BIZSpoke | 08 March 2024 - Minister for Trade and Industry (MTI) Gan Kim Yong and SBF CEO Kok Ping Soon Discuss Singapore's Economic Future

8 MARCH 2024

Minister for Trade and Industry (MTI) Gan Kim Yong and SBF CEO Kok Ping Soon Discuss Singapore's Economic Future

In a televised interview on 1 March following MTI’s Committee of Supply debate featuring Minister for Trade and Industry Gan Kim Yong and SBF CEO Kok Ping Soon, Mr Kok said more can be done to make the schemes business-centric instead of scheme-centric to lessen the pain points faced by companies. He highlighted that SMEs in particular are disproportionately impacted as they may lack the resources and expertise, so the government can look at ways to better partner trade associations and chambers to provide more dedicated support.

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COMMITTEE OF SUPPLY (COS) 2024 DEBATE

Introduction of New Alliance for Action on Business Competitiveness

On 1 March, Minister of State for Ministry of Trade and Industry & Ministry of Culture, Community and Youth Low Yen Ling announced that MTI and SBF will co-chair an Alliance for Action (AfA) on Business Competitiveness, focusing on improving competitiveness, innovation, and fairness in the business environment, as well as co-creating recommendations in key areas like manpower, land, and regulations. -- Segment on AfA Business Competitiveness: 25:59 to 27:32

Read more about the AfA in our press release.

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Government streamlines tender process from April to enhance business ease

On 28 February, Minister for Transport and Second Minister for Finance Chee Hong Tat disclosed that the Ministry of Finance (MOF) has collaborated with the Association of Small & Medium Enterprises and SBF to gather business inputs for co-creating Tender Lite. Valuable suggestions from business leaders will make government contracts more accessible for SMEs. SBF welcomes MOF's proactive stance towards business feedback and pledges to continue its efforts to help fine-tune Tender Lite, ensuring its effectiveness and relevancy for all stakeholders. -- Segment on Tender Lite: 00:50 to 04:00

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NMP Neil Parekh on well-balanced and prudent Budget

NMP and SBF Council Member Neil Parekh spoke at the Committee of Supply 2024 debate on 6 March, encouraging the Ministry of Culture, Community and Youth (MCCY) to share more on its collaboration with the Environmental, Social, and Governance Coordination Office (ESGCO) set up by SBF.

Mr Parekh also spoke on Budget 2024 measures in Parliament on 26 February. Watch the second video here.

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Higher S$7,500 cap for salary support, wider eligibility for Career Conversion Programmes

Minister for Manpower and Second Minister for Trade and Industry Dr Tan See Leng has announced increased salary support under the Career Conversion Programme (CCP) from 1 April. Funding for mature or long-term unemployed workers will now cover up to 90% of salary, capped at S$7,500 monthly, up from S$6,000. Employers are also eligible up to S$45,000 in support for a six-month conversion programme. Additionally, reskilling support will extend to cover emerging job roles identified under Industry Transformation Maps or Jobs Transformation Maps.

Ready to make a career switch? SBF can help you navigate your CCP journey. Find out more!

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Forget business as usual – transformation is the new normal

SBF CEO Kok Ping Soon underscores Singapore's need for continual industry transformation and strengthening its "TICK" quotient. Recent closures of major facilities, contributing to significant job losses, highlight the urgency. Amid global economic shifts, Singapore must embrace ongoing transformation for competitiveness, especially in sectors like semiconductors. Focus areas include supporting SMEs, investing in AI infrastructure, and reassessing industry maps. Prioritizing trust, infrastructure, connectivity, and kinships (TICK) are essential for sustained growth and navigating challenges.

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Singapore SMEs need MNC contracts to escape ‘the small size trap’

SBF CEO Kok Ping Soon has shared his insights on how Singapore SMEs can greatly enhance their prospects through strategic collaborations with MNCs. By exploring a broader array of industry segments and partnership models, SMEs stand poised for transformative growth. The enhanced Partnerships for Capability Transformation (PACT) now covers capability training to upskill your workforce, internationalisation to expand your reach, as well as corporate venturing to explore new opportunities.

Also featured on EDB website

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Budget 2024: Short on expertise, small local firms face challenges in utilising schemes

Supporting SMEs to stay competitive and build capabilities must remain a national priority to avoid a two-track economy of big innovative firms and a backwater of local firms. However, policy implementation will be key to determine whether local firms can access and utilise the intended assistance, says SBF CEO Kok Ping Soon.

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The case for an Exim bank for Singapore

Amidst global trade challenges, SBF and KPMG in Singapore have urged Singapore to establish an Export-Import (Exim) Bank. Common in major exporting nations, Exim banks provide vital financial support, including insurance and financing for overseas projects. SMEs struggle to secure financing for international ventures as many lack a proven track record or collateral to support their loans, and the move to establish an Exim bank could bolster exports and address trade financing gaps.

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WHAT'S NEW

NMP Mark Lee on a Conducive Environment for Business Competitiveness

NMP and SBF Council Member Mark Lee emphasised the critical role of collaboration between the government and industry associations to bolster sustainable development plans. He also urged for enhanced support for SMEs in their sustainability endeavours, and underscored the importance of leveraging smaller labour pools amidst demographic shifts, such as returning women professionals and older individuals, to support economic growth objectives effectively.

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Women in Business: Celebrating Success and Inspiring Growth

The Singapore Women Entrepreneurs Network (SG-WEN) and Standard Chartered Singapore commemorated International Women's Day with a landmark event, themed "Inspiring Inclusion." This initiative underscores a mutual dedication to empowering women entrepreneurs, promoting inclusivity and diversity in the entrepreneurial ecosystem, and enabling them to reach their full potential by providing resources and support for their success.

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INTERNATIONALISATION

SBF CEO Kok Ping Soon Spotlights CIIE's Key Role for Singapore Businesses

SBF CEO Kok Ping Soon emphasised China International Import Expo's (CIIE) as a crucial platform for gaining insights into the Chinese business environment, showcasing innovations, and securing sales commitments, and also underscored the strong bilateral business relationship, as well as collaboration opportunities in areas such as low-carbon industrial development and regional partnerships, leveraging Singapore as a gateway to ASEAN.

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FEATURED EVENTS

Mastering Cybersecurity in the Digital Supply Chain

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Join other Businesses in their Journey of Doing Good

Did you know that doing good is not just something limited to large organisations? In recent years, many SMEs have also joined the ranks of purpose-driven businesses in Singapore through their efforts in the in the People, Society, Governance, Environment, and Economic dimensions under the Company of Good Recognition Framework.

SBF's ESG Coordination Office (ESGCO) is partnering with the National Volunteer and Philanthropy Centre (NVPC) for the Company of Good (COG) initiative. By joining the community, you've begun the first step to having your contributions recognised - join us in making a positive impact!