BIZSpoke | 23 February 2024 - Singapore Businesses Positioned for Future Success with Comprehensive, Forward-Looking, Pro-Enterprise Budget

23 FEBRUARY 2024

Singapore Businesses Positioned for Future Success with Comprehensive, Forward-Looking, Pro-Enterprise Budget

SBF welcomes the Budget 2024 Statement delivered by Deputy Prime Minister and Minister for Finance Lawrence Wong on 16 February, praising its dual focus on addressing immediate business concerns and long-term economic growth.

Key measures applauded include the $1.3 billion Enterprise Support Package that helps businesses manage rising costs while driving competitiveness in green transition and AI adoption, R&D boost, AI centres of excellence, and the SkillsFuture Level-Up programme that empower the workforce for innovation, digitalisation and sustainability, as well as the expanded Partnerships for Capability Transformation (PACT) scheme which fosters collaboration in training, internationalisation, and corporate venturing.

SBF believes these measures strengthen Singapore's economic capabilities and foster a thriving business ecosystem which will ultimately restore our competitive edge and propel the nation forward.

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BUDGET 2024

NMP Mark Lee Underscores Support for SMEs in Budget 2024 Discussion

NMP and SBF Council Member Mark Lee discussed Budget 2024 alongside other invited guests on MoneyFM 89.3's Breakfast show, highlighting the need for comprehensive support, especially for SMEs. Mr Lee viewed the budget positively, highlighting its relief measures and support for growth, while stressing the importance of addressing issues like the green transition and skills development. He also emphasised the ongoing necessity to bridge the innovation gap and support workplace training.

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ST-UOB Roundtable Discussion on Budget 2024 Measures

Panellists including SBF CEO Kok Ping Soon, UOB senior economist Alvin Liew, PwC Singapore’s tax leader for energy, utilities and resources Irene Tai and SUSS associate professor Walter Theseira joined a roundtable discussion moderated by ST associate editor and senior columnist Lee Su Shyan. Hosted by The Straits Times and UOB on 19 February, the session focused on Budget 2024 measures. While acknowledging the budget's positive steps, Mr Kok stressed the need for targeted government support, particularly in AI adoption, and highlighted the importance of addressing implementation hurdles for businesses to seize opportunities. Watch the full video here.

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BS22 - CNA938 SG Today Impact on Businesses

Budget 2024: SBF CEO Highlights Measures Boosting Competitiveness and Skills

SBF CEO Kok Ping Soon underscores the role of emerging technologies for SME growth, citing government initiatives like the National Productivity Fund and expanded Partnerships for Capability Transformation (PACT) Scheme as crucial enablers for innovation and expansion.

In a 16 February interview on CNA's Singapore Tonight, Mr Kok discussed measures like corporate tax rebates and skills development programmes, lauding their potential to enhance business resilience, and promote industry partnerships for collaboration and innovation. Watch the video here.

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Is Your Business Budget-Ready? Register now to get answers & strategies on 8 March!

Dive deep into Budget 2024 and chart your business growth at the Singapore Budget Symposium (SGBS), proudly presented by SBF with the support of leading government ministries and top industry partners. Stay ahead of the curve with expert analysis and updates on key measures impacting your business, and learn how specific measures translate to opportunities and challenges. Hear directly from Minister for Manpower and Second Minister for Trade and Industry Dr Tan See Leng, and Minister for Transport & Second Minister for Finance Mr Chee Hong Tat in an insightful conversation moderated by SBF CEO Kok Ping Soon.

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TACs Lead the Way: Partnering for ESG Impact

SBF hosted an insightful fireside chat titled "Developing Purposeful TACs – Partnerships for ESG," which attracted over 60 Council Members and Heads of Secretariats from 37 Trade Associations and Chambers (TACs). The esteemed panellists, including Mr Tony Soh, CEO of NVPC - Towards a City of Good, Ms Trina Liang, President of WISE Singapore - Women in Sustainability and Environment, and Mr Gavin Chua, Head of Stakeholder Engagement at APAC, Meta, discussed how TACs can leverage their unique positions to drive positive change in environment, social responsibility, and governance (ESG). SBF CEO Kok Ping Soon moderated the discussion.

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SBF Champions Tech-driven Trade & Paperless Future

Representing the Singapore business community at the inaugural APEC Business Advisory Council (ABAC) 2024 meeting, held from 14 - 16 February in Kuala Lumpur, Malaysia, ABAC Singapore members SBF CEO Kok Ping Soon advocated for smoother cross-border trade and streamlined digital regulations from a business perspective, SGTech Chairman Mr Wong Wai Meng championed tech-driven solutions for improved trade efficiency, and OCBC Head of Global Corporate Banking Ms Elaine Lam underscored the importance of financial inclusion in the digital trade landscape. SBF's active participation at APEC highlights its commitment to representing the voice of Singapore businesses on the global stage.

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