Minister Teo Ser Luck at Junior World Entrepreneurship Forum

​REMARKS BY MR TEO SER LUCK, MINISTER OF STATE FOR TRADE & INDUSTRY AND CHAIRMAN OF ACTION COMMUNITY FOR ENTREPRENEURSHIP AT JUNIOR WORLD ENTREPRENEURSHIP FORUM, SINGAPORE ON 6 JULY 2013, 1030AM, AT WAREHOUSE@*SCAPE

Good morning.

1.           I am very happy to be invited to this year’s Junior World Entrepreneurship Forum.

2.           It may be a surprise to some of you to know that more than 1.3 billion people, almost 20% of the world’s population, are still living in extreme poverty today, surviving on less than $1 a day.  This was the motivating factor for the establishment of the World Entrepreneurship Forum in 2008, as a think-tank to explore how we can harness the power of entrepreneurship to create both wealth and social justice, and shape a better world by the year 2050. 

3.           Since the Forum was started, global thought leaders, policymakers and entrepreneurs have gathered to discuss social and policy issues on entrepreneurship. These exchanges have helped shape changes in the entrepreneurship environment in more than 60 participating countries which have been gathering annually.  Together, we strive towards entrepreneurial solutions that can lessen, or even eradicate, global problems like extreme poverty.  I am pleased to note that the sixth edition of the World Entrepreneurship Forum will be held in Singapore this October.  The JWEF being held this weekend is the beginning of the preparations that will take us to the World Entrepreneurship Forum in October. The ideas that you share today will be further discussed at the October Forum.

4.           In Singapore, we recognise the importance of entrepreneurship as a means to create jobs and wealth, as well as to improve the resilience of our economy by diversifying our corporate landscape. Therefore, we have made efforts to ensure that our business environment and regulatory frameworks are pro-enterprise. As a result of these efforts, Singapore has ranked top in the ‘Ease of Doing Business’ for the last seven years.

5.           Over the years, we have also worked hard to inculcate a positive and receptive attitude towards entrepreneurship in our society, so that more of our young talent can take up the challenge to become successful entrepreneurs. There are many helping hands to guide you as you seek out your path as an entrepreneur.  We have brought opportunities closer to you in your schools, where you can start by learning the fundamentals of building a business. You can access internship opportunities with start-ups to gain first-hand experience of what it is like to work in a start-up. And if you have a good business idea, you can even apply for seed funding.    

6.           Much has been done, but yet more can be done. It is in this spirit that I recently called for a review of current efforts to support entrepreneurship in Singapore. The Entrepreneurship Review Committee will engage the various groups of stakeholders in our start-up community as part of this review. Today, we will start by tapping your views, as future entrepreneurs of Singapore, on how we can make Singapore more entrepreneurial.

7.           Your feedback in the dialogue session today is important to us and would help shape the recommendations of the review committee and the future of entrepreneurship in Singapore. 

8.           On this note, I wish you all a fruitful programme and I look forward to our dialogue later.  Thank you!