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Speech
|
10 OCT 2008
Mr Lee Yi Shyan at The World Federation of Direct Selling Association World Congress XIII Gala Dinner
Mr Lee Yi Shyan at The World Federation of Direct Selling Association World Congress XIII Gala Dinner
SPEECH BY MR LEE YI SHYAN,MINISTER OF STATE FOR TRADE AND INDUSTRY AND MINISTER-IN-CHARGE OF ENTREPRENEURSHIP, AT THE WORLD FEDERATION OF DIRECT SELLING ASSOCIATION WORLD CONGRESS XIII GALA DINNER, 10 OCTOBER 2008, 8.00 PM AT THE SWISSOTEL, RAFFLES CITY
Distinguished
Guests,
Ladies and gentlemen,
Good Evening.
Introduction
I am happy to join you this evening for the Gala Dinner of the World Federation of Direct Selling Association 13th World Congress. I would also like to extend my warmest welcome to all our guests from overseas. I hope you have enjoyed your stay here in Singapore so far.
Direct Selling Industry
Direct selling is a dynamic and growing channel of distribution of products and services to consumers directly. The direct selling industry, with its ease of entry, provides many people around the world with an unique opportunity for self-employment as they put their entrepreneurial talents to test.
Your theme for the Congress “Empowering Lives Globally” is an excellent expression of the phenomenon that direct selling is now a global industry. The WFDSA now has 59 national Direct Selling Associations members with 67 million sales persons selling an estimated US$112 billion worth of products and services last year.
Even in this period of economic uncertainty, growth opportunities for the direct selling industry abound. The industry could take this chance to consolidate and re-position itself to leverage on the opportunities presented by key worldwide trends such as the emergence of newly affluent markets, rising health care costs, and longer life expectancies.
Consumer Education and Self-Regulation
The growth of the industry depends very much on the confidence the consumers have in direct sellers.In Singapore, we rely on legislation, consumer education, and industry self-regulation to ensure and promote a healthy and vibrant direct selling business environment.
While multi-level marketing schemes or pyramid selling are prohibited by the Multi-Level Marketing and Pyramid Selling (Prohibition) Act, the Government has also specifically excluded legitimate businesses, including bona fide direct sellers, from the Act. This way, we encourage innovative sales and distribution techniques, while protecting the interests of consumers.
However, it is sometimes difficult for consumers to differentiate between legitimate direct selling firms and fraudulent pyramid schemes. This is where the industry has an important part to play.WFDSA and your members have played an active role in educating the public and promoting best practices in the industry. For instance, the Direct Selling Association of Singapore (DSAS) works with the Consumers Association of Singapore (CASE) to eliminate malpractices in the marketplace. DSAS also helps to resolve consumer complaints not only when they involve DSAS members, but also non-members. Such measures will also help the industry build credibility and consumer confidence.
I am pleased to note that your members understand the importance of upholding high standards of ethical conduct in the marketplace, which will place the industry in a socially responsible position, while ensuring sustainable growth for the long term.I look forward to even more pro-active measures by the DSAS to increase consumers’ confidence in the direct selling industry.
Conclusion
This is the second time after a 20-year break that Singapore is hosting the WFDSA World Congress. In fact, Singapore is the only country so far to be a repeated host for this prestigious industry event. I thank you for choosing Singapore and I certainly hope that you can consider Singapore as a destination for your future events.
The WFDSA World Congress XIII provides excellent learning and networking opportunities for participants to chart the future growth of the direct selling industry globally. It is especially laudable that one of the key objectives of the Congress is for WFDSA to strengthen your commitment to the highest ethical standards.
I wish you all a rewarding time in the Congress and also in Singapore.
Thank you.
Ladies and gentlemen,
Good Evening.
Introduction
I am happy to join you this evening for the Gala Dinner of the World Federation of Direct Selling Association 13th World Congress. I would also like to extend my warmest welcome to all our guests from overseas. I hope you have enjoyed your stay here in Singapore so far.
Direct Selling Industry
Direct selling is a dynamic and growing channel of distribution of products and services to consumers directly. The direct selling industry, with its ease of entry, provides many people around the world with an unique opportunity for self-employment as they put their entrepreneurial talents to test.
Your theme for the Congress “Empowering Lives Globally” is an excellent expression of the phenomenon that direct selling is now a global industry. The WFDSA now has 59 national Direct Selling Associations members with 67 million sales persons selling an estimated US$112 billion worth of products and services last year.
Even in this period of economic uncertainty, growth opportunities for the direct selling industry abound. The industry could take this chance to consolidate and re-position itself to leverage on the opportunities presented by key worldwide trends such as the emergence of newly affluent markets, rising health care costs, and longer life expectancies.
Consumer Education and Self-Regulation
The growth of the industry depends very much on the confidence the consumers have in direct sellers.In Singapore, we rely on legislation, consumer education, and industry self-regulation to ensure and promote a healthy and vibrant direct selling business environment.
While multi-level marketing schemes or pyramid selling are prohibited by the Multi-Level Marketing and Pyramid Selling (Prohibition) Act, the Government has also specifically excluded legitimate businesses, including bona fide direct sellers, from the Act. This way, we encourage innovative sales and distribution techniques, while protecting the interests of consumers.
However, it is sometimes difficult for consumers to differentiate between legitimate direct selling firms and fraudulent pyramid schemes. This is where the industry has an important part to play.WFDSA and your members have played an active role in educating the public and promoting best practices in the industry. For instance, the Direct Selling Association of Singapore (DSAS) works with the Consumers Association of Singapore (CASE) to eliminate malpractices in the marketplace. DSAS also helps to resolve consumer complaints not only when they involve DSAS members, but also non-members. Such measures will also help the industry build credibility and consumer confidence.
I am pleased to note that your members understand the importance of upholding high standards of ethical conduct in the marketplace, which will place the industry in a socially responsible position, while ensuring sustainable growth for the long term.I look forward to even more pro-active measures by the DSAS to increase consumers’ confidence in the direct selling industry.
Conclusion
This is the second time after a 20-year break that Singapore is hosting the WFDSA World Congress. In fact, Singapore is the only country so far to be a repeated host for this prestigious industry event. I thank you for choosing Singapore and I certainly hope that you can consider Singapore as a destination for your future events.
The WFDSA World Congress XIII provides excellent learning and networking opportunities for participants to chart the future growth of the direct selling industry globally. It is especially laudable that one of the key objectives of the Congress is for WFDSA to strengthen your commitment to the highest ethical standards.
I wish you all a rewarding time in the Congress and also in Singapore.
Thank you.