The Ministry of Trade and Industry (MTI) and Singapore Business Federation (SBF) have established an Alliance for Action (AfA) on Business Competitiveness to look into how businesses can remain competitive amid an uncertain global economic environment. The formation of this AfA was announced by Minister of State for Trade and Industry Low Yen Ling at MTI’s Committee of Supply Debate 2024.

The AfA is co-chaired by Minister of State Low Yen Ling and Deputy Honorary Treasurer, SBF Council & Chief Executive Officer, Sing Lun Holdings, Mr Mark Lee. It is a private-public partnership comprising 18 representatives from the Government, industry, trade associations and chambers (TACs) and the trade unions. Please refer to Annex A for the list of the AfA members.

The objectives of the AfA are as follows:

This AfA will facilitate stronger engagement between the private and public sectors, and encourage the co-creation of recommendations in areas such as strengthening manpower, land, and regulatory competitiveness. Apart from discussing near-term measures, AfA members will also take a longer-term view to grow Singapore’s economy, unlock resource potential, and transform businesses to improve competitiveness.

Minister of State Low Yen Ling said, “The AfA on Business Competitiveness brings stakeholders from the industry, union and public sector together to uphold and strengthen Singapore’s competitive edge. It will deepen engagement between the private and public sectors, foster discussions and make joint recommendations on strengthening competitiveness in critical areas like manpower, land, and regulation. Besides dealing with immediate challenges, the AfA will take a longer-term view to grow our economy, unlock our resource potential, and transform businesses to enhance competitiveness. With their wide experience, I am confident that AfA members will provide valuable insights and draw concerted action to tackle business concerns constructively.”

Mr Mark Lee said, “Singapore's business landscape faces pressing challenges, including escalating costs and manpower constraints. However, these hurdles also present an opportunity for synergistic collaboration between the private and public sectors. The AfA on Business Competitiveness stands at the forefront of this cooperative endeavour, serving as a dynamic platform for dialogue and innovation. We are committed to co-creating robust solutions that address the needs of the business community and fostering an environment where companies are empowered to undertake transformative journeys. Together, we can convert these challenges into avenues for growth and secure Singapore's competitive edge for the future.”

The AfA will organise industry consultations to seek views from businesses and aims to put out its recommendations by 4Q2024. Businesses that are keen to participate in the upcoming industry engagement sessions, or contribute ideas and feedback can write to the AfA at [email protected].