue to play an integral role in helping local businesses strengthen their competitive edge, and serve as a key pillar of our tripartite partnership by working with the unions and the Government to support businesses.

TACs must be equipped with the right competencies and capabilities to perform their roles effectively. Since 2021, SBF has partnered more than 60 TACs in activities such as the Design Thinking workshop and Digitalisation Roundtable. Earlier this month, SBF announced that it will introduce new initiatives to strengthen TACs’ digital transformation efforts as well as deepen their leadership and talent competencies. These activities will uplift the TAC sector and help TACs lead transformation efforts for their respective industries. The Government will also deepen support for TACs as they continue to build up their internal capabilities to better serve the business community.

Over the years, SBF has been a steadfast partner to both the business community and the Government through its roles as a bridge, a facilitator, and an enabler to our TACs. SBF has continuously championed the growth and vibrancy of businesses, especially the small and medium-sized enterprises (SMEs).

At the onset of the pandemic in 2020, SBF was quick to embark on a range of initiatives to help businesses and workers cope with the immediate-term disruptions, and seize opportunities over the longer horizon:

a) Supported by Enterprise Singapore, SBF set up the $2.5 million Rising in Support of Enterprises (RISE) fund to help its members push on with transformation efforts in preparation for economic recovery.

b) Further, SBF’s social impact arm, the SBF Foundation, launched the $2 million industry-led Compassion Fund to support employees in need of financial assistance.

c) SBF’s various programmes and initiatives have helped close to 12,000 businesses and 14,000 individuals tide over the challenges from COVID-19 in three key areas: business sustenance, capability-upgrading, and increased workforce resilience with the provision of financial assistance to workers in need.

Our businesses and TAC community have shown tremendous resilience over the past two years amidst COVID-19. We now face an additional set of challenges arising from the Russia-Ukraine conflict. The conflict has added considerable volatility and stress on an already challenging business climate, compounded by supply chain disruptions, higher electricity and fuel prices, and a tight labour market. While the immediate and direct impact on Singapore’s economy and firms has been manageable, we must be prepared to deal with the secondary and tertiary effects. Energy prices and inflationary pressures will increase. Singapore’s earlier projection of 3% to 5% GDP growth this year may be affected. Businesses are understandably concerned. The Government understands the strain that businesses are under and has put in place a multi-pronged strategy to help businesses, with a view to keep the Singapore economy competitive, moderate the impact of external cost pressures, and manage the cost drivers.

We are starting 2022 on a strong economic footing despite the heightened global uncertainties. Last month, SBF helped to host the first 2022 APEC Business Advisory Council Meeting, drawing more than 200 delegates from the 21 APEC economies. After two years of virtual meetings, the physical meeting sent a strong signal to the world that Singapore is open for business and will continue to play our part in promoting a thriving global trade ecosystem. I congratulate the SBF for organising and coordinating a successful global meeting in these challenging times.

Looking ahead, businesses must adopt a multi-pronged strategy to manage emerging threats and volatilities, be it diversifying their supply chain or deepening their presence in regional markets. Since its launch in 2019, GlobalConnect@SBF, supported by Enterprise Singapore, has assisted over 4,500 businesses in their internationalisation efforts.

In the same vein, it is timely for SBF to inaugurate the SABS today. The inaugural SABS is anchored by SBF’s annual flagship event, the Singapore Regional Business Forum, and includes other premier business and networking platforms like the ASEAN Conference, Future Economy Conference and Exhibition, TAC Symposium, and FTA Day. It is expected to reach a total of more than 2,000 business leaders, government officials and thought leaders from all over the world. This will boost Singapore’s position as a global business hub. I wish SBF a successful SABS.

Moving forward, I am confident that SBF’s leadership in advancing a collaborative spirit and approach will lead to the development of a strong TAC ecosystem in Singapore. This will enable action-oriented outcomes across the TAC community and in turn, accelerate successful business transformation in their members.

In closing, I would like to extend my heartfelt appreciation to all SBF leaders and staff, past and present, for your 20 years of championing the interests of the Singapore business community. I urge everyone to continue supporting and contributing in your respective capacities to bring our business community to greater heights.

Thank you.