BIZSpoke | 13 September 2024 - Three Key Takeaways from Fireside Chat with PM Lawrence Wong

13 SEPTEMBER 2024

Three Key Takeaways from Fireside Chat with PM Lawrence Wong

SBF had the privilege of hosting Prime Minister Lawrence Wong at a welcome lunch on 11 September, bringing together over 100 distinguished guests from the business community and various trade associations. In an engaging fireside chat, moderated by SBF Chairman Lim Ming Yan, PM Wong shared valuable insights on navigating today’s geopolitical landscape and addressing rising protectionism. The discussion also talked about propelling Singapore into its next phase of growth, creating a dynamic business ecosystem where both local and international businesses can flourish.

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WHAT'S NEW

India's Rapid Growth Spurs New Opportunities

Indian Prime Minister Modi joined a closed-door business roundtable hosted by SBF with Singapore's top business leaders at the Shangri-La Hotel. Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong highlighted India's rapid growth since Modi's first visit in 2015, noting the rise of new sectors like renewable energy and electric vehicles.

As Singapore's largest trade partner in ASEAN, India presents significant growth potential for Singapore businesses. SBF remains committed to supporting Singapore companies in expanding into India and ensuring their long-term success. To find out more on the Indian market, reach out to us at [email protected].

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SBF and HSBC Partner to Drive Singapore Business Expansion into India and Middle East

SBF and HSBC have partnered to help Singapore businesses expand into key markets like India and the Middle East. In a joint media interview with HSBC, SBF CEO Kok Ping Soon shared that India and the Middle East are in the midst of an unprecedented drive to boost investment in urban development, transport, utilities, renewable energy, tourism, real estate, manufacturing and logistics. While large enterprises have made inroads, the partnership aims to assist smaller companies, particularly with challenges like the Saudi Arabian market. SBF remains committed to driving international growth for Singapore businesses through collaboration with partners such as HSBC.

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NMP Mark Lee on Energy Transition Measures and Other Amendments Bill

Speaking in Parliament on 9 September, NMP and SBF Vice-Chairman Mark Lee addressed rising electricity costs as a key challenge for businesses. While supporting the Energy Transition Measures and Other Amendments Bill, he raised concerns about potential added cost pressures. He proposed creating a business advisory panel, capping costs, and taking a phased approach to ensure fairness.

NMP and SBF Council Member Neil Parekh also spoke in Parliament on the Energy Transition Measures and Other Amendments Bill. Watch the second video here.

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NMP Neil Parekh on Platform Workers Bill

NMP and SBF Council Member Neil Parekh spoke in Parliament on 10 September, highlighting the significance of the Platform Workers Bill in recognising platform workers' contributions and formalizing their role in the economy. He also sought clarification on government support for businesses facing increased costs, and emphasised that stronger worker protections will lead to a more stable and productive workforce in gig-dependent sectors.

NMP and SBF Vice-Chairman Mark Lee spoke in Parliament on the Platform Workers Bill as well. Watch the second video here.

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Integrating foreigners into Singapore should start at the workplace

In a Straits Times op-ed on 12 September, SBF Chief Policy Officer Musa Fazal highlighted the importance of workplace integration for social cohesion and Singapore's competitiveness. With 61% of businesses facing local talent shortages, up from 40% last year, he noted that while foreign talent drives innovation and growth, it may also lead to social tensions. He urged businesses to take the lead in fostering understanding between local and foreign employees.

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Regional Cooperation Key to ASEAN's Rapid Growth

At the ASEAN Conference 2024 held on 29 August, Deputy Prime Minister Gan Kim Yong highlighted ASEAN's growing global influence, predicting a GDP of $4.5 trillion by 2030. He emphasised regional cooperation through initiatives like the Johor-Singapore Special Economic Zone and the ASEAN Power Grid. SBF Chairman Lim Ming Yan expressed cautious optimism for Southeast Asia, citing strong domestic demand and supply chain diversification as drivers of foreign investment.

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Seminar on UAE’s Rising Opportunities in Tech and Manufacturing

The UAE is swiftly emerging as a global powerhouse for innovation and industry, fueled by its ambitious National AI Strategy 2031 and Operation 300bn. With strong GDP growth and a thriving IT services market, the opportunities for businesses eager to enter this sector are immense. Tailored specifically for the tech and manufacturing sectors, this seminar will uncover actionable steps your business can take and the exciting opportunities that await in this dynamic region.

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ESG in Action: Learning Best Practices from the Technology Sector

Join the SBF ESG Coordination Office and the National Volunteer and Philanthropy Centre (NVPC) for an insightful workshop, "ESG in Action: Learning Best Practices from the Technology Sector." Discover the latest ESG trends and drivers, while gaining valuable insights from industry leaders as they share their real-world experiences in the tech sector.

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Singapore Apex Corporate Sustainability Awards

Presented by the UN Global Compact Network Singapore, the Singapore Apex Corporate Sustainability Awards is one of the highest recognitions in Singapore for corporate sustainability among businesses.

Please use the code “PARTNER” at the payment page to claim a 20% discount.

SUPPORTED EVENT

SCS Tech Leader Awards 2025 - Call for Nominations

The Singapore Computer Society (SCS) invites you and your organisation to submit nominations for the Tech Leader Awards 2025, open until 30 September, 5 pm (SGT). These annual awards honour individuals and teams in Digitalisation and Transformation who have significantly advanced the industry and inspired future generations. Categories include Tech Leader of the Year, Digital Achievers, Hall of Fame, and Future Leaders in Tech.

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