Mr Lee Yi Shyan at the Singapore Business Forum's Launch of the Young Business Leaders Forum

SPEECH BY MR LEE YI SHYAN, MINISTER OF STATE FOR TRADE AND INDUSTRY AT THE SINGAPORE BUSINESS FORUM’S LAUNCH OF THE YOUNG BUSINESS LEADERS FORUM HELD AT THE GRAND COPTHORNE WATERFRONT ON 8TH SEPTEMBER 2006 @ 11AM.

Chairman SBF Mr Stephen Lee,

Young Business Leaders,

Distinguished Guests,

Ladies and gentlemen,

On YBF

First of all I would like to thank Stephen for inviting me to join you at the official launch of the Young Business Leaders Forum. I know I am in good company when I found out that members of the Young Business Leaders have to be 40 year and below. One thing, at the least, I feel younger with this group.

I understand that the aim of The Young Business Leaders Forum, is to nurture a group of young visionary business leaders who are aware, articulate and willing to serve a larger cause. SBF will help them realize their full potentials by way of mentoring, peer support and hands-on learning through services.

On Leadership

In your objective statement, I pick up two phrases: visionary business leaders; and serve a large cause. Let me share with you my thoughts on them.

I have been told that there are today 65 YBF members. This is a great start. By definition, you have rose to leadership positions by your accomplishments, track record and leadership qualities proven in your respective business areas.

I don’t think leader can lead without a vision, without telling people where they are going, and why they need to go there. So leaders must first have certain beliefs, and committed to them by words and action.

You become leaders in business because you have followers. You are able to persuade people to follow you, your cause, your beliefs and your value systems. You are able to motivate your team to take certain course of direction, attempt difficult tasks and accomplish high objectives. You reward them when they are successful, you encourage them when they suffer setback. You spend lots of time with them building trusts.

In my own experience, to be a effective leader, I feel it is necessary to communicate a great deal. In fact, I was advised that there is no such thing as over-communication. In the time of drastic changes where your company needs to make adjustments and quick response, frequent communications with the aim of convey the urgency of what needs to be done and how to do it become very critical. Some studies suggest that in many corporate transformation exercises that fail, only 5% at the shop floor or ground level staff understand what the CEO wants in terms of changes.

We live in a fast changing world. What happens globally affect Singapore. What affects at the workplace affects our homes and family lives.

In that sense, as leaders of our respective businesses, I would like to suggest that you consider playing a larger role beyond your businesses. As persons with leadership qualities, with abilities to influence and motivate followers, you are in unique positions to champion new causes, to share your talents and accomplishments with other and less well-to-dos in the society at large.

From my engagement with the grassroots and residents of my constituency, I am beginning to see a segment of our population with economic and social needs. Some of them require new skills and learning opportunities to remake themselves relevant for the job market; others require social counseling on financial planning and family issues. Some need to establish new and winning attitude for lives, others need encouragement to take charge of their future.

Yet there are many other social and volunteer organizations, providing financial and other forms of help to the needy in the society. Many of these organizations would benefit from your leadership, your personal time and care. The needs are vast, and you can make a difference.

When you start to get involved in the improvement of the well being of the fellow Singaporeans around you, you will derive a sense of satisfaction successful business careers alone cannot provide. I therefore see YBF as a unique organization that can make special contributions to the society with your business skills and leadership. Many of you, I am sure, will have “success in life” redefined.

ANNOUNCEMENT: Market Intelligence Portal

I would also like to take this opportunity here today, at this business event, to announce the launch of a new market intelligence portal at

www.marketinfo.sg

.

For the first time, entrepreneurs can access a one-stop shop portal for market intelligence. Many of the market intelligence reports on this portal have been specially developed with the Small and Medium-sized Enterprise or SME in mind.

By accessing the Market Information portal, SMEs will be able to get relevant and up-to-date market intelligence information in order make critical decisions such like “Where do I set up my retail shop?” and “How many competitors are there in the neighborhood?”.

With an initial offering of about 20 core reports online, it is estimated that up to 26,000 SMEs can benefit from this new service. The service is a strategic partnership between the public sector, involving about ten government agencies, and the private sector to develop SME-centric market intelligence.

As a picture says a thousand words, here is a short multimedia clip to show you a few highlights of what the portal can offer SMEs.

As the Market Information portal offers new SME-centric market intelligence, including complimentary industry articles, to help SMEs make the right business decisions, I would encourage SMEs to check out

www.marketinfo.sg

.

Or if you are a market research firm interested to come on board, please also come and visit the website.

With that, I would like to end by congratulating SBF on their launch of the Young Business Leaders Forum today. I look forward to soon hearing of the remarkable achievements of the great leaders in YBF.

Thank you and good afternoon.