BUSINESSES EMPOWERING - TOMORROW
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EM P OWER I N G BUSINESSES F O R TOMORROW As Singapore’s apex business chamber, the Singapore Business Federation (SBF) works with the government and other stakeholders to drive business advocacy and capability building among businesses. Through our extensive local and global networks, we help companies establish connections and form alliances with the right partners, so as to help them internationalise and expand their businesses beyond our borders. Annual Report 2019 1
CONTENTS 4 Chairman’s Message 6 Key Initiatives and Events THE SBF STORY 8 9 Key Figures and Statistics Incoming Delegations 10 Membership Profile The evolving global economic and business landscape of the late 1990s prompted the Government to establish an entity that would better organise and represent 12 STRENGTHENING BUSINESSES Singapore’s business community. 14 Taking on Inequality with Sustainable Employment With the passing of the Singapore Business Federation 16 Budget 2019 (SBF) Act in July 2001, all Singapore-registered 17 Dialogues VISION companies with paid-up capital or authorised share capital of S$0.5 million and above became members 19 Business Sentiments of SBF. The Federation was officially launched by then 20 Prime Minister Goh Chok Tong on 11 April 2002. The apex platform promoting The Pulse of the Business Community Today, SBF represents about 27,200 Singapore the growth and vibrancy of the 22 BROADENING HORIZONS companies and key local and foreign business chambers. Singapore business community. 24 ASEAN 27 China and North Asia 30 Americas, Europe, Middle East, Africa MISSION and South Asia We champion the interests of our 32 GEARING UP FOR THE FUTURE business community in Singapore 34 SBF Business Institute and internationally, and act as 36 FTA Education & Outreach the bridge between businesses 38 Boosting Business Transformation and the Government. 40 ADVOCATING INCLUSIVITY & SUSTAINABILITY 42 SBF Foundation 44 Global Compact Network Singapore 46 FEDERATION PROFILE 46 Board of Trustees 47 2018 / 2020 Council 50 Council Committees 51 SBF SME Committee 52 SBF Digitalisation Committee 53 SBF Infrastructure Committee 54 SBF Secretariat 2 Singapore Business Federation Annual Report 2019 3
CHAIRMAN’S MESSAGE and effective staff training hamper their digital Singapore’s business community on international adoption plans. platforms such as the APEC Business Advisory Council, ASEAN Business Advisory Council and East SBF will prioritise its efforts on digital To help companies on their digitalisation journey, Asian Business Council. A key initiative is the ICC SBF ramped up efforts this year to show companies Singapore Arbitration Group which is expected to transformation for Singaporean what they can readily do. These include industry- raise Singapore’s profile as a hub for international businesses, especially small and specific forums and the SBF-SMEs Go Digital Series to provide businesses with easier access to digital arbitration and dispute resolution. medium enterprises, and facilitate the solutions and equip employees with skills to boost expansion of their operations beyond their productivity. Beyond the Horizon Besides technology and innovation, SBF will also our shores. To support the digital upskilling of business owners emphasise building up companies’ human capital and their employees, SBF and V3 Fintech also going forward. In the coming year, we will embark established a regional digital academy, Beyond Lab, on new initiatives, with the support of partners, to to help SMEs to develop data analytics and fintech facilitate and enable job redesigning for employees. capabilities affordably. SBF has also announced a partnership with the Institute of Systems Science Our Young Business Leaders Network (YBLN) has The end of 2019 saw the worst of the storms almost In Good Company at the National University of Singapore to deliver been engaging our young leaders of tomorrow to draw to a close as the US and China sparked In November, SBF unveiled a special report titled a series of digital competency training courses to prioritise and embrace stewardship in business. optimism with a Phase One trade deal agreement. “Sustainable Employment - Achieving Purposeful launch in 2020. We are committed to helping our We are proud of them for stepping up and setting But, in end January, the unexpectedly widespread Business Success Together”. A by-business-for- businesses narrow their gaps so they can tap digital up a S$5million SBF-YBLN HOPE Fund to help COVID-19 outbreak cast a shadow on the economic business initiative driven by SBF in consultation technology and Singapore’s network of FTAs to stay SMEs impacted by the COVID-19 outbreak. SBF growth potential globally and at home. However, I’m with over 300 business leaders, trade associations agile and expand overseas. will continue to provide them with the space and confident that we will emerge stronger, and more and chambers (TACs), community organisations, platform for knowledge exchanges and networking resilient and united. academia and other stakeholders, the report opportunities. put forth six key recommendations targeted at Going Global And as the world overcomes the challenges of addressing the employment needs of the elderly, the In 2019, SBF received 40 delegations from Asia, The past six years as SBF’s Chairman has been a COVID-19, many of the developments in 2019 will less well-off and those vulnerable to job disruption. the Middle East, Africa and Europe. We also led 29 journey that I’m privileged to have embarked on. I begin to bear fruit. On the trade front, the upgraded business missions and overseas market workshops. have witnessed the Federation grow from strength China-Singapore Free Trade Agreement (FTA) And I’m pleased to see that this initiative has gained to strength because of the business community’s and the landmark European Union – Singapore traction. More than 100 companies have taken In November, SBF led a larger and more diverse commitment to continuously strive for excellence FTA will benefit many of our businesses in their the Sustainable Employment Pledge and have delegation to the 2nd China International Import and success, and the strong support of SBF internationalisation journey. We also look forward committed to making at least one improvement in Expo. We showcased a wider range of innovative members, the Government and our partners. to the signing of the Regional Comprehensive their employment practices every 12 months. products and services to the vast Chinese market. Economic Partnership, which is slated to be the Through tailored business matching sessions, our A big thank you to the Council, various committee world’s largest FTA. This will create fresh trade and As part of the recommendations, SBF is working with companies inked 26 MoUs, valued at more than members (past and present), and the dedicated and investment opportunities for our companies in Asia partners such as Far East Organization, CapitaLand, S$260million – a significant increase from the 15 hardworking Secretariat led by CEO Mr Ho Meng and beyond. Certis Group, CBM, Greenology, ISS Facility Services MoUs worth over S$152million in 2018. Kit. It is my great honour to have worked with them. and Pontiac Land on a lighthouse project to explore I hope you will join me in continuing to support SBF’s The road ahead may not be entirely smooth. We job clustering for essential service workers in order to SBF’s flagship Singapore Regional Business Forum work in the years ahead. call on our companies to keep the momentum on improve wages and career prospects. Pilot trials will celebrated its fifth anniversary, underscoring business transformation going and stay the course kick off in the first half of 2020. Singapore’s role as a key connector and gateway on investing and upskilling their workforce so they city for international trade and commerce. The event can remain competitive. was followed by the inaugural Singapore Regional From Disruption to Transformation Infrastructure Summit which saw the establishment Beyond building viable businesses, we also hope Digital transformation continues to impact of two sub-committees – Built Environment and companies will embrace the important role they play businesses and the way people work. In our National Water and Waste – under the SBF Infrastructure in fostering a cohesive society by committing to Business Survey 2019/2020, nine in 10 businesses Committee. sustainable employment practices. recognised the importance of digitalisation to remain Mr S.S. Teo competitive. However, factors like perceived costs Besides connecting members to internationalisation Chairman opportunities, SBF also promotes the interests of Singapore Business Federation 4 Singapore Business Federation Annual Report 2019 5
KEY INITIATIVES AND EVENTS Championing Sustainable ICC Singapore Arbitration Group ASEAN Conference 2019 Employment SBF established the ICC Singapore Arbitration Marking the fifth edition of the annual ASEAN Group in June, aiming to provide Singapore Conference, SBF launched the SBF BusinessASEAN SBF released a special report titled “Sustainable arbitrators greater opportunity and exposure to ICC Network to help Singapore companies expand Employment – Achieving Purposeful Business arbitration standards, practices and cases. Through into the region. Themed “Transforming Cities, Success Together”, calling on the business this initiative, SBF hopes to elevate Singapore’s Transforming Industries”, the Conference featured a community to take purposeful action on sustainable position as an international arbitration hub. dialogue with Guest of Honour Mr Chan Chun Sing, employment in order to foster a vibrant economy Minister for Trade and Industry, and convened some and inclusive society. A conference graced by 520 participants to examine the future of ASEAN President Mdm Halimah Yacob also saw the launch amidst rapid transformation and disruption. of the Sustainable Employment Pledge, which has since garnered more than 100 pledges from 2nd China International Import companies both big and small. Expo A larger and more diverse delegation headed to Business Mission to Russia the second edition of the Expo, with exhibitors SBF led its inaugural business mission to Inaugural Singapore Regional showcasing a wider range of products and services. Vladivostok, Russia in September, in conjunction SBF launched a WeChat mini programme to Infrastructure Summit connect Chinese buyers with the exhibitors. The with the 10th Inter-Governmental Commission between Singapore and Russia. The delegates had Singapore-China Trade and Investment Forum was Held in conjunction with the fifth Singapore the honour of meeting and exchanging views with also organised with Mr Chan Chun Sing, Minister Regional Business Forum, the inaugural Singapore Mr Tharman Shanmugaratnam, Senior Minister and for Trade and Industry, participating in a dialogue. Regional Infrastructure Summit showcased Coordinating Minister for Social Policies, and other Singapore’s role as an infrastructure hub and senior government office holders. highlighted how the region can harness the economic and social benefits arising from infrastructure development for sustainable Inaugural Strategic Planning economic growth. The Summit also announced the establishment of two sector-based sub-committees Session for TACs – Built Environment and Water and Waste – as part More than 60 leaders from 39 trade associations of SBF’s Infrastructure Committee. and chambers (TACs) gathered for an inaugural strategic planning session to discuss pertinent issues like digitalisation and internationalisation. Mr Heng Swee Keat, Deputy Prime Minister and FTA Symposium 2019 Minister for Finance, also had a dialogue with the attendees and witnessed the MoU signing between Commemorating 20 years of Singapore’s Free Trade SBF and the Singapore Manufacturing Federation. Agreement (FTA) strategy, the FTA Symposium 2019 was organised by SBF, the Ministry of Trade and Industry and Enterprise Singapore. The event brought together Guest of Honour Mr S Iswaran, Minister for Communications and Information and Minister-in-charge of Trade Relations, and some 600 business leaders to explore how businesses can find opportunities from Singapore’s network of FTAs and upcoming Digital Economy Agreements as well as navigate hurdles. 6 Singapore Business Federation Annual Report 2019 7
KEY FIGURES INCOMING DELEGATIONS AND STATISTICS 40 Total number of incoming delegations 4 30 Europe Asia Armenia, Czech Republic, Bangladesh, Cambodia, China, India, Hungary, Poland Indonesia, Japan, Korea, Malaysia, 27,149 Mongolia, Myanmar, Nepal, Pakistan, Turkmenistan Members 53,972 Total number of participants 26,902 Statutory Members engaged 247 Associate/Constituent members 13,664 Total number of participants engaged and trained through our Internationalisation programmes and activities 214 Total number of partners, (including Overseas Market associates and sponsors Workshops) engaged and assisted 1 Middle East Jordan 5 Africa 616 29 Total number of Kenya, Mauritius, Nigeria, Rwanda Total number of activities outgoing missions 8 Singapore Business Federation Annual Report 2019 9
INDUSTRY PROFILE OF SBF MEMBERS BY SINGAPORE STANDARD INDUSTRIAL CLASSIFICATION (SSIC) MEMBERSHIP PROFILE 5,756 SHARE CAPITAL OF SBF MEMBERS Wholesale Trade 21.40% members Other Financial and Insurance Activities e.g. Holding/Investment Companies 14.85% 3,995 members Manufacturing S$10 m and above 12.10% 3,255 members 20.98% eg. Food, Textiles, Paper Products, Chemicals, Metals, etc S$5 m to < S$10 m 8.36% 9.32% 2,506 members Professional Services 5,645 members 2,248 members Construction and Civil Engineering 7.93% 2,133 members IT & Related Services 6.08% 1,635 members Banking and Insurance 5.33% 1,434 members S$0.5 m to < S$1 m Logistics & Transportation 5.13% 1,381 members 29.39% 7,906 members Administrative & Support Service Activities 4.39% 1,182 members Retail Trade 3.43% 922 members Real Estate Activities 2.81% 756 members Hotels, Restaurants & Accommodations 2.53% 680 members Others eg. Agriculture and Fishing, Mining and Quarrying, Water Supply, Sewage and Waste Management, Public 1.42% 381 members Administration and Defence, and Arts, Entertainment and Recreation S$1 m to < S$5 m Other Service Activities 1.35% 362 members 41.27% 11,103 members Education 1.04% 280 members Health & Social Services 0.91% 244 members 10 Singapore Business Federation Annual Report 2019 11
SBF serves as the voice of business and industry to advocate on issues that STRENGTHENING impact enterprises and the business climate. Working closely with businesses, trade BUSINESSES associations and chambers as well as government agencies, SBF aims to foster a vibrant city in which to do business, work and live.
STRENGTHENING BUSINESSES STRENGTHENING BUSINESSES Taking on Inequality with Sustainable Employment Conference Sustainable Employment In November, SBF unveiled a special report titled As the apex business chamber, SBF recognises “Sustainable Employment – Achieving Purposeful that developments in technology, demographics, Business Success Together”, calling on the business and societal values will change the way businesses community to commit to sustainable employment operate and succeed. In order to achieve practices in order to foster a vibrant economy and sustainable growth in the long term, business inclusive society. leaders need to consider the impact of their strategies and policies on their employees, business A business-led effort driven by SBF in consultation ecosystem and communities. with over 300 business leaders, trade associations and chambers (TACs), community organisations, academia and other stakeholders, the report highlights six key recommendations and potential business opportunities targeted at addressing the SUSTAINABLE A panel discussion featuring Core Committee Members (from left President Mdm Halimah Yacob, Mrs Josephine Teo, Minister for EMPLOYMENT to right) Ms Melissa Kwee, Mr Jason Ho, Ms Goh Swee Chen (Core Manpower and Second Minister for Home Affairs, and employment needs of mature workers, the less well- Achieving Purposeful Business Success Together Committee Chairman), Mr Veera Sekaran and Dr Gillian Koh, who Mr Desmond Lee, Minister for Social and Family Development and was also the moderator. Second Minister for National Development, joined 20 companies off and those vulnerable to job disruption. who have pledged to adopt sustainable employment practices. At the conference on 22 November attended by close to 200 business leaders and industry stakeholders, Guest of Honour President Mdm Halimah Yacob launched the Sustainable A “BY-BUSINESS-FOR-BUSINESS” Employment Pledge alongside 20 Singapore INITIATIVE companies, both big and small. During the conference, President Halimah also participated in In Support of a dialogue moderated by SBF CEO Mr Ho Meng Sustainable Kit. Mrs Josephine Teo, Minister for Manpower and Employment Second Minister for Home Affairs, and Mr Desmond Lee, Minister for Social and Family Development Pledge and Second Minister for National Development, also attended the conference. Thriving customers, employees and communities Steered by Over Endorsed by lead to better business and healthier long-term growth. The Pledge calls on businesses to take 19 300 24 Scan the purposeful action to improve their sustainable core committee business leaders and TACs and supporting employment practices. QR code to members and stakeholders engaged organisations download the over in the process report More than 100 40 organisations have sub-committee and made the Sustainable resource panel members Employment Pledge. SBF’s bicentennial gift to Singapore To join them, make your pledge here. President Mdm Halimah Yacob applauded this by-business-for- business initiative at the dialogue session moderated by SBF CEO Mr Ho Meng Kit. 14 Singapore Business Federation Annual Report 2019 15
STRENGTHENING BUSINESSES STRENGTHENING BUSINESSES Budget 2019 Dialogues SMEC Budget Seminar on Budget 2019 for 17th Annual General Meeting Recommendations Businesses & Ministerial Dialogue with Minister Ng Chee Meng SBF SME Committee (SMEC), with the support of Close to 500 company representatives attended the business leaders and representatives from various seminar on 26 February co-organised by SBF and Held on 27 June, the 17th Annual General TACs, put forth seven key recommendations the Singapore National Employers Federation (SNEF) Meeting (AGM) was attended by 210 focused on supporting SMEs for transformation to better understand the budget measures and its representatives who reviewed highlights of and growth. This included assistance in the areas of impact on their businesses. A panel discussion with SBF activities in 2018 and approved proposed internationalisation, technology adoption, manpower representatives from the Government and private changes to the SBF Constitution. development, competitiveness, cost and access to sector served as a platform for members to seek government support. clarifications and to provide feedback on the Budget. Following the AGM, Mr Ng Chee Meng, Minister in the Prime Minister’s Office and Secretary-General of NTUC engaged with Mr Ng Chee Meng, Minister in the Prime Minister’s Office and Secretary-General of NTUC, engaged in a dialogue session more than 300 participants in a lively dialogue moderated by Mr Yeoh Oon Jin, SBF Council Member and on a broad range of issues from the changing Executive Chairman of PwC Singapore. global landscape, Industry & Workers 4.0 to Industry Transformation Maps and more. Post-Budget Dialogue with More than 100 representatives from various TACs attended the Budget 2019 briefing. Mrs Josephine Teo, Minister for Manpower Briefing on Budget 2019 On the heels of MOM’s announcement of new for TACs policies and programmes at the Committee of A panel discussion and question-and-answer session rounded up the Seminar on Budget 2019. Supply Debate, SBF organised a dialogue on 9 April Following the Budget 2019 announcement for some 150 business leaders with Mrs Josephine on 18 February, SBF, with the support of the Mr Heng Swee Keat, DPM and Minister for Finance, met with Teo, Minister for Manpower and Second Minister for business leaders at a closed-door session to discuss about Ministry of Finance (MOF), organised the businesses’ challenges and opportunities. Home Affairs. The seminar explored topics related Budget 2019 briefing on 25 February for to achieving inclusive and sustainable growth for TACs. Ms Indranee Rajah, Minister in the Prime SBF Post-Budget Survey 2019: Lunch Dialogue with Deputy industries, businesses and workers. Minister’s Office and Second Minister for Finance and Education, along with Dr Koh Poh Your Voice on Budget Prime Minister Heng Swee Keat Koon, Senior Minister of State for Trade and Industry, participated in a dialogue facilitated As the bridge between the business community and by SBF Vice Chairman, Mr Douglas Foo. The At this closed-door lunch dialogue on 13 March, the Government, SBF conducts annual post-Budget briefing wrapped up with a vibrant Q&A Mr Heng Swee Keat, Deputy Prime Minister (DPM) surveys. This year, two surveys were conducted, segment as 108 management representatives and Minister for Finance, engaged some 20 including an electronic poll and a more detailed from 48 TACs actively engaged a panel of business leaders from TACs as well as small and electronic-based survey from 27 February to 12 April senior officials from MOF, Ministry of Trade large enterprises. With a focus on Budget 2019, the where respondents shared their views about the and Industry (MTI), Ministry of Manpower dialogue covered a wide range of issues including business outlook and Budget 2019. (MOM), Enterprise Singapore (ESG), Infocomm ways for businesses to overcome challenges and Media Development Authority (IMDA) and the leverage new opportunities for growth. Mrs Josephine Teo, Minister for Manpower and Second Minister for Home Affairs, addressed business leaders at the dialogue. National Research Foundation. 16 Singapore Business Federation Annual Report 2019 17
STRENGTHENING BUSINESSES STRENGTHENING BUSINESSES Business Sentiments Pre-Budget 2020 Lunch Dialogue with DPM Heng Swee Keat and NATIONAL BUSINESS SURVEY 2019/2020 New Roads Ahead: Transformation and Internationalisation of Singapore Businesses Drew responses These findings summarise the National Business Survey 2019/2020 conducted by 87% 13% from more than Minister Chan Chun Sing the Singapore Business Federation (SBF). Into its 12th edition, this annual survey 1,018 SMEs Large Companies was carried out from 26 August to 25 October 2019. companies across SBF National Business Survey 2019/2020 all key industries 1 Business Sentiments Current business sentiments SINGAPORE ECONOMY IN THE NEXT 12 MONTHS uncertain as challenges loom 46% 44% 49% on the horizon 38% 16% 2018 Sentiments towards the Singapore economy continue 8% n=705 to decline, with almost half of all businesses 2019 anticipating 2020 to be a more challenging year BETTER SAME WORSE n=1018 than 2019. The closed-door Pre-Budget 2020 Dialogue on 29 Decimal points have been rounded up. The total may not add up to 100%. As the Federation’s annual flagship survey, the SBF National Business Dissatisfaction with the global business climate has risen by 11% IMPLICATIONS OF EVENTS ON BUSINESSES from 2018 to 2019. More local businesses are optimistic about the business climate in the ASEAN region, but as in 2018, most Rising business and wage costs are top worries for Singapore remain neutral. companies. Globally, US-China trade tensions and China’s August saw Mr Heng Swee Keat, DPM and Minister economic slowdown are adding to business unease. GLOBAL BUSINESS CLIMATE Increase in other business costs (e.g. rental, raw materials, etc.) 64% 26% 11% Survey (NBS) not only plays a key role in surfacing the needs, for Finance, and Mr Chan Chun Sing, Minister for 57% 50% 36% Rising wages 56% Escalating US-China trade tensions 34% 11% concerns and future plans of our members but also in identifying Trade and Industry, engage with close to 30 business 18% 25% 46% 48% 6% 14% BETTER SAME WORSE China’s economic slowdown 42% 54% 4% underlying trends. The 2019/2020 edition offered comprehensive leaders and representatives of TACs on the business Reduction of Services Sector Dependency Ratio Ceiling insights into how internationalisation, business financing and digital 36% 57% 7% ASEAN Businesses are optimistic about getting positive returns from community’s wishlist for Budget 2020 and how the BUSINESS CLIMATE digital/e-commerce transformation, and foresee sustainability transformation are impacting local businesses. as a new growth opportunity. 55% 54% Pace of change in digital space and e-commerce 11% 63% Government can help businesses accelerate growth in 27% 28% 23% 22% 17% Growing focus on climate change and environmental sustainability BETTER SAME WORSE 10% 76% 15% the future economy. 2018 n=705 2019 n=1018 Decimal points have been rounded up. The total may not add up to 100%. Negative Impact Little/No Impact Positive Impact Decimal points have been rounded up. The total may not add up to 100%. n=1018 Dialogues between the Government and the Singapore business community such as the Pre-Budget 2020 Dialogue are platforms for more meaningful conversations on the business landscape. SBF Economic Indicators Report The inaugural edition of the SBF Economic Indicators Report 3Q 2019 SBF (Singapore) was launched on 4 October to provide members with Economic timely and relevant updates regarding key economic developments Indicators Report and trends in Singapore. Published on a quarterly basis, the report, 3Q 2019 which paints a broad picture of the prevailing economic environment, draws inputs and insights from the SBF SMEC Research Sub-Committee Singapore and DBS Group Research. Seminar on Business Outlook for 2019 – Opportunities Amidst Uncertainties: Where Should Businesses Look? SBF CEO Mr Ho Meng Kit and SMF Secretary-General Dr Ahmad Magad signed a MoU for closer cooperation, with Mr Heng Swee Keat, DPM and Mr David Hoffman, This seminar was helpful for members to gain insights to business Minister for Finance, in attendance. Senior Vice President outlook, especially during a period of economic uncertainty. Asia and Managing Inaugural TACs Strategic Planning Session Director of the China Center for Economics & Business, The Seminar on ‘Business Outlook for Given the crucial role TACs play in supporting issues such as internationalisation, innovation Conference Board, was one of the 2H2019 and Beyond’ speakers. businesses, SBF organised the inaugural TACs and digitalisation were discussed, including how Strategic Planning Session, themed “Transforming TACs should transform to keep pace with the To help members navigate the challenges amid a TACs, Enabling Enterprises” on 13 July where evolving business landscape. SBF also inked a global economic slowdown and US-China trade Mr Heng Swee Keat, DPM and Minister for Memorandum of Understanding (MoU) with the SBF’s Business Outlook seminar on 31 January tensions, SBF organised the Seminar on ‘Business Finance, held a meaningful dialogue with 66 Singapore Manufacturing Federation (SMF) for closer gathered industry experts who shared insights Outlook for 2H2019 and Beyond’ on 21 August leaders from 39 TACs. This was followed by cooperation in the areas of research and advocacy, on the challenges and opportunities in ASEAN, where OCBC Chief Economist Ms Selena Ling a strategic planning session where pertinent internationalisation and capability building. China, the United States and the United provided an overview of the prevailing economic Kingdom with more than 120 participants. winds. This was followed by a panel discussion moderated by SBF CEO Mr Ho Meng Kit. 18 Singapore Business Federation Annual Report 2019 19
STRENGTHENING BUSINESSES STRENGTHENING BUSINESSES The Pulse of the Business Community SBF CEO Mr Ho Meng Kit represented the Singapore business community in the third quarterly ABAC meeting in China. APEC Advisory Business Council Representing and advocating for the Singapore business support for open markets and a rules-based business community’s interests on international trade multilateral trading system. Members gathered for a half-day strategic planning session at the first SBF Infrastructure Committee meeting of 2019. policy matters, SBF participated in the APEC Advisory SBF Infrastructure Committee Business Council’s (ABAC’s) quarterly meetings held ABAC member economies prioritised support for the in the United States, Indonesia and China as well WTO and a multilateral trading system, and addressed Helmed by Founding Chairman Mr Pek Lian Guan, The Committee stepped up its efforts with the as the APEC CEO Summit. SBF was also part of climate change, among others. Singapore members who also serves as SBF Vice Chairman and Executive inaugural Singapore Regional Infrastructure Summit an ABAC delegation that visited the World Trade advanced the work of Services Trade in view of the Director and CEO of Tiong Seng Holdings Ltd, which also saw the launch of two subcommittees Organization (WTO) in Geneva in October to highlight Bogor Goals deadline and focused on the digital the SBF Infrastructure Committee aims to build a – Built Environment and Water and Waste – to economy and trade finance. robust infrastructure eco-system to help Singapore foster deeper collaboration on local and regional companies seize regional infrastructure opportunities. infrastructure projects in these two sectors. SBF SME Committee The inaugural townhall session introduced attendees to the Under the leadership of Mr Kurt Wee, Group’s Chair and Vice Chair, who are Ms Smitha Menon of WongPartnership LLP and Mr Andrew Yeo of Allen & Gledhill Ms Emily O’Connor from the ICC shared about the new SBF Council Member and President of LLP respectively. Incoterms rules and their impact on businesses. Ms Janet Ang, Chairman of the SBF Digitalisation Committee, addressed the participants of the SBF-SRA the Association of Small and Medium SMEs Go Digital: Industry Forums for Retail. Enterprises, the SBF SMEC brings together TACs and SMEs to address Launch of the ICC Singapore Incoterms® 2020 Launch SBF Digitalisation Committee the latter’s issues of concern. Arbitration Group Event The SBF SMEC, comprising five sub- The SBF Digitalisation Committee, led by Ms Janet Ang, SBF, in our capacity as International Chamber of In view of Incoterms® 2020 rules coming committees (Business Finance & Cost SBF Council Member and Chairman of SISTIC.com, aims Commerce’s (ICC) National Committee in Singapore, into effect on 1 January 2020, SBF Competitiveness; Manpower, Talent & to promote technology adoption, especially among established the ICC Singapore Arbitration Group in organised the Incoterms® 2020 Launch Skills; Markets & Internationalisation; SMEs. June. The Group will provide Singapore arbitrators Event on 27 September, which featured Technology, Innovation & Productivity; greater opportunity and exposure to ICC arbitration a guest speaker from the ICC, Ms Emily and Research), undertook several In 2019, the Committee partnered with government standards, practices and cases, with the aim of elevating O’Connor, who oversaw the work of the initiatives to inspire and empower agencies such as the IMDA and ESG, as well as TACs to Singapore as a global arbitration hub. Drafting Group for Incoterms® 2020. our SMEs. These include the In- organise outreach and education events to help business Some 150 participants learnt about the Conversation Series with Business owners embrace technology solutions for growth. These In September, an inaugural townhall session was held new Incoterms rules which are key to the Leaders and the SME Day with Changi include the SBF-SMEs Go Digital: Industry Forums and to introduce the Group’s various committees and daily operations of businesses involved Airport Group. SBF-SMEs Go Digital “Leaders for Transformation” Series. their functions, the selection process for nominating in international trade. arbitrators, and the ICC Court framework. 20 Singapore Business Federation Annual Report 2019 21
Singapore companies looking BROADENING to venture overseas for growth and expansion can tap on SBF’s vast network both locally HORIZONS and internationally. SBF helps member companies extend their global footprint through business missions, market- specific seminars, regional conferences and more.
BROADENING HORIZONS BROADENING HORIZONS ASEAN ASEAN Conference 2019 SBF launched the SBF BusinessASEAN Network at the fifth edition of the annual ASEAN Conference on 4 June. Comprising market-focus business groups, the BusinessASEAN Network brings together business leaders, market practitioners, and other stakeholders to help companies expand into the region. Themed “Transforming Cities, Transforming Industries”, the Conference convened some 520 distinguished business leaders and experts to discuss the future of ASEAN against a backdrop of rapid SBF and the Federation of Malaysian Manufacturers led a delegation of 30 Singapore and Malaysia companies to explore transformation and disruption. Guest of Honour business and investment opportunities in Sabah, Malaysia. Mr Chan Chun Sing, Minister for Trade and Industry, SBF Chairman Mr S.S. Teo said that the BusinessASEAN Network’s also participated in a dialogue moderated by SBF market-focus business groups will help SBF obtain an in-depth understanding of companies’ needs. CEO Mr Ho Meng Kit. The Jakarta Smart City initiative presents many opportunities (Seated third from left) Sarawak Chief Minister Datuk Patinggi for Singapore businesses. Abang Johari Tun Openg with the mission delegation. Participants at a site visit during the OMW to Myanmar. Overseas Market Workshop to Overseas Market Workshops Business Missions to East Malaysia Myanmar to Indonesia To help Singapore companies explore business Organised with the support of the Sarawak Trade SBF and Enterprise Singapore (ESG) jointly led a Recognising the opportunities that Indonesia’s partnerships in East Malaysia, SBF led two and Tourism Office Singapore and ESG, the delegation of 16 participants from 12 companies to technological transformation brings, SBF led business missions to the states of Sabah and business mission to Sarawak saw the signing of a explore business opportunities in the infrastructure, two OMWs to the country in April and July. Sarawak in August and October respectively Memorandum of Understanding (MoU) between real estate, and building and construction sectors The first workshop provided the delegation where both delegations called on the Chief SBF and the Sarawak Business Federation to in Myanmar from 23 to 27 September. Highlights with deep insights to Jakarta’s smart city Ministers of Sabah and Sarawak. Highlights of the bolster trade and economic relations. Delegates of the Overseas Market Workshop (OMW) landscape and the opportunities available for Sabah mission included briefings on investment also received briefings on Sarawak’s masterplan included meetings with organisations like the foreign investment and partnerships, while opportunities in the Sabah Development Corridor and investment projects, and networked with the Asian Development Bank and site visits to several the second highlighted Indonesia’s growing as well as industrial visits to the Kota Kinabalu local business community. Myanmar companies. A roundtable-cum-networking digital economy and lessons learnt from the Industrial Park and the Sabah Agro-Industrial session was also organised by the Union of Myanmar success of unicorn companies like Investree, Precinct, among others. Federation of Chambers of Commerce and Industry. Tokopedia, BLOCK71 Jakarta and HappyFresh. 24 Singapore Business Federation Annual Report 2019 25
BROADENING HORIZONS BROADENING HORIZONS Digitize ASEAN 2019 China and North Asia Co-organised with the ASEAN-Business Advisory Council (ASEAN-BAC), the third edition of Digitize ASEAN pushed for stronger collaboration between governments, businesses and the workforce. Themed “Growing ASEAN’s Digital Future”, the conference on 30 September witnessed the launch of the ASEAN Applied Research Centre, which aims to bring ASEAN researchers together to develop innovative solutions for challenges faced by businesses in the region. The conference was attended by more than 250 participants, including policymakers, business leaders and academia. Guest of Honour Mr Chan Chun Sing, Minister for Trade Mr Chan Chun Sing, Minister for Trade and Industry, urged businesses in the region to work with their respective and Industry, also participated in a dialogue session governments to uphold a secure, open and integrated moderated by Mr Chia Kim Huat, Regional Head of digital architecture. Corporate & Transactional Practice, Rajah & Tann Singapore LLP. A panel discussion on how public and private collaboration can be strengthened for the success of regional projects. 5th Singapore Regional Business Forum Opening keynote address Themed “Strengthening Business Collaboration by Guest of Honour Mr Teo Chee Hean, Senior Minister for Regional Connectivity”, the fifth edition of the and Coordinating Minister for National Security. Singapore Regional Business Forum (SRBF®), an annual flagship event of SBF, assembled more than 600 top business leaders and senior government officials from 52 countries to discuss how collaboration can be strengthened for the success of cross-border projects such as the Belt and Road Initiative. The SBF delegation called on Vietnam’s Prime Minister Nguyen Xuan Phuc (standing) to seek investment and cooperation opportunities. Guest of Honour Mr Teo Chee Hean, Senior Minister and Coordinating Minister for National Security, Mr Jin Liqun, President, Business Mission to Vietnam gave the keynote address, followed by a keynote Asian Infrastructure Investment Bank, gave speech from Mr Jin Liqun, President of the Asian the keynote speech on regional connectivity and In response to the growing interest in Vietnam, Nguyen Xuan Phuc, Prime Minister of Vietnam, Infrastructure Investment Bank. The event witnessed the green imperative. SBF and ESG jointly organised a business mission and senior government officials. The Vietnam- the signing of four MoUs to foster stronger third- from 15 to 19 July to Vietnam to explore business Singapore Business Council was also launched party market collaboration in the region, as well opportunities in the consumer, innovation, to support and foster collaboration between as panel discussions involving 33 distinguished industrial and urban development sectors. The businesses from both countries. The mission speakers and panellists. SBF and PwC Singapore also delegation visited Hanoi, Hai Phong, Ho Chi also saw the Global Innovation Alliance network jointly released the results of the second Regional Minh and Danang, and called on His Excellency expand into Ho Chi Minh. Business Survey to find out how organisations have leveraged BRI opportunities since the launch of BRI in 2013. 26 Singapore Business Federation Annual Report 2019 27
BROADENING HORIZONS BROADENING HORIZONS Guest of Honour Ms Indranee 2nd China International Import Rajah, Minister in the Prime Minister’s Office and Second Expo & Singapore-China Trade Minister for Finance and Education, traced Singapore’s port infrastructure journey to and Investment Forum the success it is today in her keynote speech. Following Singapore’s successful participation in the inaugural China International Import Expo (CIIE) in 2018, SBF led a larger and more diverse Inaugural Singapore Regional delegation to the second edition of the Expo from 5 to 10 November. Spanning a wide range Infrastructure Summit It was a vibrant showcase of Singapore products and of sectors from logistics and transportation to services at the 2nd CIIE at Shanghai’s National Exhibition Over the seven-day workshop, 21 senior business representatives from 18 companies visited leading food and e-commerce In conjunction with the fifth SRBF®, SBF organised education, Singapore companies showcased their and Convention Center. companies in Japan. products and services to the vast Chinese market. the inaugural Singapore Regional Infrastructure Summit on 16 August, themed “Embracing the To help exhibitors foster partnerships, SBF, with In conjunction with CIIE, SBF organised the Overseas Market Workshop Regional Infrastructure Opportunities”. It showcased Singapore’s role as an infrastructure hub and how the support from Bank of China, organised tailored business matching sessions and launched a Singapore-China Trade and Investment Forum on 6 November to deepen cooperation between to Japan region can harness the economic and social benefits WeChat mini programme to connect Chinese Chinese and Singapore enterprises. At the event, arising from infrastructure development for sustainable buyers with Singapore exhibitors. Twenty-six MoUs, Guest of Honour Mr Chan Chun Sing, Minister for SBF led its second OMW to Japan on 14 to 20 economic growth and long-term prosperity. valued at S$260 million were signed between Trade and Industry, also participated in a dialogue April for Singapore companies to learn about next- Singapore companies and Chinese enterprises. moderated by SBF CEO Mr Ho Meng Kit. generation technologies in the food industry and Mr Pek Lian Guan, SBF Vice Chairman and e-commerce, and to deepen their understanding of Chairman of the SBF Infrastructure Committee, also consumer trends in the new economy. They visited announced the establishment of two sector-based leading Japanese companies across the value sub-committees – Built Environment and Water and chain of the food industry, from manufacturing and Waste – to further strengthen and prepare Singapore processing to logistics and distribution. businesses for regional projects. Business Mission to Taiwan To help Singapore companies gain a deeper insight into Taiwan’s information and communications technology (ICT) industry, SBF led a business mission to Taipei and Kaohsiung from 7 to 13 July. A networking session was organised with Mr Han Kuo-yu, SBF led a delegation of 132 senior business representatives to the 16th CAEXPO in Nanning, Kaohsiung Mayor, and Mr Lin Chuan-neng, Guangxi, from 21 to 24 September. Taiwan’s Vice Minister of Economic Affairs. 16th China-ASEAN Expo SBF led a business delegation to Beijing, China, in conjunction with Prime Minister Lee Hsien Loong’s visit. Themed “Building the Belt & Road, Realising Our Vision for a Community of Shared Future”, the 16th China- ASEAN Expo (CAEXPO) sought to promote Singapore’s Business Mission to Beijing strategic role as a regional connector for trade and commerce, while showcasing Singapore’s rich history In conjunction with Prime Minister Lee Hsien at the inaugural Belt and Road CEO Conference and Bicentennial milestone. The Singapore National Loong’s participation in the Belt and Road Forum and urged companies from China and the region Pavilion, Commodity Trade Pavilion and Singapore for International Cooperation, SBF led a business to leverage Singapore’s strengths in logistics, Day Seminar highlighted Singapore’s innovation delegation, comprising eight Singapore business shipping, finance and professional services to A delegation of 27 participants from 21 companies expertise across various sectors. The Singapore-Guangxi visited leading technology incubators and leaders, to Beijing, China, from 24 to 28 April. explore opportunities in third-party markets along Networking Dinner also strengthened ties between technology-based companies in Taiwan. SBF Chairman Mr S.S. Teo delivered a speech the Belt and Road. some 140 participants, local government officials and business leaders. 28 Singapore Business Federation Annual Report 2019 29
BROADENING HORIZONS BROADENING HORIZONS Americas, Europe, Middle East, Business Mission to Russia Singapore-Jordan Business Africa and South Asia Roundtable Held in conjunction with the state visit of His Majesty Abdullah II Ibn Al Hussein, King of Jordan, Overseas Delegation to Nigeria the Singapore-Jordan Business Roundtable on 20 June was co-chaired by Mr Chan Chun Sing, SBF led a delegation of 20 participants to Minister for Trade and Industry, and His Excellency explore business and investment opportunities Dr Tariq Hammouri, Jordan’s Minister of Industry, in the construction and built environment, oil Trade and Supply. Six MoUs were signed between and gas, and consumer goods sectors from 21 Singapore and Jordanian companies. Business to 28 July. Key highlights of the OMW include representatives of both countries also identified meetings with relevant Nigerian government SBF led its inaugural business mission to Russia from areas of cooperation and harmonisation of 3 to 6 September. authorities and local conglomerates like standards for urban solutions, energy and more. the Dangote Group and Chagoury Group. Participants also visited Singapore companies SBF led its inaugural business mission to Russia operating in Nigeria, such as Olam and Tolaram, in conjunction with the 10th Inter-Governmental Participants visiting the Kellogg Tolaram Factory at the Lekki to better understand the opportunities and Free Trade Zone. Commission between Singapore and Russia. challenges present in the country. Twelve delegates from Singapore had the honour of exchanging views on the Russian market with Mr Tharman Shanmugaratnam, Senior Minister and Coordinating Minister for Social Policies, Mrs Josephine Teo, Minister for Manpower and Second Minister for Home Affairs, Dr Koh Poh Koon, Senior Minister of State for Trade and Industry, and Mr Sam Tan, Minister of State for Foreign Affairs and Social and Family Development. The Roundtable discussion touched on business opportunities in Jordan as well as areas of cooperation between both countries. Participants of the OMW to Bangladesh explored opportunities The delegation of 30 business owners and C-suite personnel in a wide range of sectors. explored opportunities in information technology and infrastructure in Saudi Arabia. Singapore-Turkmenistan Business Overseas Market Workshop to Overseas Market Workshop to Forum Bangladesh Saudi Arabia Organised in conjunction with the state visit of His Excellency Gurbanguly Berdimuhammedow, President of SBF led an OMW to Dhaka, Bangladesh on 24 to 30 Jointly organised by SBF and ESG, the OMW to Turkmenistan, the Singapore-Turkmenistan Business Forum August to explore business opportunities across the Saudi Arabia was held on 3 to 8 November, in on 26 August was graced by Dr Koh Poh Koon, Senior infrastructure, ICT, banking and finance, education conjunction with President Mdm Halimah Yacob’s first Minister of State for Trade and Industry, and His Excellency and professional services, consumer goods and state visit to the country. The business delegation of Chary Gylyjov, Deputy Chairman of the Cabinet of Ministers general trading sectors. The 15-member delegation 30 business leaders from the information technology of Turkmenistan. also met with C-suite representatives of leading and infrastructure sectors explored opportunities Bangladeshi conglomerates and gained deeper brought about by the country’s Vision 2030 initiative. Some 80 participants gleaned information on emerging insights into Bangladesh’s emerging textile sector. A meet-and-greet session with President Halimah opportunities in sectors like oil and gas, construction and was also organised. agriculture. Nine agreements were inked, including an MoU between SBF and the Chamber of Commerce and Industry Dr Koh Poh Koon, Senior Minister of State for Trade of Turkmenistan. and Industry, gracing the Singapore-Turkmenistan Business Forum. 30 Singapore Business Federation Annual Report 2019 31
In today’s dynamic business environment, it is ever more GEARING UP crucial for businesses to focus on building capabilities to drive growth and FOR THE FUTURE business success. Through a comprehensive suite of training programmes, workshops and seminars, SBF partners our members to invest in transformation and their workforce so they can be ready for the future.
GEARING UP FOR THE FUTURE SBF Business Institute Skills Development Business Excellence Project Finance, Financial Modelling & Through our training arm, the SBF Business Institute (SBI), SBF helps local companies build capabilities and equip employees with relevant skills for the Public Private Partnership future. SBI’s programmes focus on delivering transformation through three key pillars: international expansion, skills development and business excellence. International Expansion Participants learnt how to implement job and process redesign through this series of masterclasses. This masterclass covered various topics related to project financing, contracts and more. Job Redesign & Robotic Process Automation SBI, together with the Institution of Engineers, Singapore, organised a Masterclass on Project Continuing our partnership with WSG, SBF organised Finance, Financial Modelling & Public Private two Masterclasses on Job Redesign & Robotic Partnership in August. Participants learnt the Process Automation (RPA) with a focus on HR and principles of project finance fundamentals, project finance in September and October respectively. finance modelling techniques and how to navigate Besides a hands-on tutorial for an RPA software public-private partnership contracts. with artificial intelligence capabilities, participants also learnt how to diagnose and implement job and process redesign in their workplaces. Skills Framework for Human Resource Planning and Management Boost ASEAN Business via WeChat Professional Conversion Programme for Southeast Asia Ready Talents One key programme SBI runs is the Professional Conversion Programme for Southeast Asia Ready Talents (PCP-SEA). HR professionals attending the Skills Framework for HR A joint initiative with Enterprise Singapore Participants of the well-attended Wholesale Trade Planning and Management programme. Transformation Seminar heard from experts in various fields. (ESG) and Workforce Singapore (WSG), the Programme helps companies build manpower Co-created by employers, industry associations, capabilities for regional expansion, particularly educational institutions, unions and the in the wholesale trade and logistics sectors. Wholesale Trade Transformation Seminar Participants gleaned insights into WeChat as an effective Government, the Skills Framework is an integral marketing platform for their companies. component of the Industry Transformation Since the PCP-SEA was launched in 2018, over Some 80 participants gleaned valuable insights into Maps. Held in October, this programme enabled 140 companies have benefited with more than the Wholesale Trade sector, including challenges and human resource (HR) professionals to adapt the With WeChat’s growing popularity and influence 200 candidates matched to vacancies largely market trends when expanding into SEA, at this seminar Framework for their organisations through creating worldwide, this workshop in November equipped in wholesale trade. Due to the overwhelming co-organised by SBI and U SME in November. Other career maps, identifying learning needs and participants with skills to fully leverage the social response from companies in 2019, the takeaways include risk mitigation and growth opportunities developing training plans, among others. media network as an effective marketing platform. Programme has been extended till May 2020. with the Skills Framework for Wholesale Trade as part of the Wholesale Trade Industry Transformation Plan. 34 Singapore Business Federation Annual Report 2019 35
GEARING UP FOR THE FUTURE GEARING UP FOR THE FUTURE FTA Education & Outreach Training Courses on Understanding the Benefits of FTAs 2019 witnessed the entry into force of the European Union-Singapore Free In an effort to raise awareness of FTAs amongst Trade Agreement (EUSFTA) and the upgraded China-Singapore FTA, expanding members, two sessions of the Training Course on Singapore’s network of FTAs and trading partners. To help businesses make the Understanding the Benefits of FTAs were organised best use of the FTAs to internationalise, SBF set up a FTA Education & Outreach in April and October for over 180 participants. arm to raise awareness and educate Singapore businesses on FTAs. Officials and trade negotiators from MTI, ESG, Singapore Customs and the Intellectual Property Office of Singapore explained key concepts for trade EUSFTA: What Would It Mean for in goods and services, investments, IPR protection and e-commerce provisions in FTAs, while local Your Business? companies Tee Yih Jia Food Manufacturing Pte Ltd, Tee Yih Jia Food Manufacturing Pte Ltd shared with participants San SeSan Global Pte Ltd and Freshening Industries on how Singapore’s FTAs have helped them with business Following the signing of the EUSFTA in October Pte Ltd shared their experience in using FTAs to growth and expansion. 2018, SBF, together with the Ministry of Trade and expand their overseas supply chain network. Industry (MTI), ESG, the EU delegation to Singapore and the European Chamber of Commerce in Singapore, organised an outreach seminar on the FTA Symposium 2019: 20 Years EUSFTA on 24 January. Close to 170 participants of Free Trade Agreements gained a better understanding of the FTA’s benefits, along with practical insights on the trade and Themed “20 Years of Free Trade Agreements”, investment opportunities. Her Excellency Barbara Plinkert, EU Ambassador to Singapore, gave the opening remarks at the EUSFTA seminar. the Symposium, organised by SBF, MTI and ESG, commemorated 20 years of the nation’s FTA strategy and was graced by Mr S Iswaran, Minister for Communications and Information and Minister-in- charge of Trade Relations. Some 600 business leaders and officials heard from representatives of CIMB Bank and TRPC Pte Ltd, and panellists from DHL Express, Lazada, JR Group and Targeted at the logistics sector, this training course shed light on the advantages FTAs can bring to participants’ businesses. more. Topics included tapping on Singapore’s FTAs to weather today’s global economic storm and seek new business opportunities as well as exploring new possibilities through Singapore’s upcoming Digital Unlocking the Potential of Economy Agreements. Mr Gan Seow Kee, SBF Vice The Introduction to the CPTPP seminar provided participants with an overview of how the Agreement can benefit them. the Logistics Sector through Chairman and ExxonMobil Asia Pacific Chairman & Managing Director, also spoke on navigating trade in Singapore’s FTAs times of uncertainty. Introduction to the Comprehensive and Progressive Agreement To encourage the logistics sector to leverage for Trans-Pacific Partnership Singapore’s FTAs, SBF organised an in-depth training course on 26 August on the trade facilitative provisions in FTAs, and useful tools and Following the entry into force of the 150 participants were given a brief overview trade documents available like the ASEAN Single Comprehensive and Progressive Agreement of selected chapters and key benefits of the Window. Participants also took the opportunity for Trans-Pacific Partnership (CPTPP) on 30 CPTPP, including market access commitments to network and clarify their queries with speakers December 2018, SBF organised an introductory for the export of goods and services, as well as from the Government, the Singapore International seminar on the Agreement on 20 February, intellectual property rights (IPR) protection. Chamber of Commerce and DHL Express. featuring speakers from MTI and ESG. Some The FTA Symposium commemorated 20 years of Singapore’s FTA strategy. 36 Singapore Business Federation Annual Report 2019 37
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