BIZSpoke | 24 November 2023 - Singapore Business Leaders Conclude Year-long Efforts at APEC on Building a More Equitable, Sustainable, Opportunity-filled Region

24 NOVEMBER 2023

Singapore Business Leaders Conclude Year-long Efforts at APEC on Building a More Equitable, Sustainable, Opportunity-filled Region

The APEC Business Advisory Council (ABAC) held its final meeting of 2023, ABAC IV, from 11 to 16 November in San Francisco, USA. Business leaders from all 21 APEC economies, including representatives from Singapore—Mr Kok Ping Soon, CEO of the Singapore Business Federation, Mr Wong Wai Meng, Chair of SGTech, and Ms Elaine Lam, Head of Global Corporate Banking, OCBC—reviewed the year's progress and discussed the agenda for 2024. The Council's recommendations, spanning trade, sustainability, digitalisation, and more, were presented to APEC Leaders to drive sustainable and inclusive growth in the region.

HMGICS Seals MOU with SBF and SMF, Fueling Automotive Collaboration

Officiated by DPM Lawrence Wong and Minister of Trade, Republic of Korea (ROK), Mr Ahn Duk Geun, the grand opening of the Hyundai Motor Group Innovation Center Singapore (HMGICS) signifies not only a pivotal moment for Hyundai but also the resurgence of electric vehicle manufacturing in Singapore. The event saw the signing of an MOU between HMGICS, SBF, and Singapore Manufacturing Federation(SMF), fostering collaboration in the automotive manufacturing and advanced mobility sector.

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New Members Orientation

Close to 100 members joined us on 22 November at the third and final New Member’s Orientation for the year. SBF CEO Kok Ping Soon said during the session that this is the End of Business As Usual, and we will not be going back to how things were, pre-covid. New members were also informed of the many ways of how SBF can help them in their individual businesses.

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Leading Trade Associations Rally Behind JRCOE for Job Redesign Excellence

The Job Redesign Centre of Excellence (JRCOE), led by Workforce Singapore and the Institute for Human Resource Professionals, supports enterprises in job transformation. Offering resources and workshops, it aims to facilitate the adoption of job redesign practices. Over 20 trade associations, including SBF, have pledged support and will encourage their member companies to integrate job redesign principles into HR practices.

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The Role of Family Businesses in Navigating ESG for Sustainable Growth

Organised by SBF, BFI@SMU, SSG-LLI, and IAAS, the ESG Forum for Family Business 2023 marked a successful collaboration on 14 November. Vice-Chairman & Honorary Secretary of SBF Andrew Kwan, emphasised the critical need for integrating ESG practices into corporate strategies, highlighting family businesses as sustainability champions with their values-driven approach, commitment to legacy building, and strong community ties. Panel discussions led by Deputy Honorary Treasurer of SBF Mark Lee, explored challenges and solutions for family businesses, providing a comprehensive view of enterprise transformation.

China's Economic Pivot Fuels Global Investment Opportunities

China's commitment to advancing high-standard opening-up and fostering economic globalisation that is open, inclusive, balanced, and mutually beneficial indicates a strategic shift in the Chinese economy towards a new era of high-quality development and increased international engagement. According to SBF CEO Kok Ping Soon who spoke at the CIIE held recently, this commitment holds the promise of not only positively influencing global economic cooperation and trade growth but also providing a sustained flow of opportunities for foreign investment in China.

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Webinar Highlights Benefits of Peru-Singapore Agreements

SBF conducted a webinar titled "Unlocking Opportunities: Peru & Singapore," on 2 November, supported by Enterprise SG, which delved into the extensive benefits provided by the Peru-Singapore Free Trade Agreement (PeSFTA), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Pacific Alliance – Singapore Free Trade Agreement (PASFTA). The discussion explored the detailed mechanisms through which PeSFTA and CPTPP facilitate market access, ensure predictability for service providers, and offer investment protection for both Singapore and Peru.

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Singapore Firms Investing in Vietnam's manufacturing

SBF's latest business mission to Vietnam took the participants to Hanoi, Hai Phong and Vinh Phuc (a mountainous province north-west of Hanoi). Singapore companies find Vietnam a conducive environment to set up manufacturing facilities there due to the abundant supply of skilled labour and lower production costs.

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B-RISING Networking Event in Indonesia

As part of the Overseas Market Workshop to Indonesia, the 2nd Series of the B-RISING Networking event was held on 9 November, connecting high-level executives and influential figures from both local and Singapore communities in Jakarta. It provides advanced networking opportunities, cross-border insights, and potential collaboration prospects, which is able to contribute to professional growth and business success.

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