BIZSpoke | 12 January 2024 - SBF National Business Survey 2023/2024 Singapore Businesses Voice Concerns About Rising Costs Amidst a Decline in Business Sentiments

12 JANUARY 2024

SBF National Business Survey 2023/2024: Singapore Businesses Voice Concerns About Rising Costs Amidst a Decline in Business Sentiments

According to SBF CEO Kok Ping Soon, companies are facing a departure from business-as-usual as they address new challenges in an uncertain economic climate. In anticipation of heightened cost pressures, a tightening credit situation, ongoing manpower challenges, and an unfavourable external environment, many businesses are proceeding into 2024 with increased caution.

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WHAT'S NEW

NMP Neil Parekh on Significant Investments Review Bill

NMP and SBF Council Member Neil Parekh spoke in Parliament on 9 January regarding the Significant Investments Review Bill (SIRB). He highlighted that implementing a higher minimum transaction value could enhance efficiency without compromising regulatory oversight, strengthening Singapore's allure for foreign investment. Mr Parekh said the introduction of the SIRB, which aims to enhance the resilience of the economy and strengthen Singapore’s position as a trusted hub for businesses to invest with confidence is highly advantageous for Singapore.

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SBF Leads Business Delegation at Vibrant Gujarat Global Summit

SBF led a delegation of over 60 business representatives spanning various sectors, including technology and innovation, banking and finance, infrastructure and environmental solutions. They actively participated in the Singapore Country Pavilion, established with the support of Enterprise Singapore (EnterpriseSG), is part of the 10^th edition of the Vibrant Gujarat Global Summit (VGGS) and the Vibrant Gujarat Global Trade Show (VGGTS) held from 10 - 12 January. Led by Mr Prasoon Mukherjee, Vice Chairman of SBF’s South Asia Business Group, the delegation, including SBF CEO Kok Ping Soon, discussed Singapore’s business interests in the region with Gujarat's Chief Minister, Shri Bhupendrabhai Patel.

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CNA Interview on Singapore Business Sentiments

SBF CEO Kok Ping Soon was invited to be a panellist on CNA’s Singapore Tonight programme on 6 January. Together with Mr Ang Yuit, President of the Association of Small & Medium Enterprises (ASME), they shared and discussed the findings of the SBF National Business Survey 2023/2024. Businesses are contending with issues like interest rate hikes, credit constraints, and reduced demand. Despite these challenges, certain sectors—particularly finance and banking, construction, and logistics—show promise. Companies are responding by implementing measures like cash conservation, slowing expenditure, and exploring opportunities in overseas markets to mitigate the impact.

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A fresh approach to foreign manpower needed to tackle long-term challenges

There are some jobs that locals shun and tasks that can’t be automated. But companies can’t do without them. Addressing the intricacies of the manpower challenge, particularly concerning foreign labour, holds significant importance for businesses and there are no simple or quick fixes to this multifaceted issue. Read more in this opinion article by SBF Chief Policy Officer Musa Fazal, on how SBF is working with the government to co-create solutions to overcome these constraints.

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#ICYMI

SBF and KPMG Unveil Joint Proposals for Budget 2024

SBF and KPMG have collaboratively put forth proposals for Budget 2024, with the goal of sustaining Singapore's position as a business hub and enhancing company productivity and competitiveness. The recommendations focus on tax incentives to attract investments amidst global tax rule changes, digitalisation support, and addressing concerns related to cybersecurity, AI adoption, and ESG. The proposed measures also include tailored grants for digital transformation, employee upskilling, and a reassessment of foreign worker quotas.

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SBF CEO Kok Ping Soon Introduces Joint Budget Recommendations for Budget 2024

SBF CEO Kok Ping Soon provides an overview of the three overarching pillars: Elevate Singapore's Leadership, Empower Local Enterprises, and Enhance Enterprise Resilience that guide the SBF and KPMG joint budget recommendations for Budget 2024.

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)

Launch of Company of Good Recognition 2.0

SBF’s Environmental, Social and Governance Coordinating Office (ESGCO) works on the Company of Good (COG) initiative with the National Volunteer and Philanthropy Centre (NVPC). The ESGCO invites you to be recognised as a COG, joining a community of purposeful businesses in Singapore. For your commitment and contributions towards fostering a purposeful business, the COG initiative recognises businesses of all sizes in Singapore for the positive impact generated in the five areas of People, Society, Governance, Environment and Economic dimensions.

Embrace the rising expectations for businesses to go beyond financial performance but also in doing right and doing good.

E-waste Recycling Campaign

Recycling your E-waste has never been easier! You can now dispose your laptops and electronic devices conveniently at the Singapore Business Federation. Register now to contribute to our environmental sustainability. Make a lasting impact – join us in fostering a greener future today!

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