10 NOVEMBER 2023
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Forward Singapore: Building Our Shared Future, Together
The Forward Singapore report lays out an ambitious roadmap for economic and social transformation, underlining the pivotal need for a shift in mindset to attain its objectives. At its core, the plan encompasses key initiatives aimed at enhancing economic and social inclusivity, supporting seamless job transitions, ensuring affordable housing, and fortifying national identity. However, formidable challenges exist, including the task of securing funding for these initiatives and inspiring locals to reconsider occupations currently overlooked.
The report also delves into critical policy changes within the labour market, advocating for skills upgrading and the reduction of wage gaps. Recognising fiscal constraints, the report contemplates the potential necessity of tax increases to sustain these programmes. Above all, it underscores the paramount importance of reshaping attitudes and expectations to breathe life into its vision.
WHAT'S NEW
NMP Mark Lee on Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill
In Parliament on November 7, NMP and SBF Council Member Mark Lee highlighted that the government's ongoing tax incentives align with global business and tax dynamics, further enhancing Singapore's attractiveness for MNCs. These changes will also benefit SMEs, enhancing international connections, business opportunities, and tech collaborations.
In another speech on Cost of Living, he emphasised that the business community believes effectively managing the cost of living hinges on strengthening Singapore's economic foundation. Watch the second video here.
National Wages Council (NWC) 2023/2024 Guidelines
The NWC calls on employers to offer fair and sustainable wage increases to address employee concerns about inflation and living costs. Simultaneously, the NWC acknowledges that increasing inflation can impact business expenses and prospects. Therefore, the NWC suggests the implementation of differentiated wage guidelines for employers, based on their past performance and future outlook.
Additionally, the NWC recommends that employers consider offering a one-time lump-sum payment to their employees, with a focus on lower to middle-income workers, to help them cope with rising living expenses.
Singapore to table new law reviewing ‘significant investments’ in critical entities
Singapore is introducing the Significant Investments Review Bill, which will regulate significant investments in critical entities to strengthen the nation's national security interests. It will require approval for ownership changes, key officer appointments,
and prohibit voluntary dissolution without ministerial consent. The bill applies to both local and foreign investors, ensuring a fair and open investment environment. SBF Chairman Lim Ming Yan expressed that the new bill strikes a balance between
government objectives and maintaining Singapore's status as an open and competitive business hub.
EU-Singapore Cluster Matchmaking Event 2023
The EU-Singapore Cluster Matchmaking Event 2023, organised by the European Commission and Enterprise Singapore with support from the Ministry of Trade and Industry and SBF, unfolded on 30 October. This dynamic event facilitated over 200 impactful one-to-one business meetings across sectors like Agrifood, Health Care, Digital Tech, Smart Cities, Advanced Manufacturing, and Green Tech. It highlighted the strong economic ties between the EU and Singapore fostered by the EU-Singapore Free Trade Agreement (EUSFTA). Emphasising the pivotal role of cluster-level collaboration in expanding market access, the event played a significant role in propelling growth and innovation globally.
#ICYMI
DT-SME: Revolutionising Business with the 3S Framework and SGTech Partnership
Unveiling the Digital Transformation Programme for SMEs (DT-SME), which revolves around the dynamic 3S framework (Strategy, Solutions, and Skills). It's a game-changer for companies, offering access to a Resource Centre teeming with tech gurus, innovative solutions, skillful trainers, mentors, and industry peers. Building upon the success of SBF's fruitful partnership with SGTech in initiatives like Digi-TAC and the Cybersecurity 101 series, SBF is thrilled to team up with SGTech once more, on a mission to turbocharge SMEs' digitalisation endeavours through DT-SME, promising even greater achievements.
Seeking participants for SBF website's focus group discussion
Join our 90-minute focus group discussion to be held at our office at SBF Center and help us improve our website! We are looking for 15 members of the business community to share your feedback on what you would like to see on our website and how we can make it better for you. There will be 3 sessions (5 participants per session) to be held on 20 November (AM) and 21 November (1 PM, 4 PM). Participants will be given a $80.00 CapitaLand voucher upon completion of the focus group.
Registration will close on 14 November, 5pm.
INTERNATIONALISATION
Enhanced Singapore-China Relations Open Doors for Business Growth
At the 6th Singapore-China Trade and Investment Forum (SCTIF) in Shanghai on 6 November, Minister of State for Culture, Community, and Youth and Minister of State for Trade and Industry Low Yen Ling highlighted China's growing domestic demand and evolving consumption trends, which are poised to create new trade opportunities between Singapore and China. At the forum, Singapore and Chinese companies signed a total of 13 Memoranda of Understanding (MOUs) to further cooperation in various fields, including data, healthcare, and food.
Forging business ties in Vietnam, over pho and bun cha
In a recent trade mission to Vietnam as part of Spotlight Singapore, 120 Singaporean delegates gained valuable insights into the importance of cultural relationships in business. Speakers at the panel discussion emphasised the need for cultural sensitivity and relationship-building by Singaporean entrepreneurs before engaging in business transactions. SBF's Country Head for the Vietnam market Amy Wee, advised Singapore companies to approach the market with openness and trust-building, highlighting the value of personal presence and interaction in forming friendships.
TRAININGS
[14, 15, 16 November 2023]
Implement Skills Framework in Organisation (SSG Funded)
[14 November 2023]
Eyeing Asia : Employment Law in Indonesia
[15 November 2023]
Eyeing Asia : Employment Law in Vietnam
[16 November 2023]
How to Review Your GST Returns
[20 November 2023]
Masterclass on Disability Inclusion in the Workplace
[21 November 2023]
SPONSORED CONTENT
Embrace Electronic Invoicing for Swift Solutions
Three partners of a pharmaceutical company were on the verge of a business catastrophe, all because they were too focused on selling their services. Their major misstep? Neglecting the essential task of invoicing until the end of the month. The result? Cash flow chaos that nearly sunk their ship. To keep afloat, the partners had to dig into their own pockets for a rescue mission. The lesson learned: staying current with invoicing is crucial for a healthy cash flow. Now, they're exploring the speedier option of electronic invoicing to streamline their billing process.
SUPPORTED EVENT
Our NS Family Camp 2023:BMT FAMILY EDITION
Gear up for an exhilarating experience as ACCORD (F&C) WG1 teams up with SAFRA Yishun to bring you "Our NS Family Camp 2023: BMT FAMILY EDITION" on 1 - 2 December 2023. Open to NSmen and their families (non-Singaporean families are welcomed too!), this immersive camp replicates the activities of every Singaporean son during their 2-year National Service commitment—the foundation of our defense. Hurry, registration closes on 24 November, or when all 80 slots are filled! Join us for a memorable adventure that strengthens support for NS and NSmen.
AT A GLANCE
MORE INFORMATION
OPERATING HOURS
Monday - Thursday:8.45 am to 6.00 pm
8.45 am to 5.00 pm
Closed on Weekends and
Public Holidays
