Mr Lee Yi Shyan at The Grand Opening Of Krislite Building And Krislite Led Hub

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SPEECH BY SENIOR MINISTER OF STATE FOR TRADE & INDUSTRY AND NATIONAL DEVELOPMENT, MR LEE YI SHYAN AT THE GRAND OPENING OF KRISLITE BUILDING AND KRISLITE LED HUB (9 LOYANG WAY) WEDNESDAY, 18 SEPTEMBER 2013, 4PM

Distinguished Guests,

Ladies and Gentlemen

1.   I am pleased to join you this afternoon at the grand opening of Krislite Building, and the Krislite LED Hub which is the first LED-centric and sustainable lighting showroom in Singapore.

2.   I would like to congratulate Krislite on their achievements, both locally and internationally.

KRISLITE HAS CAPITALISED ON LOCAL GROWTH OPPORTUNITIES TO INNOVATE

3.   Krislite has built a brand name as a provider of energy efficient lighting solutions and this has allowed them to serve a growing local demand for eco-friendly solutions. The company’s innovative efforts have enabled it to clinch the contract to install the LED system and video screens on the facade of ION Orchard. Krislite’s other local projects include Scotts Square, Changi Airport Terminal 3 and the National Museum of Singapore. These environmentally-conscious efforts by Singapore companies are highly commendable.

INTERNATIONALISATION IS A CRUCIAL STRATEGY FOR LOCAL ENTERPRISES

4.   It is equally important, however, for local companies to establish themselves overseas.  Krislite is a good example of an enterprising Singapore company who is not afraid to venture abroad; Jimmy had spoken on how Krislite had built up innovation capacity over the years, while seeking growth markets in the region as early as 1994. Given our small domestic market, such internationalisation strategies are necessary for companies to grow and remain competitive. 

THE GOVERNMENT WILL CONTINUE TO SUPPORT INTERNATIONALISATION

EFFORTS

5.  The road to success has not been without challenges. In the early years of Krislite’s foray into Myanmar, the company faced financial constraints, a lack of understanding of cultural differences and had to build up its capabilities for internationalisation.

6.   The government recognises these challenges and remains committed to support the internationalisation efforts of companies. For example, SPRING and IE Singapore have a comprehensive suite of financial and non-financial assistance to support SMEs in their business expansion. Krislite has tapped on some of these programmes to strengthen their operations in China. They will also be exploring IE Singapore’s International Market Immersion Programme (iMIP) that serves to build up manpower capabilities and market expertise through in-market training in Myanmar.

7.   Myanmar and other emerging markets will continue to offer many opportunities for Singapore companies, but global competition will also be stronger. Singapore companies would need to constantly innovate and move up the value chain to differentiate themselves from competitors.

8.  The Singapore government remains committed to helping local players grow into Globally Competitive Companies. 

CONCLUSION

9.  Like a number of our home-grown enterprises which have built on their innovative capacity and sought overseas market opportunities, Krislite has done well. I wish Krislite management and staff every success in their future endeavors, and continue to contribute to Singapore’s economy with skilled jobs and innovative products.

Thank you.