Speech by SMS Low Yen Ling at the Trade Association And Chamber Networking Session

Mr Andrew Kwan, Vice Chairman of Singapore Business Federation (SBF),

Mr Kok Ping Soon, Chief Executive Officer of SBF,

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

Distinguished guests,

Ladies and gentlemen,

Introduction

1.            Very happy to see you. Good afternoon. Thank you so much for inviting me to speak at this networking session for the Trade Associations and Chambers (TACs).

2.            We all know that we are in an uncertain global economic landscape and, unfortunately, facing increasing geopolitical tensions. We are closely monitoring the situation in the Middle East, and we hope that common sense will prevail. Unfortunately, everyone will feel repercussions from the conflict, including businesses, who today face more complex challenges than before. That is why TACs play a critical role in helping your member companies to navigate this shifting landscape. Our TACs advocate for their members’ interests, bridge communications between companies and the Government, and connect enterprises within and across sectors.

SBF Aims to Build a Strong TAC Ecosystem

3.            SBF works closely with you to support the business community using a three-pronged approach:

a.    First, SBF facilitates collaborations to encourage the cross-sharing of networks, like what we are doing now, and hopefully, as we exchange insights, new ideas will come about, such as co-sharing of networks and opening companies’ access to fresh opportunities.

                                  i.    For instance, I really must cite SBF’s Smart Action Technologies Committee. It brings together industry experts and stakeholders to offer programmes with end-to-end technology solutions for targeted sectors of interest. Because I think we know, some TACs lack technological expertise. But through this committee, SBF can support TACs with their technological needs. As joint Secretariats, SBF and SGTech often align their efforts to accelerate our companies’ technological adoption. This is another example of how TACs are working closely with each other; SBF, as the apex chamber, SGTech, as the provider of horizontal technological support.

                                ii.    Another example is GlobalConnect@SBF (GC@SBF). Businesses are realising the importance of expanding regionally or even globally after the COVID-19 pandemic. SBF, with the support of Enterprise Singapore, assists our companies, whether big or small, to expand and find opportunities abroad. GC@SBF has provided over 500 consulting sessions and facilitated over 100 business globalisation projects since November 2022. For example, GC@SBF helped One Vibes Nation Vending & Franchise Management Pte Ltd to establish its halal consumer goods vending machine business in Turkey while strategically expanding to other countries around the Middle East and North Africa region, such as Saudi Arabia and the United Arab Emirates. These are examples of concrete and tangible business outcomes by participating in GC@SBF.

b.    Next, SBF acts as an aggregator. SBF aggregates and highlights the feedback that it receives from the business community, and, in doing so, strengthen the value and impact of TACs on businesses. The Alliance for Action on Business Competitiveness, co-chaired by SBF Vice Chairman Mr Mark Lee and me, looks into ways companies can stay competitive in this very tough business environment. We focused on three key pillars: manpower, land, and regulatory agility. I am thankful and heartened that about 20 TACs have participated, you and your member companies, in the focus groups and have given valuable feedback to help sharpen our companies’ edge. I want to assure you that your efforts will not go to waste, because we are now consolidating the feedback we received into tangible recommendations, to be released on 1 November.

c.    Lastly, SBF helps various TACs, big and small, build their internal capabilities to better support your member companies. The TAC Knowledge Series, a collaboration between SBF and Enterprise Singapore, has held workshops for over 130 secretariats from 51 TACs. Imagine the cross pollination for ideas that can happen from this interaction! These workshops equip the TACs with knowledge, like how to leverage generative AI and also, strategies for public communication, two topics that are important to TACs. SBF is also supporting the Association of Process Industry (ASPRI) to implement its Worker’s Credentialing System, which is critical for the energy and chemicals industry, in ensuring that safety and qualification requirements are met. By playing the role of a trusted in-house IT team which many TACs do not have, SBF can further support TACs like ASPRI in the successful delivery of systems that are critical for their member companies.

4.            So, through these efforts, collectively, I think all our TACs are well-positioned to be effective agents of change and to support our business community's continued growth.

Deepening TACs’ Capabilities in Digitalisation and Leadership Development

5.            The Government is committed to supporting the roles and capabilities of our TACs. Allow me to share how we will continue to uplift our TAC’s capabilities in two areas: digitalisation and leadership development, because this is important for your bench strength.  

a.    The Digitalisation of TACs Programme, or “Digi-TAC” by SBF and Enterprise Singapore, is an important initiative, because TACs can directly benefit from this programme. I am very happy to see 20 TACs embark on their digital journey to gain digital skills. With the help of SGTech, the Digi-TAC programme now gives TACs a headstart in using AI to enhance workforce efficiency. The Association of Singapore Marine and Offshore Industries has also taken the first step and is already implementing AI solutions.

b.    Furthermore, I am very happy to hear that SBF and SGTech are working with PwC to develop a TAC Digital Playbook. It will further guide TACs along their digital transformation. This playbook will provide structured pathways based on your priorities and framework for strategies, solutions and skills. Look out for its launch next month.

c.    Besides helping TACs go digital, we will continue to deepen the quality and capabilities of their leaders. That is why talent development programmes, such as the TAC Fellowship Programme (TFP) for Leadership Development, have been developed to support your secretariat’s needs. The TFP has nurtured the next generation of leaders; three cohorts of 31 TAC Fellows have since completed their programme, and, later, I will present the certificates to the third cohort. I met the first cohort when I attended their completion ceremony last year. I am very happy to learn that many of them have already stepped into bigger shoes. One good example is James Tan, Director of Partnerships and Programme Delivery from the Singapore Green Building Council. I would like to congratulate James on his recent promotion; he now oversees programme delivery in addition to communications and partnerships. I understand that the upcoming TFP has a few more slots. I would like to appeal to all of you to nominate your secretariat, as the time spent and networks developed during the programme will yield good returns on investment. There are many opportunities for cross-TAC collaborations during the TFP. So, I hope you would reconsider this worthwhile opportunity.

Looking Ahead: TAC Sector Transformation Map and TAC Summit

6.            Looking ahead, we will continue to seek your views, insights and cooperation to co-create a shared vision for TACs. Join us as we collectively develop our TAC Sector Transformation Map (TAC STM). Together, we will chart our plan to ensure the relevance, role, and impact that each TAC will have on member businesses. It is also a wonderful chance for TACs to come together and build greater synergies.

7.            With the support of Enterprise Singapore, SBF organised two TAC strategy workshops, which drew the participation of 68 participants from 42 TACs. We are very heartened by this response. I invite you to visit the booths here and contribute to the roadmap.

8.            Do mark your calendar and join the TAC Summit for TAC leaders and Secretariats next January. This is an opportune platform for TACs to engage on key issues, share insights, and forge meaningful alliances. So, I hope to see you there in January.  

Conclusion

9.            In closing, I want to thank all the TACs that I have worked with since the COVID-19 period. This is the time where we can forge closer collaboration to unleash potential, and I want to thank you for your continued partnership. On behalf of the Government, we are committed to uplifting and strengthening our TACs. We want to encourage everyone of you here to actively tap into the initiatives and programmes not just from SBF, but from other TACs as well, such as SCCCI. Together, we can empower our members, navigate the challenges ahead with confidence and strength, and create a dynamic, vibrant TAC ecosystem.

10.         Thank you and I wish you a wonderful weekend ahead.