Speech by SMS Low Yen Ling at the TAC Summit

Mr Lim Ming Yan, Chairman, Singapore Business Federation (SBF),

Mr Kok Ping Soon, Chief Executive Officer, SBF,

Leaders and representatives of Trade Associations and Chambers (TACs),

Distinguished guests,

Ladies and gentlemen,

Introduction

1. Good morning! It is a privilege to join all of you at the inaugural TAC Summit. This year’s theme, “Bridging Ambitions, Building Success”, underscores the importance of coming together to chart a vibrant future for our TAC sector. In today’s dynamic and uncertain landscape, forging strong partnerships is key to helping Singapore seize opportunities and face challenges. From business and ethnic chambers to umbrella organisations and professional associations – each of these plays a critical role in strengthening our business ecosystem and driving progress for our future.

2. Many of you joined us last October at the TAC Networking Session when SBF shared updates on the TAC Sector Transformation Map (STM). Today, we celebrate a significant milestone with the launch of this roadmap. This achievement reflects months of collaboration and meaningful dialogues aimed at enhancing the relevance and impact of TACs. It seeks to empower businesses to thrive and pave the way for sustainable growth in a fast-changing world.

The Legacy of TACs in Singapore’s Economic Growth

3. The government values TACs as integral pillars of our business community, helping drive our economy. Over the years, TACs have played a pivotal role as aggregators and multipliers in our business ecosystem. Being close to the ground, you understand the needs of your industries and provide invaluable support to businesses, especially SMEs. By pooling resources and expertise, you help them overcome size constraints. Through your collective efforts, you strengthen trade networks, deepen our economic linkages, and position Singapore as a global business and cultural hub.

4. You also play three critical roles in our enterprise ecosystem — advocating for your members, bridging communication across industries, and strengthening connections. From supporting businesses with government schemes to driving industry-wide initiatives, TACs are invaluable partners in our shared journey to transform our economy, grow our enterprises, and create better opportunities for Singaporeans.

5. As we reflect on the progress made, the journey of TACs in Singapore stands as a powerful testament to partnership, growth, and excellence.

   1. First, collaboration has been and continues to be a cornerstone of the TAC ecosystem’s success. A key milestone was the launch of the Trade Association Hub in 2017 by then-Prime Minister Lee Hsien Loong. This initiative brought TACs together under one roof, offering affordable office spaces and shared facilities to support industry development. More importantly, it fostered a culture of mutual support and collaboration that remains central to today's TAC community. Building on this foundation, platforms like the TAC Alliance and Trade Association Committee (TACOM) have strengthened their collective efforts to drive sector growth and transformation.

   2. Second, TACs have made significant strides in driving transformation and embracing innovation.The TACOM Transformation Centre, launched in August last year, equips TACs with customised tools and capabilities to grow, transform, and thrive in an ever-evolving business landscape. Meanwhile, the Digitalisation of TACs (Digi-TAC) Programme has empowered over 20 TACs to adopt digital solutions, boosting key corporate functions and making digitalisation a core part of their operations.

   3. Finally, developing industry capabilities remains along-term priority for all TACs. The TAC Fellowship Programme, an executive leadership training initiative, has nurtured more than 40 promising talents, building a strong pipeline of next-generation TAC leaders. Complementing this is the quarterly TAC Knowledge Series, which provides curated workshops and learning sessions to equip TAC professionals with the knowledge and skills to lead effectively.

6. These initiatives boost excellence across the TAC ecosystem and empower our businesses. I wish to commend the leadership demonstrated by our TACs in championing their members’ needs, driving transformation and fostering collaboration across communities. These efforts build a more connected and resilient enterprise ecosystem that can navigate future challenges and capture fresh opportunities.

Partnering Together to Navigate a Changing Environment

7. Today, the global landscape is increasingly complex. Geopolitical shifts, supply chain disruptions, and the pressing need for sustainability are reshaping how industries operate. In addition, evolving regulatory requirements and emerging areas like cross-border digitalisation and carbon markets increase business complexity.

8. As a small and open economy, Singapore’s success depends on our agility and coordination. TACs play an important role in this area. By fostering stronger inter-TAC collaboration, TACs can build an integrated ecosystem that empowers businesses to adapt to change and seize new opportunities.

9. The government remains committed to partnering with TACs on this journey. Enterprise Singapore (EnterpriseSG), and agencies such as the Infocomm Media Development Authority (IMDA), and the Singapore Tourism Board (STB) are working with TACs to support businesses through targeted programmes and initiatives.

   1. The upcoming SME Pro-Enterprise Office will serve as a central coordination unit within the government to help SMEs navigate regulations and ease compliance burdens. The office will work closely with the regulatory agencies to improve inter-agency coordination and streamline complex regulatory processes. TACs will play a key role in this effort by serving as key channels for gathering valuable industry feedback on regulatory challenges and issues.

   2. A good example of the benefits of the tripartite collaboration between the government, TACs, and businesses is the One-Stop Payroll (OSP) platform, launched in August last year. This initiative, jointly driven by the Inland Revenue Authority of Singapore (IRAS), Central Provident Fund (CPF) Board, Ministry of Manpower (MOM) and Government Technology Agency of Singapore (GovTech), streamlines and simplifies payroll and employment-related regulatory requirements on a single platform. By integrating payroll software, businesses can seamlessly submit payroll and employment-related data. This significantly reduces administrative overheads and compliance costs. Since its launch, the OSP has been well received, with seven payroll vendors now supporting over 23,000 employers. This number continues to grow. It’s evident that TACs play a critical role in amplifying such initiatives and driving their adoption. Let’s build on this momentum to help businesses benefit from Singapore’s digital transformation.

Launch of the TAC Sector Transformation Map

10. Today, with the launch of the TAC STM, we take a significant step forward in establishing a stronger and more resilient TAC sector. This achievement would not have been possible without the invaluable contributions of the workstream leads. Your dedication and focus have been instrumental in guiding the development of this roadmap. I also greatly appreciate the 42 TACs that generously shared their time, insights, and ideas during the consultation sessions. Your active participation has ensured that this roadmap reflects the aspirations and needs of our TAC community.

11. The TAC STM serves as both a guide and a stabilising force, offering clear pathways for transformation. It is anchored in four interconnected strategies:

    1. First, Sector Value Proposition focuses on multiplying the TACs’ impact. This involves nurturing active and engaged members while driving inter-TAC collaboration locally and internationally.

    2. Second, nurturing our Human Capital develops the leadership and professional capabilities of TACs. Building a pipeline of skilled talent ensures that the sector remains well-equipped for the future.

    3. Third, ensuring Operational Excellence enhances the internal operations of TACs. Streamlined operations and optimised resources enable TACs to operate more efficiently, better serving their members and industries.

    4. Finally, as trusted industry leaders, maintaining Governance is key for all TACs. By raising the standards of accountability, transparency, and long-term planning, TACs can strengthen trust and ensure sustainability within the ecosystem.

The Road Ahead

12. Our work continues beyond the launch of the TAC STM. In the coming months, SBF will collaborate with TACs and government agencies to refine and implement initiatives from the focus groups, ensuring the roadmap stays relevant and effective. It is encouraging to hear that good progress has already been made.

    1. EnterpriseSG and SBF have already begun efforts to support TACs in their Governance journey. In 2023, EnterpriseSG introduced the TAC Governance Framework to strengthen governance capabilities across TACs. Building on this, EnterpriseSG is leading an initiative to develop a comprehensive assessment tool that will objectively measure the strengths and areas for improvement of local TACs in key areas. This will allow EnterpriseSG to work with TACs to identify specific areas for development and take targeted actions to enhance their competencies. Ultimately, these efforts will contribute to a more robust TAC sector better equipped to support the growth of local enterprises.

    2. With EnterpriseSG’s support, SBF has also developed practical tools to augment governance capabilities within TACs. These include one-on-one advisory sessions tailored to address specific needs. In addition, the TAC Administration Guide, launched today, offers clear guidance to help TACs adopt and implement best practices effectively.

    3. Furthermore, SBF and the Singapore Institute of Directors (SID) have jointly developed the SBF-SID Leadership Programme for TAC Councils. This initiative equips board members and Heads of the Secretariat with the knowledge and skills to enhance governance and decision-making. A key feature of this roadmap a series of half-day sessions covering vital topics such as corporate governance, financial and risk management, procurement, and human capital. These masterclasses will also feature group discussions to encourage cross-learning among TACs. I am pleased to share that the first cohort will begin in late March, and I strongly encourage TAC leaders to lead by example by participating in this programme.

    4. Under Human Capital, uplifting the capabilities of TAC Secretariats remains a priority. A strong Secretariat is essential for TACs to serve their members and drive enterprise growth effectively. To better understand current and future manpower needs, SBF and Ernst & Young (EY) are conducting a TAC human capital landscape study. Engaging over 30 TACs, this study will identify gaps and opportunities to strengthen the Secretariat workforce. The study is expected to be completed by March 2025. SBF will use the study’s findings to work with partners such as SCCCI to develop targeted programmes addressing identified capability gaps. These initiatives will support TACs in adopting capability-based hiring practices and accelerate the adoption of the TAC Competency Framework.

13. The TAC STM represents a crucial segment in the bridge we are constructing toward a future-ready and collaborative TAC sector. Past initiatives, like cross-sector collaborations during the COVID-19 pandemic and the Sustainability Alliance, have laid a strong foundation. Today’s TAC Summit extends this progress, bringing us closer to a more unified and resilient future. Each TAC plays a vital role as a pillar supporting this bridge, with larger TACs playing asignificant role in championing these efforts and leading by example. While the road may seem challenging, we trust we will succeed with our collective strength. This approach has carried us through 60 years as a nation and will alsotake the TAC sector forward today.

Conclusion

14. It is apt that we gather for the inaugural TAC Summit in this milestone year of SG60. I sincerely thank SBF for conceptualising and initiating this platform, which serves as a space for knowledge exchange and collaboration and envisioning a future-ready TAC sector. It affirmsSingapore’s broader priorities of sustainability, digital transformation, and talent development. I hope the TAC Summit grows into a regional platform for association leaders across Asia to connect, share ideas, and scale best practices.

15. As we celebrate SG60, it is also an opportunity to reflect on TACs' role in driving business for good. Initiatives like SGSHARE, launched just last week, demonstrate how collective action can uplift our community. SGSHARE, a giving programme by Community Chest, is a key platform through which we can support Singaporeans who need more support. SGSHARE directs 100% of donations to help vulnerable groups, including adults with disabilities, children with special needs, youth at risk, persons with mental health conditions, and families and seniors in need. The government has identified close to 180 programmes to benefit from these contributions. A small contribution of $5 a month, or $60 a year, makes a significant difference. TACs are uniquely positioned to rally their members around such initiatives, inspire collaboration, and contribute meaningfully to the community.

16. Together, as businesses, TACs, and individuals, we can strengthen Singapore’s economic resilience, foster innovation, and create opportunities for all. Let us move forward with optimism and determination to achieve our goals for the future. I wish you a productive and inspiring Summit ahead. Thank you.