Speech by Minister of State Gan Siow Huang at the ASME Women's Initiative Launch

1.             Good morning. I am very happy to join you today for the launch of the ASME Women’s Initiative. As I look around this room, I see the faces of determined and resilient entrepreneurs who have built their businesses from the ground up. You are not just business owners; you are the drivers of innovation and the heartbeat of our local economy.

2.             Singapore has always believed that our people are our greatest asset. For our nation to thrive, we must ensure that every individual, regardless of gender, has the opportunity to reach their full potential. Developing our local entrepreneurial spirit is essential for supporting inclusive and sustainable growth. This is why initiatives like the ASME Women’s Initiative that we are launching today are vital. They provide the necessary scaffolding for our female entrepreneurs to scale new heights.

Progress in Women’s Development

3.             Our commitment to advancing the status of women is steadfast. In the latest United Nations Human Development Index, Singapore was ranked 13th globally, an outcome underpinned by our sustained efforts over the years to promote gender equality and inclusive development. This is a significant achievement that reflects years of deliberate policy and collective community effort.

4.             However, we will and must not be complacent. While we have made great strides, the 2024 Progress Report on Singapore Women's Development reminds us that challenges remain. For instance, while the median gender pay gap has narrowed, there remains an adjusted gender pay gap of 6.0%. This gap often reflects unmeasurables like the heavier caregiving and parenthood responsibilities that women continue to shoulder at home. We must continue to shift mindsets and share these responsibilities more equitably.

Growth of Women-Owned Companies

5.             The landscape for women in the workplace is transforming. Between 2010 and 2022, the number of women-owned companies in Singapore more than doubled, growing from 16,300 to 36,000. By 2022, they accounted for over a quarter of all resident-owned companies in our nation.

6.             These businesses are significant contributors to our national prosperity. In 2022 alone, women-owned companies generated $85.3 billion in revenue and provided jobs for more than 200,000 employees.

Women at Work and Leadership

7.             We are also seeing more women take up leadership roles. In our top 100 SGX-listed companies, the percentage of women on boards tripled from 7.5% in 2013 to 25.1% in 2024. More than 60% of new 2024 appointments were first-time Directors.

8.             Leadership is not just about holding a title in a boardroom. It is about the courage to start a venture, the vision to lead a team, and the tenacity to navigate a competitive global market. I am particularly heartened to see that today we are celebrating the two winners of the Inspiring Female Entrepreneur Stories. Your journeys serve as a powerful testament to what can be achieved when passion meets opportunity. I look forward to meeting you and hearing your journey.

Enabling Vibrant and Growing SMEs

9.             This brings me to the aim of ASME Women’s Initiative: to grow the membership base of female entrepreneurs within ASME, ensure more representation for women on the ASME Council, as well as provide a supportive environment for female entrepreneurs to thrive locally and internationally. When we grow the community of female entrepreneurs, we add a different dimension of vibrancy, creativity, empathy, and resilience to our business landscape.

10.          The partnership between ASME and WEConnect International, which is being formalised through a Memorandum of Understanding today, is a practical step forward. By providing targeted leadership programmes and access to global trade networks, we are helping more women-owned businesses thrive.

Conclusion

11.          As we move forward, let us remember that women's development is a whole-of-society effort. It requires the equal partnership of men and women, the support of our families, and the commitment of our business associations.

12.          I would like to congratulate ASME on this timely initiative. I look forward to seeing many more success stories emerging from this community in the years to come.

13.      Thank you.