Speech by Senior Minister of State Low Yen Ling at the Trade Association and Chamber Summit 2026

Introduction

1.      Good morning! I am delighted to be with you at the second TAC summit. Before I begin, I would like to take this opportunity to welcome TAC leaders from the United States, who have travelled to Singapore for this event.

2.      This year’s theme, “Future Ready TACs: People. Purpose. Partnerships.” highlights the growing need for our TAC community in Singapore to unite as we face increasing global uncertainties and challenges.

3.      With the ongoing Middle-East conflict, Singapore faces the prospect of slower growth and higher inflation as global supplies have been disrupted. Beyond energy, the supply of other key products such as fertilisers, aluminum and helium is also affected. Taken together, these developments will unfortunately drive up fuel, raw material and shipping costs, and in turn, raise business costs and cost of living. Two days ago, the Government announced close to $1 billion in additional support to help Singaporeans and businesses overcome these challenges.

4.      As part of our suite of measures for businesses, the Corporate Income Tax rebate for Year of Assessment 2026 will be increased from 40 per cent to 50 per cent. In addition, the cash grant component for eligible companies will be raised from S$1,500 to S$2,000, while the total benefits cap per company will be raised from S$30,000 to S$40,000. Eligible companies will receive the enhanced support from the end of this month.

5.      Additionally, to encourage and support more companies in adopting energy-efficient equipment, we will expand the Energy Efficiency Grant Base Tier to all sectors and extend it to 31 March 2028. In Singapore, we never waste a crisis. We want to make sure we work together as a whole-of-society to press on with our energy, supply and food diversification.

6.      During this challenging period, the role of TACs is more vital than ever. As a rallying force, TACs are well-placed to forge deep partnerships within members’ companies and across sectors. This solidarity will strengthen our enterprises with purpose and power, helping them stay on course to overcome the challenges ahead. We will continue monitoring the situation closely and working closely with TACs to ensure our businesses get through the crisis and emerge stronger.

7.      Today’s Summit will offer many opportunities for TACs to boost collaboration and exchange best practices for sector-wide transformation. Our goal is for our TACs to remain relevant and effective in a resilient and future-ready TAC ecosystem that supports the growth of our enterprises, large and small.

Future Ready TACs: People. Purpose. Partnerships

8.      Let me elaborate on the three Ps - people, purpose and partnerships - that will help TACs stay on course and be future-ready.

• The first P is People. The talents you have will keep your TAC ahead of the curve. Their institutional knowledge, as well as fresh ideas and connections, help strengthen your TAC network and capabilities. Earlier this year, we celebrated the graduation of the sixth cohort of TAC Fellows from SBF’s TAC Fellowship Programme (TFP). Since its start, we have built a strong pipeline of 60 fellows from 41 unique TACs, enhancing the vibrancy and capabilities in our TAC ecosystem. I'm very proud of this programme, because I know it is not easy for TACs to allow your staff to go for training, especially for extended periods. However, this investment is important, and I am delighted that we've made such significant progress over the past few years. The TFP demonstrates that the TAC Chairmen and Board Members are committed to the development of their secretariat. I hope TAC leaders will continue strengthening their relationships and partnerships, enabling us to maximise collaboration between TACs and share best practices.

• The second P is Purpose. TACs serve as trusted industry stewards, guided by leaders who lead the sectors with purpose. Programmes such as the Leadership Progamme jointly organised by SBF and the Singapore Institute of Directors (SID), equip TAC leaders with skills to serve their organisations better. To strengthen this effort, SID, with support from SBF, will introduce the Qualified Trade Associations & Chambers (QTAC) Director Badge, setting a clear benchmark for purposeful and effective TAC leadership.

• Last but not least, the third P is Partnerships. Partnerships forged across sectors in the TAC ecosystem catalyse further collaboration and new opportunities for sectoral development. Since 2017, the TAC Alliance has provided an important platform for TACs to aggregate your voices and forge strategic partnerships. Over the years, that Alliance has proven to be invaluable in encouraging members to exchange insights, organise synergistic initiatives, and share feedback.

Refreshed TAC Alliance 2.0

9.      Today, I am honoured to witness the launch of the refreshed TAC Alliance 2.0. It will anchor the implementation of the TAC Sector Transformation Map launched at last year’s TAC Summit. The Alliance will chart the next bound of TAC sector development via three key thrusts.

• One, it will provide insights to shape Government-TAC partnerships;

• Two, it will foster inter-TAC collaborations and initiatives, and

• Three, it will develop capability-building programmes to uplift the TAC sector.

10.   I am happy to share that the Alliance will be led by a Steering Committee comprising experienced industry leaders co-chaired by Mr S.S. Teo, Chairman of the SBF, and Mr Lee Chuan Teck, Chairman of EnterpriseSG. This Steering Committee will provide strategic direction and ensure effective coordination of initiatives to drive TAC sector development. Underpinning this Steering Committee would be three Working Groups focused on Policy and Research, Programme Collaboration, and Capabilities.

11.   We look forward to the TACs working collectively through this refreshed Alliance. When TACs pool resources, knowledge and expertise, they create a multiplier effect that benefits members’ companies, associations, and the entire business ecosystem. This solidarity and “TACs-for-TACs" spirit support enterprises and the business community to stay resilient and to overcome challenges together.

Importance of TACs in Charting Singapore’s Economic Growth

12.   Our TACs in Sinagpore are vital partners in driving our economy. You serve as integral pillars of our business ecosystem, and are the industries’ trusted voices. I would like to highlight a message that I share repeatedly across different forums because I feel it is important to emphasise. I would break it down into three components: A, B, and C. Firstly, the TACs are Advocates for your member companies, giving voice to your member companies directly to the government, Secondly, the TACs are the Bridge between government and industry. Thirdly, the TACs are the Connectors of networks, capabilities, and innovation. This A, B, C framework demonstrates the vital role that TACs play in our economy and helps strengthen capabilities.

Trade Association and Chambers Measurement Framework (TMF)

13.   To strengthen the capabilities and vital role TACs play in our economy, I am pleased to announce that EnterpriseSG is launching the Trade Association and Chambers Measurement Framework (TMF). This framework was developed with the input from over 60 TACs and 40 TAC leaders.

14.   Expanding upon the TAC Governance Framework (TGF), the TMF will incorporate six foundational capability areas essential for a strong and effective TAC. These include leadership, people and organisational change, financial stability, industry standing and track record, value proposition, and technology.

15.   You can think of the TMF as your TAC’s performance dashboard. It can serve as a structured and holistic tool to assess where your TAC is today, track your progress over time, and spotlight the specific capability to address.

16.   Most importantly, you are not alone on this journey. You can leverage the range of existing initiatives from our partners to develop these foundational capabilities. The SBF offers programmes such as the SBF-SID Leadership Programme to hone governance skills and the Digitalisation of TACs (Digi-TAC) Programme to upgrade technology skills. In addition, the Singapore Chinese Chamber of Commerce and Industry’s (SCCCI) Trade Association Committee (TACOM) Transformation Centre offers TACs advisory services in areas such as digitalisation, sustainability, and advocacy.

17.   I would like to add that the newly refreshed TAC Alliance will also be developing initiatives aligned as part of its mandate to uplift TACs’ capabilities across the board. 

18.   I encourage everyone here to take the chance to learn more about the framework today by attending this afternoon’s technical briefing by EnterpriseSG and PwC. This will be a great starting point for you to understand and explore what the TMF can do for your TAC.

Conclusion

19.   I would like to acknowledge and thank the many TACs and leaders for their time and efforts in co-creating the TMF with EnterpriseSG over the past year. We would not have been able to launch the framework without your strong support. I believe this collaborative approach is what makes Singapore special. In Singapore, the public sector and government listen attentively to the private sector, working closely together, incorporating your feedback, and jointly developing solutions to address emerging challenges. This partnership approach is how we future-proof our TACs and your members’ companies.

20.   I wish to also extend my deep appreciation to the SBF for organising this year’s TAC Summit. I look forward to the transformative impact that the refreshed TAC Alliance and TMF will bring to Singapore’s business community. I wish you all a rewarding and productive Summit ahead. Thank you.