Speech by Parliamentary Secretary Low Yen Ling at the opening ceremony of the 21st Asian Horological Trade and Industry

SPEECH BY MS LOW YEN LING, PARLIAMENTARY SECRETARY, MINISTRY OF TRADE AND INDUSTRY & MINISTRY OF EDUCATION, AT THE OPENING CEREMONY OF THE 21ST ASIAN HOROLOGICAL TRADE AND INDUSTRY PROMOTION CONFERENCE 2016 ON 12 OCTOBER 2016, 9.35 AM, AT SHANGRI-LA HOTEL, SINGAPORE

Mr Jeremy Lim, President, Singapore Clock and Watch Trade Association (SCWTA),

Mr Ken Leong, Chairperson, Asian Horological Trade and Industry Promotion Conference (AHTIPC) 2016,

Mr Tan Soo Khoon, Advisor cum Honorary President, Former Speaker of Parliament and Former Member of Parliament, Ambassador to the Czech Republic,

Dr Samson Sun, Co-Founder of the AHTIPC,

H.E. Thomas Kupfer, Ambassador of Switzerland to Singapore,

Distinguished guests,

Ladies and Gentlemen,

Introduction

1.     Good morning. I am delighted to join you here today for the opening of the 21st Asian Horological Trade and Industry Promotion Conference 2016. First, let me extend a warm welcome to everyone, especially our friends from abroad.

2.     This is the fourth time Singapore is hosting the conference. The three previous occasions were in 1984, 1988 and 2004. Since then, there has been vast advances in technology and the horological industry.

3.     This year’s conference theme is particularly apt as we face a rapidly changing consumer landscape. There is an urgent need to enhance competitiveness, and yet balance modernity and tradition. 

Staying relevant amid changing times

4.     Watchmaking has a long history. The industry is no stranger to technological developments. It has been able to innovate and combine the traditional values of craftsmanship and quality with technology. Harnessing these changes has always been its key to success.

5.     The rise of quartz technology in the 1970s, for example, might have seemed like a threat to mechanical watchmaking. But it also created new opportunities. It allowed the production of timepieces that were both accurate and affordable to reach a wider market.

6.     Today’s digital age poses new challenges and opportunities. Many consumers today now use their mobile phones to keep time. Smartphone technology has opened the gates to an exciting new world of smartwatches. However, the industry has adapted to produce new waves of products. 

7.     Traditional watchmakers such as Tissot have embraced the digital age and rolled out their own smartwatch models. There are also collaborations between watchmakers and electronics firms. For example, the Swiss jeweller de Grisogono has produced a luxury, diamond-studded model of Samsung’s Gear S2 smartwatch.

8.     Another key development impacting the horological industry today is the rise of e-commerce. For many traditional retailers, the personalised boutique experience is still paramount. However, online shopping offers a broader geographical reach and brings a diversity of products to a wider range of potential customers. Compared to brick-and-mortar stores, e-commerce is highly scalable and flexible. It also fits seamlessly into consumers’ daily lives by offering convenient shopping at the click of a button.

9.     In fact, e-commerce presents an important opportunity for smaller firms and allows established players to expand their business model. The Internet age has also opened up new pathways for brands to establish and market their image and promise. This conference will address these opportunities. I understand that this afternoon’s workshops will touch on how you can adapt and keep pace with digital technology, tap online sales channels and the media, and  stay relevant to consumers.

Collaboration and innovation

10.   Besides gaining new knowledge, strong collaboration is crucial to improvements in the horological industry. For example, industry players need to close ranks to fight the counterfeit trade that has spread through the Internet. 

11.   Collaboration can take place across industries as well. The rise of smartwatches is a clear example of how working across different fields can result in exceptional products. Special collaborations with local graphic designers and artists are creative ways for watchmakers to come up with unique products while supporting homegrown talent.

12.   Enterprises and industry partners can also band together to innovate, improve productivity and reap collective benefits. The Singapore government is keen to support these endeavours. SPRING Singapore’s Collaborative Industry Projects or CIP initiative for instance, offers up to 70 per cent support for the development or adoption costs of such collaborations. Enterprises and industry partners can also band together to innovate, improve productivity and reap collective benefits. The Singapore government is keen to support these endeavours. SPRING Singapore’s Collaborative Industry Projects or CIP initiative for instance, offers up to 70 per cent support for the development or adoption costs of such collaborations. Enterprises and industry partners can also band together to innovate, improve productivity and reap collective benefits. The Singapore government is keen to support these endeavours. SPRING Singapore’s Collaborative Industry Projects or CIP initiative for instance, offers up to 70 per cent support for the development or adoption costs of such collaborations. Enterprises and industry partners can also band together to innovate, improve productivity and reap collective benefits. The Singapore government is keen to support these endeavours. SPRING Singapore’s Collaborative Industry Projects or CIP initiative for instance, offers up to 70 per cent support for the development or adoption costs of such collaborations. 

13.   A wide range of projects are possible under the CIP: for example, outsourcing non-core business functions, optimising resources through resource sharing or shared services, and exploring market opportunities together.

Leading the way via trade associations

14.   Global competition is growing more intense in today’s increasingly interconnected world. In such a climate, trade associations and chambers play a bigger role than ever. I wish to commend the Singapore Clock and Watch Trade Association (SCWTA) for driving the transformation of the horological industry.

15.   Founded in 1929, the SCWTA has been instrumental in nurturing and developing the horological industry in Singapore. Over the years, it has organised several technical courses with experts from Switzerland, and organised trade missions to foreign markets.

16.   The Association not only fosters close relationships with its regional counterparts, it plays host to overseas visitors. Thank you for your hard work and dedication in helping your members strengthen their capabilities and stay competitive in the face of changing market conditions.

17.   One of SCWTA’s biggest contributions is to organise the Asian Horological Trade and Industry Promotion Conference (AHTIPC) – without which, we will not be here today.

18.   Since 1971, the SCWTA has worked with its regional counterparts to make this biennial conference possible. The Conference has played an important role through the years. It offers a valuable platform for industry players to gain insights from experts and market leaders, and to also take a close-up look at the local industry through its study tour. 

19.   This conference is also wonderful chance for networking and the exchange of ideas between regional horological associations. Today we have delegates from China, Hong Kong, Malaysia, Taiwan, Japan, Korea and Singapore.

Conclusion

20.   Through this conference, I hope you will explore and discover new possibilities for partnerships and collaborations. There are many opportunities for you to work together - from market research and technical cooperation, to marketing and design.

21.   I wish you all a fruitful and productive conference and a very pleasant stay in Singapore. It is my pleasure to declare the conference officially open. Thank you.

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