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BUSINESSES EMPOWERING - TOMORROW
EMP OWERING
BUSINESSES F O R
  TOMORROW

      Annual Report 2019
BUSINESSES EMPOWERING - TOMORROW
EM P OWER I N G
BUSINESSES F O R
  TOMORROW
As Singapore’s apex business chamber, the
Singapore Business Federation (SBF) works with
the government and other stakeholders to drive
business advocacy and capability building among
businesses. Through our extensive local and
global networks, we help companies establish
connections and form alliances with the right
partners, so as to help them internationalise and
expand their businesses beyond our borders.

                                                    Annual Report 2019 1
BUSINESSES EMPOWERING - TOMORROW
CONTENTS
                                                                                                                               4    Chairman’s Message
                                                                                                                               6    Key Initiatives and Events

                                  THE SBF STORY                                                                                8
                                                                                                                               9
                                                                                                                                    Key Figures and Statistics
                                                                                                                                    Incoming Delegations
                                                                                                                               10   Membership Profile
                                  The evolving global economic and business landscape
                                  of the late 1990s prompted the Government to establish
                                  an entity that would better organise and represent
                                                                                                                               12   STRENGTHENING BUSINESSES
                                  Singapore’s business community.                                                              14   Taking on Inequality with Sustainable
                                                                                                                                    Employment
                                  With the passing of the Singapore Business Federation                                        16   Budget 2019
                                  (SBF) Act in July 2001, all Singapore-registered
                                                                                                                               17   Dialogues
                                                                                                     VISION
                                  companies with paid-up capital or authorised share
                                  capital of S$0.5 million and above became members                                            19   Business Sentiments
                                  of SBF. The Federation was officially launched by then
                                                                                                                               20
                                  Prime Minister Goh Chok Tong on 11 April 2002.            The apex platform promoting             The Pulse of the Business Community

                                  Today, SBF represents about 27,200 Singapore
                                                                                           the growth and vibrancy of the      22   BROADENING HORIZONS
                                  companies and key local and foreign business chambers.   Singapore business community.       24   ASEAN
                                                                                                                               27   China and North Asia
                                                                                                                               30   Americas, Europe, Middle East, Africa

                                                                                                    MISSION                         and South Asia

                                                                                           We champion the interests of our    32   GEARING UP FOR THE FUTURE

                                                                                           business community in Singapore     34   SBF Business Institute

                                                                                             and internationally, and act as   36   FTA Education & Outreach

                                                                                            the bridge between businesses      38   Boosting Business Transformation

                                                                                                 and the Government.           40 ADVOCATING INCLUSIVITY &
                                                                                                                                    SUSTAINABILITY
                                                                                                                               42 SBF Foundation
                                                                                                                               44 Global Compact Network Singapore

                                                                                                                               46   FEDERATION PROFILE
                                                                                                                               46   Board of Trustees
                                                                                                                               47   2018 / 2020 Council
                                                                                                                               50   Council Committees
                                                                                                                               51   SBF SME Committee
                                                                                                                               52   SBF Digitalisation Committee
                                                                                                                               53   SBF Infrastructure Committee
                                                                                                                               54   SBF Secretariat

2 Singapore Business Federation                                                                                                                              Annual Report 2019 3
BUSINESSES EMPOWERING - TOMORROW
CHAIRMAN’S MESSAGE
                                                                                                                   and effective staff training hamper their digital      Singapore’s business community on international
                                                                                                                   adoption plans.                                        platforms such as the APEC Business Advisory
                                                                                                                                                                          Council, ASEAN Business Advisory Council and East

SBF will prioritise its efforts on digital
                                                                                                                   To help companies on their digitalisation journey,     Asian Business Council. A key initiative is the ICC
                                                                                                                   SBF ramped up efforts this year to show companies      Singapore Arbitration Group which is expected to
transformation for Singaporean                                                                                     what they can readily do. These include industry-      raise Singapore’s profile as a hub for international
businesses, especially small and                                                                                   specific forums and the SBF-SMEs Go Digital Series
                                                                                                                   to provide businesses with easier access to digital
                                                                                                                                                                          arbitration and dispute resolution.

medium enterprises, and facilitate the                                                                             solutions and equip employees with skills to boost
expansion of their operations beyond                                                                               their productivity.                                    Beyond the Horizon
                                                                                                                                                                          Besides technology and innovation, SBF will also
our shores.                                                                                                        To support the digital upskilling of business owners   emphasise building up companies’ human capital
                                                                                                                   and their employees, SBF and V3 Fintech also           going forward. In the coming year, we will embark
                                                                                                                   established a regional digital academy, Beyond Lab,    on new initiatives, with the support of partners, to
                                                                                                                   to help SMEs to develop data analytics and fintech     facilitate and enable job redesigning for employees.
                                                                                                                   capabilities affordably. SBF has also announced a
                                                                                                                   partnership with the Institute of Systems Science      Our Young Business Leaders Network (YBLN) has
The end of 2019 saw the worst of the storms almost      In Good Company                                            at the National University of Singapore to deliver     been engaging our young leaders of tomorrow to
draw to a close as the US and China sparked             In November, SBF unveiled a special report titled          a series of digital competency training courses to     prioritise and embrace stewardship in business.
optimism with a Phase One trade deal agreement.         “Sustainable Employment - Achieving Purposeful             launch in 2020. We are committed to helping our        We are proud of them for stepping up and setting
But, in end January, the unexpectedly widespread        Business Success Together”. A by-business-for-             businesses narrow their gaps so they can tap digital   up a S$5million SBF-YBLN HOPE Fund to help
COVID-19 outbreak cast a shadow on the economic         business initiative driven by SBF in consultation          technology and Singapore’s network of FTAs to stay     SMEs impacted by the COVID-19 outbreak. SBF
growth potential globally and at home. However, I’m     with over 300 business leaders, trade associations         agile and expand overseas.                             will continue to provide them with the space and
confident that we will emerge stronger, and more        and chambers (TACs), community organisations,                                                                     platform for knowledge exchanges and networking
resilient and united.                                   academia and other stakeholders, the report                                                                       opportunities.
                                                        put forth six key recommendations targeted at              Going Global
And as the world overcomes the challenges of            addressing the employment needs of the elderly, the        In 2019, SBF received 40 delegations from Asia,        The past six years as SBF’s Chairman has been a
COVID-19, many of the developments in 2019 will         less well-off and those vulnerable to job disruption.      the Middle East, Africa and Europe. We also led 29     journey that I’m privileged to have embarked on. I
begin to bear fruit. On the trade front, the upgraded                                                              business missions and overseas market workshops.       have witnessed the Federation grow from strength
China-Singapore Free Trade Agreement (FTA)              And I’m pleased to see that this initiative has gained                                                            to strength because of the business community’s
and the landmark European Union – Singapore             traction. More than 100 companies have taken               In November, SBF led a larger and more diverse         commitment to continuously strive for excellence
FTA will benefit many of our businesses in their        the Sustainable Employment Pledge and have                 delegation to the 2nd China International Import       and success, and the strong support of SBF
internationalisation journey. We also look forward      committed to making at least one improvement in            Expo. We showcased a wider range of innovative         members, the Government and our partners.
to the signing of the Regional Comprehensive            their employment practices every 12 months.                products and services to the vast Chinese market.
Economic Partnership, which is slated to be the                                                                    Through tailored business matching sessions, our       A big thank you to the Council, various committee
world’s largest FTA. This will create fresh trade and   As part of the recommendations, SBF is working with        companies inked 26 MoUs, valued at more than           members (past and present), and the dedicated and
investment opportunities for our companies in Asia      partners such as Far East Organization, CapitaLand,        S$260million – a significant increase from the 15      hardworking Secretariat led by CEO Mr Ho Meng
and beyond.                                             Certis Group, CBM, Greenology, ISS Facility Services       MoUs worth over S$152million in 2018.                  Kit. It is my great honour to have worked with them.
                                                        and Pontiac Land on a lighthouse project to explore                                                               I hope you will join me in continuing to support SBF’s
The road ahead may not be entirely smooth. We           job clustering for essential service workers in order to   SBF’s flagship Singapore Regional Business Forum       work in the years ahead.
call on our companies to keep the momentum on           improve wages and career prospects. Pilot trials will      celebrated its fifth anniversary, underscoring
business transformation going and stay the course       kick off in the first half of 2020.                        Singapore’s role as a key connector and gateway
on investing and upskilling their workforce so they                                                                city for international trade and commerce. The event
can remain competitive.                                                                                            was followed by the inaugural Singapore Regional
                                                        From Disruption to Transformation                          Infrastructure Summit which saw the establishment
Beyond building viable businesses, we also hope         Digital transformation continues to impact                 of two sub-committees – Built Environment and
companies will embrace the important role they play     businesses and the way people work. In our National        Water and Waste – under the SBF Infrastructure
in fostering a cohesive society by committing to        Business Survey 2019/2020, nine in 10 businesses           Committee.
sustainable employment practices.                       recognised the importance of digitalisation to remain                                                             Mr S.S. Teo
                                                        competitive. However, factors like perceived costs         Besides connecting members to internationalisation     Chairman
                                                                                                                   opportunities, SBF also promotes the interests of      Singapore Business Federation

4 Singapore Business Federation                                                                                                                                                                                Annual Report 2019 5
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KEY INITIATIVES
      AND EVENTS
                                  Championing Sustainable                              ICC Singapore Arbitration Group                        ASEAN Conference 2019
                                  Employment                                           SBF established the ICC Singapore Arbitration          Marking the fifth edition of the annual ASEAN
                                                                                       Group in June, aiming to provide Singapore             Conference, SBF launched the SBF BusinessASEAN
                                  SBF released a special report titled “Sustainable
                                                                                       arbitrators greater opportunity and exposure to ICC    Network to help Singapore companies expand
                                  Employment – Achieving Purposeful Business
                                                                                       arbitration standards, practices and cases. Through    into the region. Themed “Transforming Cities,
                                  Success Together”, calling on the business
                                                                                       this initiative, SBF hopes to elevate Singapore’s      Transforming Industries”, the Conference featured a
                                  community to take purposeful action on sustainable
                                                                                       position as an international arbitration hub.          dialogue with Guest of Honour Mr Chan Chun Sing,
                                  employment in order to foster a vibrant economy
                                                                                                                                              Minister for Trade and Industry, and convened some
                                  and inclusive society. A conference graced by
                                                                                                                                              520 participants to examine the future of ASEAN
                                  President Mdm Halimah Yacob also saw the launch
                                                                                                                                              amidst rapid transformation and disruption.
                                  of the Sustainable Employment Pledge, which
                                  has since garnered more than 100 pledges from        2nd China International Import
                                  companies both big and small.                        Expo
                                                                                       A larger and more diverse delegation headed to         Business Mission to Russia
                                                                                       the second edition of the Expo, with exhibitors
                                                                                                                                              SBF led its inaugural business mission to
                                  Inaugural Singapore Regional                         showcasing a wider range of products and services.
                                                                                                                                              Vladivostok, Russia in September, in conjunction
                                                                                       SBF launched a WeChat mini programme to
                                  Infrastructure Summit                                connect Chinese buyers with the exhibitors. The
                                                                                                                                              with the 10th Inter-Governmental Commission
                                                                                                                                              between Singapore and Russia. The delegates had
                                                                                       Singapore-China Trade and Investment Forum was
                                  Held in conjunction with the fifth Singapore                                                                the honour of meeting and exchanging views with
                                                                                       also organised with Mr Chan Chun Sing, Minister
                                  Regional Business Forum, the inaugural Singapore                                                            Mr Tharman Shanmugaratnam, Senior Minister and
                                                                                       for Trade and Industry, participating in a dialogue.
                                  Regional Infrastructure Summit showcased                                                                    Coordinating Minister for Social Policies, and other
                                  Singapore’s role as an infrastructure hub and                                                               senior government office holders.
                                  highlighted how the region can harness the
                                  economic and social benefits arising from
                                  infrastructure development for sustainable           Inaugural Strategic Planning
                                  economic growth. The Summit also announced the
                                  establishment of two sector-based sub-committees
                                                                                       Session for TACs
                                  – Built Environment and Water and Waste – as part    More than 60 leaders from 39 trade associations
                                  of SBF’s Infrastructure Committee.                   and chambers (TACs) gathered for an inaugural
                                                                                       strategic planning session to discuss pertinent
                                                                                       issues like digitalisation and internationalisation.
                                                                                       Mr Heng Swee Keat, Deputy Prime Minister and
                                  FTA Symposium 2019                                   Minister for Finance, also had a dialogue with the
                                                                                       attendees and witnessed the MoU signing between
                                  Commemorating 20 years of Singapore’s Free Trade     SBF and the Singapore Manufacturing Federation.
                                  Agreement (FTA) strategy, the FTA Symposium
                                  2019 was organised by SBF, the Ministry of Trade
                                  and Industry and Enterprise Singapore. The event
                                  brought together Guest of Honour Mr S Iswaran,
                                  Minister for Communications and Information and
                                  Minister-in-charge of Trade Relations, and some
                                  600 business leaders to explore how businesses
                                  can find opportunities from Singapore’s network of
                                  FTAs and upcoming Digital Economy Agreements
                                  as well as navigate hurdles.

6 Singapore Business Federation                                                                                                                                                   Annual Report 2019 7
BUSINESSES EMPOWERING - TOMORROW
KEY FIGURES                                         INCOMING DELEGATIONS
             AND STATISTICS                                    40
                                                               Total number of incoming
                                                               delegations

                                                                                                     4                          30
                                                                                                     Europe                     Asia
                                                                                                     Armenia, Czech Republic,   Bangladesh, Cambodia, China, India,
                                                                                                     Hungary, Poland            Indonesia, Japan, Korea, Malaysia,

                                    27,149
                                                                                                                                Mongolia, Myanmar, Nepal, Pakistan,
                                                                                                                                Turkmenistan

                                          Members

      53,972
    Total number of participants
                                          26,902
                                     Statutory Members

             engaged                        247
                                    Associate/Constituent
                                          members

      13,664
          Total number of
        participants engaged
        and trained through
       our Internationalisation
     programmes and activities
                                         214
                                   Total number of partners,
    (including Overseas Market      associates and sponsors
             Workshops)              engaged and assisted
                                                                                                          1
                                                                                                          Middle East
                                                                                                          Jordan

                                                                                          5
                                                                                          Africa

             616                          29
                                       Total number of
                                                                                          Kenya, Mauritius, Nigeria,
                                                                                          Rwanda

      Total number of activities
                                      outgoing missions

8 Singapore Business Federation                                                                                                                         Annual Report 2019 9
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INDUSTRY PROFILE OF SBF MEMBERS BY
                                                                               SINGAPORE STANDARD INDUSTRIAL CLASSIFICATION (SSIC)
 MEMBERSHIP PROFILE
                                                                                                                                                                                    5,756
 SHARE CAPITAL OF SBF MEMBERS                                                  Wholesale Trade                                                                        21.40%        members
                                                                               Other Financial and
                                                                               Insurance Activities
                                                                               e.g. Holding/Investment Companies
                                                                                                                                                      14.85%      3,995 members

                                                                               Manufacturing
                                       S$10 m and above
                                                                                                                                               12.10%       3,255 members

                                       20.98%
                                                                               eg. Food, Textiles, Paper Products,
                                                                               Chemicals, Metals, etc

                  S$5 m to < S$10 m

              8.36%                                                                                                                      9.32%       2,506 members
                                                                               Professional Services
                                       5,645 members

                       2,248 members                                           Construction and
                                                                               Civil Engineering                                       7.93%      2,133 members

                                                                               IT & Related Services                             6.08%      1,635 members

                                                                               Banking and Insurance                            5.33%     1,434 members

                                                          S$0.5 m to < S$1 m
                                                                               Logistics & Transportation                       5.13%     1,381 members

                                                          29.39%
                                                          7,906 members
                                                                               Administrative & Support
                                                                               Service Activities                              4.39%     1,182 members

                                                                               Retail Trade                               3.43%        922 members

                                                                               Real Estate Activities                    2.81%      756 members

                                                                               Hotels, Restaurants &
                                                                               Accommodations                            2.53%     680 members
                                                                               Others
                                                                               eg. Agriculture and Fishing, Mining
                                                                               and Quarrying, Water Supply, Sewage
                                                                               and Waste Management, Public            1.42%     381 members
                                                                               Administration and Defence, and Arts,
                                                                               Entertainment and Recreation

                    S$1 m to < S$5 m                                           Other Service Activities                1.35%     362 members

           41.27%     11,103 members
                                                                               Education                               1.04%    280 members

                                                                               Health & Social Services                0.91%    244 members

10 Singapore Business Federation                                                                                                                                            Annual Report 2019 11
BUSINESSES EMPOWERING - TOMORROW
SBF serves as the voice of
business and industry to
advocate on issues that          STRENGTHENING
impact enterprises and the
business climate. Working
closely with businesses, trade
                                   BUSINESSES
associations and chambers as
well as government agencies,
SBF aims to foster a vibrant
city in which to do business,
work and live.
BUSINESSES EMPOWERING - TOMORROW
STRENGTHENING BUSINESSES                                                                                                                                                                                                                     STRENGTHENING BUSINESSES

Taking on Inequality with                                                                                                                     Sustainable Employment Conference
Sustainable Employment
In November, SBF unveiled a special report titled            As the apex business chamber, SBF recognises
“Sustainable Employment – Achieving Purposeful               that developments in technology, demographics,
Business Success Together”, calling on the business          and societal values will change the way businesses
community to commit to sustainable employment                operate and succeed. In order to achieve
practices in order to foster a vibrant economy and           sustainable growth in the long term, business
inclusive society.                                           leaders need to consider the impact of their
                                                             strategies and policies on their employees, business
A business-led effort driven by SBF in consultation          ecosystem and communities.
with over 300 business leaders, trade associations
and chambers (TACs), community organisations,
academia and other stakeholders, the report
highlights six key recommendations and potential
business opportunities targeted at addressing the                         SUSTAINABLE                                                             A panel discussion featuring Core Committee Members (from left    President Mdm Halimah Yacob, Mrs Josephine Teo, Minister for
                                                                          EMPLOYMENT                                                              to right) Ms Melissa Kwee, Mr Jason Ho, Ms Goh Swee Chen (Core    Manpower and Second Minister for Home Affairs, and
employment needs of mature workers, the less well-                        Achieving Purposeful Business Success Together                          Committee Chairman), Mr Veera Sekaran and Dr Gillian Koh, who     Mr Desmond Lee, Minister for Social and Family Development and
                                                                                                                                                  was also the moderator.                                           Second Minister for National Development, joined 20 companies
off and those vulnerable to job disruption.                                                                                                                                                                         who have pledged to adopt sustainable employment practices.

                                                                                                                                              At the conference on 22 November attended
                                                                                                                                              by close to 200 business leaders and industry
                                                                                                                                              stakeholders, Guest of Honour President Mdm
                                                                                                                                              Halimah Yacob launched the Sustainable
                  A “BY-BUSINESS-FOR-BUSINESS”                                                                                                Employment Pledge alongside 20 Singapore
                            INITIATIVE                                                                                                        companies, both big and small. During the
                                                                                                                                              conference, President Halimah also participated in
                                                                                                                           In Support of

                                                                                                                                              a dialogue moderated by SBF CEO Mr Ho Meng
                                                                                                                                                                                                                   Sustainable
                                                                                                                                              Kit. Mrs Josephine Teo, Minister for Manpower and                    Employment
                                                                                                                                              Second Minister for Home Affairs, and Mr Desmond
                                                                                                                                              Lee, Minister for Social and Family Development
                                                                                                                                                                                                                   Pledge
                                                                                                                                              and Second Minister for National Development, also
                                                                                                                                              attended the conference.
                                                                                                                                                                                                                   Thriving customers, employees and communities
        Steered by                         Over                   Endorsed by                                                                                                                                      lead to better business and healthier long-term
                                                                                                                                                                                                                   growth. The Pledge calls on businesses to take
            19                           300                          24                                                         Scan the
                                                                                                                                                                                                                   purposeful action to improve their sustainable
     core committee                 business leaders and      TACs and supporting                                                                                                                                  employment practices.
                                                                                                                                QR code to
      members and                  stakeholders engaged          organisations                                                 download the
           over                        in the process                                                                             report                                                                           More than

                                                                                                                                                                                                                   100
           40                                                                                                                                                                                                                                 organisations have
   sub-committee and                                                                                                                                                                                                                          made the Sustainable
     resource panel
        members
                                                                                                                                                                                                                                              Employment Pledge.

                                         SBF’s bicentennial gift to Singapore
                                                                                                                                                                                                                   To join them, make your pledge here.
                                                                                                                                                   President Mdm Halimah Yacob applauded this by-business-for-
                                                                                                                                                   business initiative at the dialogue session moderated by SBF
                                                                                                                                                   CEO Mr Ho Meng Kit.

14 Singapore Business Federation                                                                                                                                                                                                                             Annual Report 2019 15
BUSINESSES EMPOWERING - TOMORROW
STRENGTHENING BUSINESSES                                                                                                                                                                                                        STRENGTHENING BUSINESSES

Budget 2019                                                                                                                   Dialogues
SMEC Budget                                                        Seminar on Budget 2019 for                                                                                                     17th Annual General Meeting
Recommendations                                                    Businesses                                                                                                                     & Ministerial Dialogue with
                                                                                                                                                                                                  Minister Ng Chee Meng
SBF SME Committee (SMEC), with the support of                      Close to 500 company representatives attended the
business leaders and representatives from various                  seminar on 26 February co-organised by SBF and
                                                                                                                                                                                                  Held on 27 June, the 17th Annual General
TACs, put forth seven key recommendations                          the Singapore National Employers Federation (SNEF)
                                                                                                                                                                                                  Meeting (AGM) was attended by 210
focused on supporting SMEs for transformation                      to better understand the budget measures and its
                                                                                                                                                                                                  representatives who reviewed highlights of
and growth. This included assistance in the areas of               impact on their businesses. A panel discussion with
                                                                                                                                                                                                  SBF activities in 2018 and approved proposed
internationalisation, technology adoption, manpower                representatives from the Government and private
                                                                                                                                                                                                  changes to the SBF Constitution.
development, competitiveness, cost and access to                   sector served as a platform for members to seek
government support.                                                clarifications and to provide feedback on the Budget.
                                                                                                                                                                                                  Following the AGM, Mr Ng Chee Meng,
                                                                                                                                                                                                  Minister in the Prime Minister’s Office and
                                                                                                                                                                                                  Secretary-General of NTUC engaged with
                                                                                                                                   Mr Ng Chee Meng, Minister in the Prime Minister’s Office and
                                                                                                                                   Secretary-General of NTUC, engaged in a dialogue session
                                                                                                                                                                                                  more than 300 participants in a lively dialogue
                                                                                                                                   moderated by Mr Yeoh Oon Jin, SBF Council Member and           on a broad range of issues from the changing
                                                                                                                                   Executive Chairman of PwC Singapore.
                                                                                                                                                                                                  global landscape, Industry & Workers 4.0 to
                                                                                                                                                                                                  Industry Transformation Maps and more.

                                                                                                                                                                                                  Post-Budget Dialogue with
        More than 100 representatives from various TACs attended
        the Budget 2019 briefing.                                                                                                                                                                 Mrs Josephine Teo, Minister for
                                                                                                                                                                                                  Manpower
   Briefing on Budget 2019
                                                                                                                                                                                                  On the heels of MOM’s announcement of new
   for TACs                                                                                                                                                                                       policies and programmes at the Committee of
                                                                         A panel discussion and question-and-answer session
                                                                         rounded up the Seminar on Budget 2019.                                                                                   Supply Debate, SBF organised a dialogue on 9 April
   Following the Budget 2019 announcement                                                                                                                                                         for some 150 business leaders with Mrs Josephine
   on 18 February, SBF, with the support of the                                                                                    Mr Heng Swee Keat, DPM and Minister for Finance, met with      Teo, Minister for Manpower and Second Minister for
                                                                                                                                   business leaders at a closed-door session to discuss about
   Ministry of Finance (MOF), organised the                                                                                        businesses’ challenges and opportunities.                      Home Affairs. The seminar explored topics related
   Budget 2019 briefing on 25 February for                                                                                                                                                        to achieving inclusive and sustainable growth for
   TACs. Ms Indranee Rajah, Minister in the Prime                  SBF Post-Budget Survey 2019:                               Lunch Dialogue with Deputy
                                                                                                                                                                                                  industries, businesses and workers.
   Minister’s Office and Second Minister for
   Finance and Education, along with Dr Koh Poh                    Your Voice on Budget                                       Prime Minister Heng Swee Keat
   Koon, Senior Minister of State for Trade and
   Industry, participated in a dialogue facilitated                As the bridge between the business community and
   by SBF Vice Chairman, Mr Douglas Foo. The                                                                                  At this closed-door lunch dialogue on 13 March,
                                                                   the Government, SBF conducts annual post-Budget
   briefing wrapped up with a vibrant Q&A                                                                                     Mr Heng Swee Keat, Deputy Prime Minister (DPM)
                                                                   surveys. This year, two surveys were conducted,
   segment as 108 management representatives                                                                                  and Minister for Finance, engaged some 20
                                                                   including an electronic poll and a more detailed
   from 48 TACs actively engaged a panel of                                                                                   business leaders from TACs as well as small and
                                                                   electronic-based survey from 27 February to 12 April
   senior officials from MOF, Ministry of Trade                                                                               large enterprises. With a focus on Budget 2019, the
                                                                   where respondents shared their views about the
   and Industry (MTI), Ministry of Manpower                                                                                   dialogue covered a wide range of issues including
                                                                   business outlook and Budget 2019.
   (MOM), Enterprise Singapore (ESG), Infocomm                                                                                ways for businesses to overcome challenges and
   Media Development Authority (IMDA) and the                                                                                 leverage new opportunities for growth.                                   Mrs Josephine Teo, Minister for Manpower and Second Minister
                                                                                                                                                                                                       for Home Affairs, addressed business leaders at the dialogue.
   National Research Foundation.

16 Singapore Business Federation                                                                                                                                                                                                                 Annual Report 2019 17
STRENGTHENING BUSINESSES                                                                                                                                                                                                                                                                                                                                                       STRENGTHENING BUSINESSES

                                                                                                                                 Business Sentiments
   Pre-Budget 2020 Lunch Dialogue
   with DPM Heng Swee Keat and
                                                                                                                                                                                         NATIONAL BUSINESS SURVEY 2019/2020
                                                                                                                                                                                         New Roads Ahead: Transformation and Internationalisation of
                                                                                                                                                                                         Singapore Businesses

                                                                                                                                                                                                                                                  Drew responses
                                                                                                                                        These findings summarise the National Business Survey 2019/2020 conducted by
                                                                                                                                                                                                                                                                                 87%                 13%
                                                                                                                                                                                                                                                  from more than

   Minister Chan Chun Sing
                                                                                                                                        the Singapore Business Federation (SBF). Into its 12th edition, this annual survey                        1,018                           SMEs               Large Companies
                                                                                                                                        was carried out from 26 August to 25 October 2019.                                                        companies across

                                                                                                                                                                                                                                                                                                                            SBF National Business Survey 2019/2020
                                                                                                                                                                                                                                                  all key industries

                                                                                                                                      1 Business Sentiments

                                                                                                                                        Current business sentiments                                                    SINGAPORE ECONOMY IN THE NEXT 12 MONTHS

                                                                                                                                        uncertain as challenges loom                                                                            46% 44%                            49%
                                                                                                                                        on the horizon                                                                                                                    38%
                                                                                                                                                                                                                      16%                                                                                2018
                                                                                                                                        Sentiments towards the Singapore economy continue                                       8%                                                                       n=705

                                                                                                                                        to decline, with almost half of all businesses                                                                                                                   2019
                                                                                                                                        anticipating 2020 to be a more challenging year                                   BETTER                    SAME                        WORSE                    n=1018
                                                                                                                                        than 2019.

   The closed-door Pre-Budget 2020 Dialogue on 29
                                                                                                                                                                                                                      Decimal points have been rounded up. The total may not add up to 100%.

                                                                                                                                                                                                                                                                                                                            As the Federation’s annual flagship survey, the SBF National Business
                                                                                                                                      Dissatisfaction with the global business climate has risen by 11%
                                                                                                                                                                                                                                   IMPLICATIONS OF EVENTS ON BUSINESSES
                                                                                                                                      from 2018 to 2019. More local businesses are optimistic about
                                                                                                                                      the business climate in the ASEAN region, but as in 2018, most                           Rising business and wage costs are top worries for Singapore
                                                                                                                                      remain neutral.                                                                          companies. Globally, US-China trade tensions and China’s

   August saw Mr Heng Swee Keat, DPM and Minister
                                                                                                                                                                                                                               economic slowdown are adding to business unease.
                                                                                                                                      GLOBAL
                                                                                                                                      BUSINESS CLIMATE                                                                                     Increase in other business costs (e.g. rental, raw materials, etc.)

                                                                                                                                                                                                                                            64%                                                26%                11%       Survey (NBS) not only plays a key role in surfacing the needs,
   for Finance, and Mr Chan Chun Sing, Minister for                                                                                                              57%
                                                                                                                                                                             50%
                                                                                                                                                                                                   36%
                                                                                                                                                                                                                                           Rising wages

                                                                                                                                                                                                                                            56%

                                                                                                                                                                                                                                           Escalating US-China trade tensions
                                                                                                                                                                                                                                                                                         34%                      11%

                                                                                                                                                                                                                                                                                                                            concerns and future plans of our members but also in identifying
   Trade and Industry, engage with close to 30 business
                                                                                                                                           18%                                            25%
                                                                                                                                                                                                                                            46%                                 48%                               6%
                                                                                                                                                   14%

                                                                                                                                              BETTER                  SAME                    WORSE
                                                                                                                                                                                                                                           China’s economic slowdown

                                                                                                                                                                                                                                            42%                              54%                                  4%        underlying trends. The 2019/2020 edition offered comprehensive
   leaders and representatives of TACs on the business
                                                                                                                                                                                                                                           Reduction of Services Sector Dependency Ratio Ceiling

                                                                                                                                                                                                                                                                                                                            insights into how internationalisation, business financing and digital
                                                                                                                                                                                                                                            36%                        57%                                        7%

                                                                                                                                      ASEAN                                                                                    Businesses are optimistic about getting positive returns from

   community’s wishlist for Budget 2020 and how the
                                                                                                                                      BUSINESS CLIMATE                                                                         digital/e-commerce transformation, and foresee sustainability

                                                                                                                                                                                                                                                                                                                            transformation are impacting local businesses.
                                                                                                                                                                                                                               as a new growth opportunity.

                                                                                                                                                                 55% 54%                                                                   Pace of change in digital space and e-commerce

                                                                                                                                                                                                                                            11%                        63%

   Government can help businesses accelerate growth in
                                                                                                                                                                                                                                                                                                        27%
                                                                                                                                           28%                                                     23%
                                                                                                                                                   22%                                    17%                                              Growing focus on climate change and environmental
                                                                                                                                                                                                                                           sustainability

                                                                                                                                              BETTER                  SAME                    WORSE                                         10%                              76%                             15%

   the future economy.                                                                                                                   2018   n=705        2019   n=1018
                                                                                                                                                                               Decimal points have been rounded up.
                                                                                                                                                                               The total may not add up to 100%.
                                                                                                                                                                                                                                    Negative Impact          Little/No Impact        Positive Impact
                                                                                                                                                                                                                               Decimal points have been rounded up. The total may not add up to 100%.
                                                                                                                                                                                                                                                                                                        n=1018

                                                                   Dialogues between the Government and the Singapore
                                                                   business community such as the Pre-Budget 2020 Dialogue are
                                                                   platforms for more meaningful conversations on the business
                                                                   landscape.
                                                                                                                                 SBF Economic Indicators Report
                                                                                                                                 The inaugural edition of the SBF Economic Indicators Report 3Q 2019                                                                                                                                                                       SBF
                                                                                                                                 (Singapore) was launched on 4 October to provide members with                                                                                                                                                                             Economic
                                                                                                                                 timely and relevant updates regarding key economic developments                                                                                                                                                                           Indicators Report
                                                                                                                                 and trends in Singapore. Published on a quarterly basis, the report,                                                                                                                                                                      3Q 2019
                                                                                                                                 which paints a broad picture of the prevailing economic environment,
                                                                                                                                 draws inputs and insights from the SBF SMEC Research Sub-Committee
                                                                                                                                                                                                                                                                                                                                                                            Singapore
                                                                                                                                 and DBS Group Research.

                                                                                                                                   Seminar on Business Outlook
                                                                                                                                   for 2019 – Opportunities
                                                                                                                                   Amidst Uncertainties: Where
                                                                                                                                   Should Businesses Look?
                                                                                   SBF CEO Mr Ho Meng Kit and SMF
                                                                                   Secretary-General Dr Ahmad Magad
                                                                                   signed a MoU for closer cooperation,
                                                                                   with Mr Heng Swee Keat, DPM and
                                                                                                                                                                                                                                                                                                                        Mr David Hoffman,           This seminar was helpful for members to gain insights to business
                                                                                   Minister for Finance, in attendance.
                                                                                                                                                                                                                                                                                                                        Senior Vice President       outlook, especially during a period of economic uncertainty.
                                                                                                                                                                                                                                                                                                                        Asia and Managing
Inaugural TACs Strategic Planning Session                                                                                                                                                                                                                                                                               Director of the China
                                                                                                                                                                                                                                                                                                                        Center for Economics
                                                                                                                                                                                                                                                                                                                        & Business, The
                                                                                                                                                                                                                                                                                                                                                Seminar on ‘Business Outlook for
Given the crucial role TACs play in supporting            issues such as internationalisation, innovation
                                                                                                                                                                                                                                                                                                                        Conference Board,
                                                                                                                                                                                                                                                                                                                        was one of the          2H2019 and Beyond’
                                                                                                                                                                                                                                                                                                                        speakers.
businesses, SBF organised the inaugural TACs              and digitalisation were discussed, including how
Strategic Planning Session, themed “Transforming          TACs should transform to keep pace with the                                                                                                                                                                                                                                           To help members navigate the challenges amid a
TACs, Enabling Enterprises” on 13 July where              evolving business landscape. SBF also inked a                                                                                                                                                                                                                                         global economic slowdown and US-China trade
Mr Heng Swee Keat, DPM and Minister for                   Memorandum of Understanding (MoU) with the                               SBF’s Business Outlook seminar on 31 January                                                                                                                                                                 tensions, SBF organised the Seminar on ‘Business
Finance, held a meaningful dialogue with 66               Singapore Manufacturing Federation (SMF) for closer                      gathered industry experts who shared insights                                                                                                                                                                Outlook for 2H2019 and Beyond’ on 21 August
leaders from 39 TACs. This was followed by                cooperation in the areas of research and advocacy,                       on the challenges and opportunities in ASEAN,                                                                                                                                                                where OCBC Chief Economist Ms Selena Ling
a strategic planning session where pertinent              internationalisation and capability building.                            China, the United States and the United                                                                                                                                                                      provided an overview of the prevailing economic
                                                                                                                                   Kingdom with more than 120 participants.                                                                                                                                                                     winds. This was followed by a panel discussion
                                                                                                                                                                                                                                                                                                                                                moderated by SBF CEO Mr Ho Meng Kit.

18 Singapore Business Federation                                                                                                                                                                                                                                                                                                                                                                Annual Report 2019 19
STRENGTHENING BUSINESSES                                                                                                                                                                                                                           STRENGTHENING BUSINESSES

The Pulse of the Business Community

                                                                                                                                                                                                                            SBF CEO Mr Ho Meng Kit represented the Singapore
                                                                                                                                                                                                                            business community in the third quarterly ABAC meeting
                                                                                                                                                                                                                            in China.

                                                                                                                                                 APEC Advisory Business Council
                                                                                                                                                 Representing and advocating for the Singapore                        business support for open markets and a rules-based
                                                                                                                                                 business community’s interests on international trade                multilateral trading system.
                                                                                 Members gathered for a half-day strategic planning session at
                                                                                 the first SBF Infrastructure Committee meeting of 2019.         policy matters, SBF participated in the APEC Advisory
SBF Infrastructure Committee                                                                                                                     Business Council’s (ABAC’s) quarterly meetings held                  ABAC member economies prioritised support for the
                                                                                                                                                 in the United States, Indonesia and China as well                    WTO and a multilateral trading system, and addressed
Helmed by Founding Chairman Mr Pek Lian Guan,                               The Committee stepped up its efforts with the                        as the APEC CEO Summit. SBF was also part of                         climate change, among others. Singapore members
who also serves as SBF Vice Chairman and Executive                          inaugural Singapore Regional Infrastructure Summit                   an ABAC delegation that visited the World Trade                      advanced the work of Services Trade in view of the
Director and CEO of Tiong Seng Holdings Ltd,                                which also saw the launch of two subcommittees                       Organization (WTO) in Geneva in October to highlight                 Bogor Goals deadline and focused on the digital
the SBF Infrastructure Committee aims to build a                            – Built Environment and Water and Waste – to                                                                                              economy and trade finance.
robust infrastructure eco-system to help Singapore                          foster deeper collaboration on local and regional
companies seize regional infrastructure opportunities.                      infrastructure projects in these two sectors.

                                                                                      SBF SME Committee
                                                                                                                                                         The inaugural townhall session introduced attendees to the
                                                                                      Under the leadership of Mr Kurt Wee,                               Group’s Chair and Vice Chair, who are Ms Smitha Menon of
                                                                                                                                                         WongPartnership LLP and Mr Andrew Yeo of Allen & Gledhill                  Ms Emily O’Connor from the ICC shared about the new
                                                                                      SBF Council Member and President of                                LLP respectively.                                                          Incoterms rules and their impact on businesses.
                     Ms Janet Ang, Chairman of the SBF Digitalisation
                     Committee, addressed the participants of the SBF-SRA             the Association of Small and Medium
                     SMEs Go Digital: Industry Forums for Retail.                     Enterprises, the SBF SMEC brings
                                                                                      together TACs and SMEs to address                          Launch of the ICC Singapore                                                 Incoterms® 2020 Launch
SBF Digitalisation Committee                                                          the latter’s issues of concern.                            Arbitration Group                                                           Event
                                                                                      The SBF SMEC, comprising five sub-
The SBF Digitalisation Committee, led by Ms Janet Ang,                                                                                           SBF, in our capacity as International Chamber of                            In view of Incoterms® 2020 rules coming
                                                                                      committees (Business Finance & Cost
SBF Council Member and Chairman of SISTIC.com, aims                                                                                              Commerce’s (ICC) National Committee in Singapore,                           into effect on 1 January 2020, SBF
                                                                                      Competitiveness; Manpower, Talent &
to promote technology adoption, especially among                                                                                                 established the ICC Singapore Arbitration Group in                          organised the Incoterms® 2020 Launch
                                                                                      Skills; Markets & Internationalisation;
SMEs.                                                                                                                                            June. The Group will provide Singapore arbitrators                          Event on 27 September, which featured
                                                                                      Technology, Innovation & Productivity;
                                                                                                                                                 greater opportunity and exposure to ICC arbitration                         a guest speaker from the ICC, Ms Emily
                                                                                      and Research), undertook several
In 2019, the Committee partnered with government                                                                                                 standards, practices and cases, with the aim of elevating                   O’Connor, who oversaw the work of the
                                                                                      initiatives to inspire and empower
agencies such as the IMDA and ESG, as well as TACs to                                                                                            Singapore as a global arbitration hub.                                      Drafting Group for Incoterms® 2020.
                                                                                      our SMEs. These include the In-
organise outreach and education events to help business                                                                                                                                                                      Some 150 participants learnt about the
                                                                                      Conversation Series with Business
owners embrace technology solutions for growth. These                                                                                            In September, an inaugural townhall session was held                        new Incoterms rules which are key to the
                                                                                      Leaders and the SME Day with Changi
include the SBF-SMEs Go Digital: Industry Forums and                                                                                             to introduce the Group’s various committees and                             daily operations of businesses involved
                                                                                      Airport Group.
SBF-SMEs Go Digital “Leaders for Transformation” Series.                                                                                         their functions, the selection process for nominating                       in international trade.
                                                                                                                                                 arbitrators, and the ICC Court framework.

20 Singapore Business Federation                                                                                                                                                                                                                                   Annual Report 2019 21
Singapore companies looking       BROADENING
to venture overseas for growth
and expansion can tap on
SBF’s vast network both locally
                                     HORIZONS
and internationally. SBF helps
member companies extend
their global footprint through
business missions, market-
specific seminars, regional
conferences and more.
BROADENING HORIZONS                                                                                                                                                                                                                      BROADENING HORIZONS

ASEAN
                                                                     ASEAN Conference 2019
                                                                     SBF launched the SBF BusinessASEAN Network at
                                                                     the fifth edition of the annual ASEAN Conference on
                                                                     4 June. Comprising market-focus business groups,
                                                                     the BusinessASEAN Network brings together
                                                                     business leaders, market practitioners, and other
                                                                     stakeholders to help companies expand into the
                                                                     region. Themed “Transforming Cities, Transforming
                                                                     Industries”, the Conference convened some 520
                                                                     distinguished business leaders and experts to discuss
                                                                     the future of ASEAN against a backdrop of rapid                                                                            SBF and the Federation of Malaysian Manufacturers led a
                                                                                                                                                                                                delegation of 30 Singapore and Malaysia companies to explore
                                                                     transformation and disruption. Guest of Honour                                                                             business and investment opportunities in Sabah, Malaysia.
                                                                     Mr Chan Chun Sing, Minister for Trade and Industry,
    SBF Chairman Mr S.S. Teo said that the BusinessASEAN Network’s   also participated in a dialogue moderated by SBF
    market-focus business groups will help SBF obtain an in-depth
    understanding of companies’ needs.                               CEO Mr Ho Meng Kit.

                                                                            The Jakarta Smart City initiative presents many opportunities                                                       (Seated third from left) Sarawak Chief Minister Datuk Patinggi
                                                                            for Singapore businesses.                                                                                           Abang Johari Tun Openg with the mission delegation.
    Participants at a site visit during the OMW to Myanmar.

Overseas Market Workshop to                                            Overseas Market Workshops
                                                                                                                                            Business Missions to East Malaysia
Myanmar                                                                to Indonesia
                                                                                                                                            To help Singapore companies explore business        Organised with the support of the Sarawak Trade
SBF and Enterprise Singapore (ESG) jointly led a                       Recognising the opportunities that Indonesia’s                       partnerships in East Malaysia, SBF led two          and Tourism Office Singapore and ESG, the
delegation of 16 participants from 12 companies to                     technological transformation brings, SBF led                         business missions to the states of Sabah and        business mission to Sarawak saw the signing of a
explore business opportunities in the infrastructure,                  two OMWs to the country in April and July.                           Sarawak in August and October respectively          Memorandum of Understanding (MoU) between
real estate, and building and construction sectors                     The first workshop provided the delegation                           where both delegations called on the Chief          SBF and the Sarawak Business Federation to
in Myanmar from 23 to 27 September. Highlights                         with deep insights to Jakarta’s smart city                           Ministers of Sabah and Sarawak. Highlights of the   bolster trade and economic relations. Delegates
of the Overseas Market Workshop (OMW)                                  landscape and the opportunities available for                        Sabah mission included briefings on investment      also received briefings on Sarawak’s masterplan
included meetings with organisations like the                          foreign investment and partnerships, while                           opportunities in the Sabah Development Corridor     and investment projects, and networked with the
Asian Development Bank and site visits to several                      the second highlighted Indonesia’s growing                           as well as industrial visits to the Kota Kinabalu   local business community.
Myanmar companies. A roundtable-cum-networking                         digital economy and lessons learnt from the                          Industrial Park and the Sabah Agro-Industrial
session was also organised by the Union of Myanmar                     success of unicorn companies like Investree,                         Precinct, among others.
Federation of Chambers of Commerce and Industry.                       Tokopedia, BLOCK71 Jakarta and HappyFresh.

24 Singapore Business Federation                                                                                                                                                                                                                   Annual Report 2019 25
BROADENING HORIZONS                                                                                                                                                                                                    BROADENING HORIZONS

Digitize ASEAN 2019                                                                                                       China and North Asia
Co-organised with the ASEAN-Business Advisory
Council (ASEAN-BAC), the third edition of Digitize
ASEAN pushed for stronger collaboration between
governments, businesses and the workforce.
Themed “Growing ASEAN’s Digital Future”, the
conference on 30 September witnessed the launch
of the ASEAN Applied Research Centre, which
aims to bring ASEAN researchers together to
develop innovative solutions for challenges faced
by businesses in the region. The conference was
attended by more than 250 participants, including
policymakers, business leaders and academia. Guest
of Honour Mr Chan Chun Sing, Minister for Trade               Mr Chan Chun Sing, Minister for Trade and Industry, urged
                                                              businesses in the region to work with their respective
and Industry, also participated in a dialogue session         governments to uphold a secure, open and integrated
moderated by Mr Chia Kim Huat, Regional Head of               digital architecture.

Corporate & Transactional Practice, Rajah & Tann
Singapore LLP.

                                                                                                                                                                                           A panel discussion on how public and private collaboration
                                                                                                                                                                                           can be strengthened for the success of regional projects.

                                                                                                                          5th Singapore Regional Business
                                                                                                                          Forum
                                                                                                                                                                                                                           Opening keynote address
                                                                                                                          Themed “Strengthening Business Collaboration                                                     by Guest of Honour Mr Teo
                                                                                                                                                                                                                           Chee Hean, Senior Minister
                                                                                                                          for Regional Connectivity”, the fifth edition of the                                             and Coordinating Minister for
                                                                                                                                                                                                                           National Security.
                                                                                                                          Singapore Regional Business Forum (SRBF®), an
                                                                                                                          annual flagship event of SBF, assembled more than
                                                                                                                          600 top business leaders and senior government
                                                                                                                          officials from 52 countries to discuss how collaboration
                                                                                                                          can be strengthened for the success of cross-border
                                                                                                                          projects such as the Belt and Road Initiative.
                                                               The SBF delegation called on Vietnam’s Prime Minister
                                                               Nguyen Xuan Phuc (standing) to seek investment and
                                                               cooperation opportunities.                                 Guest of Honour Mr Teo Chee Hean, Senior Minister
                                                                                                                          and Coordinating Minister for National Security,           Mr Jin Liqun, President,
  Business Mission to Vietnam                                                                                             gave the keynote address, followed by a keynote            Asian Infrastructure
                                                                                                                                                                                     Investment Bank, gave
                                                                                                                          speech from Mr Jin Liqun, President of the Asian           the keynote speech on
                                                                                                                                                                                     regional connectivity and
  In response to the growing interest in Vietnam,       Nguyen Xuan Phuc, Prime Minister of Vietnam,                      Infrastructure Investment Bank. The event witnessed        the green imperative.
  SBF and ESG jointly organised a business mission      and senior government officials. The Vietnam-                     the signing of four MoUs to foster stronger third-
  from 15 to 19 July to Vietnam to explore business     Singapore Business Council was also launched                      party market collaboration in the region, as well
  opportunities in the consumer, innovation,            to support and foster collaboration between                       as panel discussions involving 33 distinguished
  industrial and urban development sectors. The         businesses from both countries. The mission                       speakers and panellists. SBF and PwC Singapore also
  delegation visited Hanoi, Hai Phong, Ho Chi           also saw the Global Innovation Alliance network                   jointly released the results of the second Regional
  Minh and Danang, and called on His Excellency         expand into Ho Chi Minh.                                          Business Survey to find out how organisations have
                                                                                                                          leveraged BRI opportunities since the launch of BRI
                                                                                                                          in 2013.

26 Singapore Business Federation                                                                                                                                                                                                 Annual Report 2019 27
BROADENING HORIZONS                                                                                                                                                                                                                               BROADENING HORIZONS

                                                                                                                                                                                                                                                     Guest of Honour Ms Indranee
   2nd China International Import                                                                                                                                                                                                                    Rajah, Minister in the Prime
                                                                                                                                                                                                                                                     Minister’s Office and Second

   Expo & Singapore-China Trade                                                                                                                                                                                                                      Minister for Finance and
                                                                                                                                                                                                                                                     Education, traced Singapore’s
                                                                                                                                                                                                                                                     port infrastructure journey to
   and Investment Forum                                                                                                                                                                                                                              the success it is today in her
                                                                                                                                                                                                                                                     keynote speech.

   Following Singapore’s successful participation in
   the inaugural China International Import Expo
   (CIIE) in 2018, SBF led a larger and more diverse                                                                                                                                                       Inaugural Singapore Regional
   delegation to the second edition of the Expo
   from 5 to 10 November. Spanning a wide range
                                                                                                                                                                                                           Infrastructure Summit
                                                                       It was a vibrant showcase of Singapore products and
   of sectors from logistics and transportation to                     services at the 2nd CIIE at Shanghai’s National Exhibition
                                                                                                                                         Over the seven-day workshop, 21 senior business representatives
                                                                                                                                         from 18 companies visited leading food and e-commerce             In conjunction with the fifth SRBF®, SBF organised
   education, Singapore companies showcased their                      and Convention Center.
                                                                                                                                         companies in Japan.
   products and services to the vast Chinese market.                                                                                                                                                       the inaugural Singapore Regional Infrastructure
                                                                                                                                                                                                           Summit on 16 August, themed “Embracing the
   To help exhibitors foster partnerships, SBF, with            In conjunction with CIIE, SBF organised the                         Overseas Market Workshop                                               Regional Infrastructure Opportunities”. It showcased
                                                                                                                                                                                                           Singapore’s role as an infrastructure hub and how the
   support from Bank of China, organised tailored
   business matching sessions and launched a
                                                                Singapore-China Trade and Investment Forum
                                                                on 6 November to deepen cooperation between
                                                                                                                                    to Japan                                                               region can harness the economic and social benefits
   WeChat mini programme to connect Chinese                     Chinese and Singapore enterprises. At the event,                                                                                           arising from infrastructure development for sustainable
   buyers with Singapore exhibitors. Twenty-six MoUs,           Guest of Honour Mr Chan Chun Sing, Minister for                     SBF led its second OMW to Japan on 14 to 20                            economic growth and long-term prosperity.
   valued at S$260 million were signed between                  Trade and Industry, also participated in a dialogue                 April for Singapore companies to learn about next-
   Singapore companies and Chinese enterprises.                 moderated by SBF CEO Mr Ho Meng Kit.                                generation technologies in the food industry and                       Mr Pek Lian Guan, SBF Vice Chairman and
                                                                                                                                    e-commerce, and to deepen their understanding of                       Chairman of the SBF Infrastructure Committee, also
                                                                                                                                    consumer trends in the new economy. They visited                       announced the establishment of two sector-based
                                                                                                                                    leading Japanese companies across the value                            sub-committees – Built Environment and Water and
                                                                                                                                    chain of the food industry, from manufacturing and                     Waste – to further strengthen and prepare Singapore
                                                                                                                                    processing to logistics and distribution.                              businesses for regional projects.
                                                                       Business Mission to Taiwan
                                                                       To help Singapore companies gain a
                                                                       deeper insight into Taiwan’s information and
                                                                       communications technology (ICT) industry,
                                                                       SBF led a business mission to Taipei and
                                                                       Kaohsiung from 7 to 13 July. A networking
                                                                       session was organised with Mr Han Kuo-yu,
               SBF led a delegation of 132 senior business
               representatives to the 16th CAEXPO in Nanning,          Kaohsiung Mayor, and Mr Lin Chuan-neng,
               Guangxi, from 21 to 24 September.
                                                                       Taiwan’s Vice Minister of Economic Affairs.

16th China-ASEAN Expo
                                                                                                                                                                                                                 SBF led a business delegation to Beijing, China, in
                                                                                                                                                                                                                 conjunction with Prime Minister Lee Hsien Loong’s visit.
Themed “Building the Belt & Road, Realising Our Vision
for a Community of Shared Future”, the 16th China-
ASEAN Expo (CAEXPO) sought to promote Singapore’s                                                                                     Business Mission to Beijing
strategic role as a regional connector for trade and
commerce, while showcasing Singapore’s rich history                                                                                   In conjunction with Prime Minister Lee Hsien                         at the inaugural Belt and Road CEO Conference
and Bicentennial milestone. The Singapore National                                                                                    Loong’s participation in the Belt and Road Forum                     and urged companies from China and the region
Pavilion, Commodity Trade Pavilion and Singapore                                                                                      for International Cooperation, SBF led a business                    to leverage Singapore’s strengths in logistics,
Day Seminar highlighted Singapore’s innovation                                                                                        delegation, comprising eight Singapore business                      shipping, finance and professional services to
                                                                          A delegation of 27 participants from 21 companies
expertise across various sectors. The Singapore-Guangxi                   visited leading technology incubators and                   leaders, to Beijing, China, from 24 to 28 April.                     explore opportunities in third-party markets along
Networking Dinner also strengthened ties between                          technology-based companies in Taiwan.
                                                                                                                                      SBF Chairman Mr S.S. Teo delivered a speech                          the Belt and Road.
some 140 participants, local government officials and
business leaders.

28 Singapore Business Federation                                                                                                                                                                                                                            Annual Report 2019 29
BROADENING HORIZONS                                                                                                                                                                                                                      BROADENING HORIZONS

Americas, Europe, Middle East,                                                                                                              Business Mission to Russia
                                                                                                                                                                                                       Singapore-Jordan Business
Africa and South Asia                                                                                                                                                                                  Roundtable
                                                                                                                                                                                                       Held in conjunction with the state visit of His
                                                                                                                                                                                                       Majesty Abdullah II Ibn Al Hussein, King of Jordan,
   Overseas Delegation to Nigeria                                                                                                                                                                      the Singapore-Jordan Business Roundtable on
                                                                                                                                                                                                       20 June was co-chaired by Mr Chan Chun Sing,
   SBF led a delegation of 20 participants to                                                                                                                                                          Minister for Trade and Industry, and His Excellency
   explore business and investment opportunities                                                                                                                                                       Dr Tariq Hammouri, Jordan’s Minister of Industry,
   in the construction and built environment, oil                                                                                                                                                      Trade and Supply. Six MoUs were signed between
   and gas, and consumer goods sectors from 21                                                                                                                                                         Singapore and Jordanian companies. Business
   to 28 July. Key highlights of the OMW include                                                                                                                                                       representatives of both countries also identified
   meetings with relevant Nigerian government                                                                                                  SBF led its inaugural business mission to Russia from   areas of cooperation and harmonisation of
                                                                                                                                               3 to 6 September.
   authorities and local conglomerates like                                                                                                                                                            standards for urban solutions, energy and more.
   the Dangote Group and Chagoury Group.
   Participants also visited Singapore companies                                                                                            SBF led its inaugural business mission to Russia
   operating in Nigeria, such as Olam and Tolaram,                                                                                          in conjunction with the 10th Inter-Governmental
                                                                           Participants visiting the Kellogg Tolaram Factory at the Lekki
   to better understand the opportunities and                              Free Trade Zone.                                                 Commission between Singapore and Russia.
   challenges present in the country.                                                                                                       Twelve delegates from Singapore had the honour
                                                                                                                                            of exchanging views on the Russian market with
                                                                                                                                            Mr Tharman Shanmugaratnam, Senior Minister
                                                                                                                                            and Coordinating Minister for Social Policies, Mrs
                                                                                                                                            Josephine Teo, Minister for Manpower and Second
                                                                                                                                            Minister for Home Affairs, Dr Koh Poh Koon, Senior
                                                                                                                                            Minister of State for Trade and Industry, and Mr Sam
                                                                                                                                            Tan, Minister of State for Foreign Affairs and Social
                                                                                                                                            and Family Development.                                           The Roundtable discussion touched on business
                                                                                                                                                                                                              opportunities in Jordan as well as areas of cooperation
                                                                                                                                                                                                              between both countries.

       Participants of the OMW to Bangladesh explored opportunities         The delegation of 30 business owners and C-suite personnel
       in a wide range of sectors.                                          explored opportunities in information technology and
                                                                            infrastructure in Saudi Arabia.                                   Singapore-Turkmenistan Business
Overseas Market Workshop to                                           Overseas Market Workshop to                                             Forum
Bangladesh                                                            Saudi Arabia
                                                                                                                                              Organised in conjunction with the state visit of His
                                                                                                                                              Excellency Gurbanguly Berdimuhammedow, President of
SBF led an OMW to Dhaka, Bangladesh on 24 to 30                       Jointly organised by SBF and ESG, the OMW to                            Turkmenistan, the Singapore-Turkmenistan Business Forum
August to explore business opportunities across the                   Saudi Arabia was held on 3 to 8 November, in                            on 26 August was graced by Dr Koh Poh Koon, Senior
infrastructure, ICT, banking and finance, education                   conjunction with President Mdm Halimah Yacob’s first                    Minister of State for Trade and Industry, and His Excellency
and professional services, consumer goods and                         state visit to the country. The business delegation of                  Chary Gylyjov, Deputy Chairman of the Cabinet of Ministers
general trading sectors. The 15-member delegation                     30 business leaders from the information technology                     of Turkmenistan.
also met with C-suite representatives of leading                      and infrastructure sectors explored opportunities
Bangladeshi conglomerates and gained deeper                           brought about by the country’s Vision 2030 initiative.                  Some 80 participants gleaned information on emerging
insights into Bangladesh’s emerging textile sector.                   A meet-and-greet session with President Halimah                         opportunities in sectors like oil and gas, construction and
                                                                      was also organised.                                                     agriculture. Nine agreements were inked, including an MoU
                                                                                                                                              between SBF and the Chamber of Commerce and Industry                   Dr Koh Poh Koon, Senior Minister of State for Trade
                                                                                                                                              of Turkmenistan.                                                       and Industry, gracing the Singapore-Turkmenistan
                                                                                                                                                                                                                     Business Forum.

30 Singapore Business Federation                                                                                                                                                                                                                    Annual Report 2019 31
In today’s dynamic business
environment, it is ever more     GEARING UP
crucial for businesses to
focus on building capabilities
to drive growth and
                                  FOR THE FUTURE
business success. Through
a comprehensive suite
of training programmes,
workshops and seminars,
SBF partners our members to
invest in transformation and
their workforce so they can be
ready for the future.
GEARING UP FOR THE FUTURE

SBF Business Institute                                                                                                        Skills Development                                                 Business Excellence

                                                                                                                              Project Finance, Financial Modelling &
Through our training arm, the SBF Business Institute (SBI), SBF helps local
companies build capabilities and equip employees with relevant skills for the                                                 Public Private Partnership
future. SBI’s programmes focus on delivering transformation through three key
pillars: international expansion, skills development and business excellence.

International Expansion
                                                                                                                                                                                                        Participants learnt how to implement job and process
                                                                                                                                                                                                        redesign through this series of masterclasses.

                                                                                                                                    This masterclass covered various topics related to project
                                                                                                                                    financing, contracts and more.                               Job Redesign & Robotic Process
                                                                                                                                                                                                 Automation
                                                                                                                              SBI, together with the Institution of Engineers,
                                                                                                                              Singapore, organised a Masterclass on Project                      Continuing our partnership with WSG, SBF organised
                                                                                                                              Finance, Financial Modelling & Public Private                      two Masterclasses on Job Redesign & Robotic
                                                                                                                              Partnership in August. Participants learnt the                     Process Automation (RPA) with a focus on HR and
                                                                                                                              principles of project finance fundamentals, project                finance in September and October respectively.
                                                                                                                              finance modelling techniques and how to navigate                   Besides a hands-on tutorial for an RPA software
                                                                                                                              public-private partnership contracts.                              with artificial intelligence capabilities, participants
                                                                                                                                                                                                 also learnt how to diagnose and implement job and
                                                                                                                                                                                                 process redesign in their workplaces.
                                                                                                                              Skills Framework for Human Resource
                                                                                                                              Planning and Management
                                                                                                                                                                                                 Boost ASEAN Business via WeChat

Professional Conversion Programme
for Southeast Asia Ready Talents

One key programme SBI runs is the
Professional Conversion Programme for
Southeast Asia Ready Talents (PCP-SEA).
                                                                                                                                     HR professionals attending the Skills Framework for HR
A joint initiative with Enterprise Singapore                   Participants of the well-attended Wholesale Trade                     Planning and Management programme.
                                                               Transformation Seminar heard from experts in various fields.
(ESG) and Workforce Singapore (WSG), the
Programme helps companies build manpower                                                                                      Co-created by employers, industry associations,
capabilities for regional expansion, particularly                                                                             educational institutions, unions and the
in the wholesale trade and logistics sectors.
                                                    Wholesale Trade Transformation Seminar                                                                                                               Participants gleaned insights into WeChat as an effective
                                                                                                                              Government, the Skills Framework is an integral                            marketing platform for their companies.
                                                                                                                              component of the Industry Transformation
Since the PCP-SEA was launched in 2018, over        Some 80 participants gleaned valuable insights into                       Maps. Held in October, this programme enabled
140 companies have benefited with more than         the Wholesale Trade sector, including challenges and                      human resource (HR) professionals to adapt the                     With WeChat’s growing popularity and influence
200 candidates matched to vacancies largely         market trends when expanding into SEA, at this seminar                    Framework for their organisations through creating                 worldwide, this workshop in November equipped
in wholesale trade. Due to the overwhelming         co-organised by SBI and U SME in November. Other                          career maps, identifying learning needs and                        participants with skills to fully leverage the social
response from companies in 2019, the                takeaways include risk mitigation and growth opportunities                developing training plans, among others.                           media network as an effective marketing platform.
Programme has been extended till May 2020.          with the Skills Framework for Wholesale Trade as part of
                                                    the Wholesale Trade Industry Transformation Plan.

34 Singapore Business Federation                                                                                                                                                                                                                 Annual Report 2019 35
GEARING UP FOR THE FUTURE                                                                                                                                                                                                           GEARING UP FOR THE FUTURE

FTA Education & Outreach                                                                                                    Training Courses on Understanding
                                                                                                                            the Benefits of FTAs
2019 witnessed the entry into force of the European Union-Singapore Free                                                    In an effort to raise awareness of FTAs amongst
Trade Agreement (EUSFTA) and the upgraded China-Singapore FTA, expanding                                                    members, two sessions of the Training Course on
Singapore’s network of FTAs and trading partners. To help businesses make the                                               Understanding the Benefits of FTAs were organised
best use of the FTAs to internationalise, SBF set up a FTA Education & Outreach                                             in April and October for over 180 participants.
arm to raise awareness and educate Singapore businesses on FTAs.                                                            Officials and trade negotiators from MTI, ESG,
                                                                                                                            Singapore Customs and the Intellectual Property
                                                                                                                            Office of Singapore explained key concepts for trade
EUSFTA: What Would It Mean for                                                                                              in goods and services, investments, IPR protection
                                                                                                                            and e-commerce provisions in FTAs, while local
Your Business?                                                                                                              companies Tee Yih Jia Food Manufacturing Pte Ltd,
                                                                                                                                                                                                           Tee Yih Jia Food Manufacturing Pte Ltd shared with participants
                                                                                                                            San SeSan Global Pte Ltd and Freshening Industries                             on how Singapore’s FTAs have helped them with business
Following the signing of the EUSFTA in October                                                                              Pte Ltd shared their experience in using FTAs to                               growth and expansion.

2018, SBF, together with the Ministry of Trade and                                                                          expand their overseas supply chain network.
Industry (MTI), ESG, the EU delegation to Singapore
and the European Chamber of Commerce in
Singapore, organised an outreach seminar on the
                                                                                                                                                                                                      FTA Symposium 2019: 20 Years
EUSFTA on 24 January. Close to 170 participants                                                                                                                                                       of Free Trade Agreements
gained a better understanding of the FTA’s benefits,
along with practical insights on the trade and
                                                                                                                                                                                                      Themed “20 Years of Free Trade Agreements”,
investment opportunities.                                    Her Excellency Barbara Plinkert, EU Ambassador to Singapore,
                                                             gave the opening remarks at the EUSFTA seminar.                                                                                          the Symposium, organised by SBF, MTI and ESG,
                                                                                                                                                                                                      commemorated 20 years of the nation’s FTA strategy
                                                                                                                                                                                                      and was graced by Mr S Iswaran, Minister for
                                                                                                                                                                                                      Communications and Information and Minister-in-
                                                                                                                                                                                                      charge of Trade Relations.

                                                                                                                                                                                                      Some 600 business leaders and officials heard from
                                                                                                                                                                                                      representatives of CIMB Bank and TRPC Pte Ltd, and
                                                                                                                                                                                                      panellists from DHL Express, Lazada, JR Group and
                                                                                                                                  Targeted at the logistics sector, this training course shed light
                                                                                                                                  on the advantages FTAs can bring to participants’ businesses.       more. Topics included tapping on Singapore’s FTAs
                                                                                                                                                                                                      to weather today’s global economic storm and seek
                                                                                                                                                                                                      new business opportunities as well as exploring new
                                                                                                                                                                                                      possibilities through Singapore’s upcoming Digital
                                                                                                                            Unlocking the Potential of                                                Economy Agreements. Mr Gan Seow Kee, SBF Vice
                                                           The Introduction to the CPTPP seminar provided participants
                                                           with an overview of how the Agreement can benefit them.
                                                                                                                            the Logistics Sector through                                              Chairman and ExxonMobil Asia Pacific Chairman &
                                                                                                                                                                                                      Managing Director, also spoke on navigating trade in
                                                                                                                            Singapore’s FTAs                                                          times of uncertainty.

    Introduction to the Comprehensive and Progressive Agreement                                                             To encourage the logistics sector to leverage
    for Trans-Pacific Partnership                                                                                           Singapore’s FTAs, SBF organised an in-depth
                                                                                                                            training course on 26 August on the trade
                                                                                                                            facilitative provisions in FTAs, and useful tools and
    Following the entry into force of the              150 participants were given a brief overview                         trade documents available like the ASEAN Single
    Comprehensive and Progressive Agreement            of selected chapters and key benefits of the                         Window. Participants also took the opportunity
    for Trans-Pacific Partnership (CPTPP) on 30        CPTPP, including market access commitments                           to network and clarify their queries with speakers
    December 2018, SBF organised an introductory       for the export of goods and services, as well as                     from the Government, the Singapore International
    seminar on the Agreement on 20 February,           intellectual property rights (IPR) protection.                       Chamber of Commerce and DHL Express.
    featuring speakers from MTI and ESG. Some
                                                                                                                                                                                                           The FTA Symposium commemorated 20 years of Singapore’s
                                                                                                                                                                                                           FTA strategy.

36 Singapore Business Federation                                                                                                                                                                                                                     Annual Report 2019 37
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