Speech by Minister S Iswaran at the launch of CapitaLand's Elevate Programme

SPEECH BY MINISTER S. ISWARAN AT THE LAUNCH OF CAPITALAND’S ELEVATE PROGRAMME ON THURSDAY, 7 DECEMBER 2017, 6.20PM, AT FUNAN SHOW SUITE (JUNCTION OF HILL STREET AND HIGH STREET)

Mr Lim Ming Yan, President and Group CEO of CapitaLand Limited

Opening

1.         It is my pleasure to join you today at the launch of CapitaLand’s Elevate Programme.

Innovation is key to future growth and competitiveness

2.         We know that technological change and digitalisation are disrupting industries and business models. But we also know that these are creating significant opportunities especially for companies that chose to embrace the changes.

3.         That is why in the Singapore context, we continue to emphasize the importance of innovation as a cornerstone of our economic strategies. Because ultimately, that is the enduring value proposition on which we have built our economic success.

4.         This is also why innovation is one of the key pillars for each of our 23 Industry Transformation Maps (ITMs).  Because every enterprise, every industry cluster needs to transform, and the retail sector is no different. Some could argue that in the retail industry, perhaps more so than for many others, there is a need for a major transformation, harnessing not just technology but also leveraging on lifestyle preferences and new patterns of consumption.

5          What has been important and reassuring is to see the moves that our larger local enterprises are making in this space as well. Not just in terms of accepting that the adoption of technology is important, but also finding ways to work with our existing ecosystem of enterprises, whether it is with SMEs or startups.

6          From the Government perspective, our support for innovation is through different channels, but primarily through our Research, Innovation and Enterprise 2020 (RIE2020) plan, where we are allocating significant sums towards certain domains such as urban solutions and sustainability.

7          What I would like to emphasise is that this is not just about technology, not just about design, but this is also about creating a strong ecosystem. One where the large enterprises, like CapitaLand, can work with our SMEs and startups in order to leverage on each other’s strengths and create a much stronger value proposition as a whole. That is something that CapitaLand is already embarking on and and this is something we want to encourage and nurture.

8.         Through the work that we do in MTI and our agencies, such as EDB and Enterprise Singapore, this is an area we will also continue to focus on – how can we bring our strengths together, in order to create an even larger value proposition.

9.         The other aspect is how our larger enterprises, like CapitaLand, are nurturing and investing in startups through venture activities. I think that is a very welcome move. Often venture and corporate incubation is talked about in the context of tech, but actually in the space of retail and lifestyle, there are many opportunities to do the same. I think CapitaLand, because of your business and your exposure to many markets, you are in a very good position to undertake that. Your venture activities, combined with some of the alliances that you are developing in Funan and elsewhere, will make an important contribution for the long term.

10.       Finally, from a Government perspective, we stand by you. We work with industry, from large enterprises, SMEs and the startups, in order to make sure that when we look ahead, we look ahead with confidence. And whichever sector it is, that it is a sector that will remain thriving, competitive and successful in Singapore’s context and also the region beyond.

11.       Congratulations to CapitaLand and we are looking forward to the completion of your development so that we can all enjoy some of the interesting ideas you have in store. Thank you very much.