Speech by Minister Grace Fu at the Business Times’ Singapore Stories Gala Dinner

Distinguished guests,

Ladies and gentlemen,

1. A very good evening to all of you. It is a great pleasure to join you tonight at The Business Times Singapore Stories Gala Dinner. Just days ago, we marked our 60th National Day – a significant milestone for Singapore, and a timely reminder of how far we have come together as a nation.

2. This evening, we continue these reflections by celebrating an important part of Singapore’s journey. Our enterprises, many of whom are represented here tonight, have been instrumental in fueling our growth. Companies ExxonMobil and Zuellig Pharma brought long-term capital, deep capabilities, and global networks to Singapore. Our local champions, such as DBS, UOB, OCBC, and Hi-P International Group have made their mark on the regional and global stage. SMEs, like Expand Construction and Bee Choo Origin, have shown how enterprise, resilience, and innovation continue to fuel economic dynamism.

3. Our policymakers, too, have played a pivotal role — building sound institutions, investing in long-term education and infrastructure, and enabling enterprise transformation. We are honoured to have with us tonight former political leaders such as Mr Heng Swee Keat, Dr Amy Khor, Mr Lee Yock Suan, and Mr Teo Ser Luck — all of whom made significant contributions to Singapore’s economic foundations, especially in areas like skills, innovation and SME development. And our ecosystem is supported by partners in research, design and capability building, including A*STAR, DesignSingapore Council and SIM. They continue to advance industry transformation and build future-ready capabilities.

4. This ecosystem works because we have remained open. Not just economically, but in mindset and approach. We embraced trade, welcomed talent, and sought out partnerships across different stakeholders.

5. Just as critical has been the trust that we have built over time. The trust in our governance, our rule of law, our institutions and between communities. This trust has anchored business confidence, enabled long-term planning, and allowed us to attract and retain investments across multiple generations.

The Business Times’ Role in Shaping our Business Community

6. In telling the story of Singapore’s economy, BT has played a crucial and enduring role.

7. Since its founding in 1976, BT has been more than a financial daily. It has been a fact-checker, a storyteller, a convenor, and a catalyst — shaping discourse, celebrating excellence, and strengthening market function through information access.

8. Beyond timely and accurate reporting on global developments – such as the US tariffs and the COVID-19 pandemic, BT has continued to provide thoughtful, in-depth features that clarify the roles of key companies in our economy and help spread broader messages like supply chain resilience and energy transition.

9. Two recent features are especially worth highlighting.

   1. Last week, a BT report highlighted how Zuellig Pharma is leveraging digital technology to strengthen modern healthcare access across Asia. The adoption of eZTracker, a blockchain-powered platform, helps to verify a product’s authenticity, expiry date and storage conditions, preventing counterfeits or improperly stored medicines.

   2. b. Another article highlighted ExxonMobil’s collaboration with the Singapore Government and Shell to evaluate and develop Singapore’s first cross-border carbon capture and storage (CCS) project. It highlights how the Government and companies are innovating together and supporting each other on the energy transition.

10. BT has also consistently celebrated excellence through awards such as the Singapore Business Awards, Singapore Corporate Awards, Enterprise 50, and Emerging Enterprise Awards. These accolades recognise leadership, governance, innovation, and entrepreneurial spirit. Some of tonight’s attendees — including Hi-P International Executive Chairman Yao Hsiao Tung, Carro’s CEO Aaron Tan, UOB, and Expand Construction — continue to be role models in our enterprise sector.

11. In recent years, BT has innovated to be relevant. The Sustainability Impact Awards, for example, spotlight companies that make environmental, social and governance (ESG) considerations central to their strategy. CDL was named Impact Enterprise of the Year for Large Enterprise in 2024. The Design, AI and Tech Awards recognise businesses that harness design and technology to develop groundbreaking solutions that tackle real business challenges.

12. These Awards do more than reward excellence — they inspire action. They signal what the business community values, and what progress we aspire to achieve.

13. Beyond awards, BT has also expanded its platforms. With Thrive, BT is fostering financial literacy among our youth — a vital foundation for personal resilience and informed citizenship. And through its partnership with Tech in Asia, it continues to engage the tech and startup communities across the region.

14. For all these efforts, BT deserves our appreciation — not only for chronicling Singapore’s economic journey, but for shaping the values, relationships, and aspirations of our business community.

Looking ahead — From Legacy to Future Readiness

15. Looking ahead, the global operating environment has shifted in fundamental ways. And Singapore must adapt with it.

16. Markets are turning inward. Geopolitical tensions and trade disruptions are reshaping global supply chains. Technological transformation is accelerating. Businesses are adapting to the low-carbon transition, an aging workforce, and growing demand for resilience and trust.

17. In response to the recent tariff situation, the Government set up the Singapore Economic Resilience Taskforce (SERT) to support businesses and workers to navigate the uncertainties and immediate challenges.

18. But we must plan for the long term. That is why the Government launched the Economic Strategy Review (ESR) to chart a fresh, forward-looking economic strategy that secures good opportunities for our businesses and workers in this transformed global landscape.

A Shared Strategy for the Future

19. In an era when major decisions are announced through social media (sometimes in less than 30words); when the cadence of decision making requires speed in information; when competition for attention demands information to be “eye-catching”, the role of a credible fact-checker, objective analyst, and neutral convenor remains critical. As a trusted voice in our business community, BT helps us surface ideas, connect changemakers, and shine a light on what matters. The stories it tells, the values it celebrates, and the platforms it provides will help galvanise the business community in support of our refreshed economic strategies.

20. To all our business leaders, entrepreneurs, educators, civil servants and former political office holders here tonight — thank you for the roles you’ve played in shaping Singapore’s past. And thank you for the leadership you will continue to show in shaping its future.

21. Let us remain bold in our ambitions, grounded in our values, and united in action.

22. Let us stay open, collaborative and future-ready — and write the next chapter of Singapore’s economic story, together.

23. Thank you and have a great evening.