EMPOWERING BUSINESSES FOR TOMORROW

Annual Report 2019 EMPOWERING BUSINESSES FOR TOMORROW

As Singapore’s apex business chamber, the Singapore Business Federation (SBF) works with the government and other stakeholders to drive business advocacy and capability building among businesses. Through our extensive local and global networks, we help companies establish connections and form alliances with the right partners, so as to help them internationalise and expand their businesses beyond our borders.

Annual Report 2019 1 CONTENTS

4 Chairman’s Message 6 Key Initiatives and Events THE SBF STORY 8 Key Figures and Statistics 9 Incoming Delegations 10 Membership Profile The evolving global economic and business landscape of the late 1990s prompted the Government to establish 12 an entity that would better organise and represent STRENGTHENING BUSINESSES Singapore’s business community. 14 Taking on Inequality with Sustainable Employment With the passing of the Singapore Business Federation 16 Budget 2019 (SBF) Act in July 2001, all Singapore-registered companies with paid-up capital or authorised share 17 Dialogues capital of S$0.5 million and above became members VISION 19 Business Sentiments of SBF. The Federation was officially launched by then 20 The Pulse of the Business Community Prime Minister Goh Chok Tong on 11 April 2002. The apex platform promoting

Today, SBF represents about 27,200 Singapore the growth and vibrancy of the 22 BROADENING HORIZONS companies and key local and foreign business chambers. Singapore business community. 24 ASEAN 27 China and North Asia 30 Americas, Europe, Middle East, Africa MISSION and South Asia 32 We champion the interests of our GEARING UP FOR THE FUTURE 34 SBF Business Institute business community in Singapore 36 FTA Education & Outreach and internationally, and act as 38 Boosting Business Transformation the bridge between businesses

and the Government. 40 ADVOCATING INCLUSIVITY & SUSTAINABILITY 42 SBF Foundation 44 Global Compact Network Singapore

46 FEDERATION PROFILE 46 Board of Trustees 47 2018 / 2020 Council 50 Council Committees 51 SBF SME Committee 52 SBF Digitalisation Committee 53 SBF Infrastructure Committee 54 SBF Secretariat

2 Singapore Business Federation Annual Report 2019 3 CHAIRMAN’S MESSAGE

and effective staff training hamper their digital Singapore’s business community on international adoption plans. platforms such as the APEC Business Advisory Council, ASEAN Business Advisory Council and East To help companies on their digitalisation journey, Asian Business Council. A key initiative is the ICC SBF will prioritise its efforts on digital SBF ramped up efforts this year to show companies Singapore Arbitration Group which is expected to transformation for Singaporean what they can readily do. These include industry- raise Singapore’s profile as a hub for international specific forums and the SBF-SMEs Go Digital Series arbitration and dispute resolution. businesses, especially small and to provide businesses with easier access to digital medium enterprises, and facilitate the solutions and equip employees with skills to boost expansion of their operations beyond their productivity. Beyond the Horizon Besides technology and innovation, SBF will also our shores. To support the digital upskilling of business owners emphasise building up companies’ human capital and their employees, SBF and V3 Fintech also going forward. In the coming year, we will embark established a regional digital academy, Beyond Lab, on new initiatives, with the support of partners, to to help SMEs to develop data analytics and fintech facilitate and enable job redesigning for employees. capabilities affordably. SBF has also announced a partnership with the Institute of Systems Science Our Young Business Leaders Network (YBLN) has The end of 2019 saw the worst of the storms almost In Good Company at the National University of Singapore to deliver been engaging our young leaders of tomorrow to draw to a close as the US and China sparked In November, SBF unveiled a special report titled a series of digital competency training courses to prioritise and embrace stewardship in business. optimism with a Phase One trade deal agreement. “Sustainable Employment - Achieving Purposeful launch in 2020. We are committed to helping our We are proud of them for stepping up and setting But, in end January, the unexpectedly widespread Business Success Together”. A by-business-for- businesses narrow their gaps so they can tap digital up a S$5million SBF-YBLN HOPE Fund to help COVID-19 outbreak cast a shadow on the economic business initiative driven by SBF in consultation technology and Singapore’s network of FTAs to stay SMEs impacted by the COVID-19 outbreak. SBF growth potential globally and at home. However, I’m with over 300 business leaders, trade associations agile and expand overseas. will continue to provide them with the space and confident that we will emerge stronger, and more and chambers (TACs), community organisations, platform for knowledge exchanges and networking resilient and united. academia and other stakeholders, the report opportunities. put forth six key recommendations targeted at Going Global And as the world overcomes the challenges of addressing the employment needs of the elderly, the In 2019, SBF received 40 delegations from Asia, The past six years as SBF’s Chairman has been a COVID-19, many of the developments in 2019 will less well-off and those vulnerable to job disruption. the Middle East, Africa and Europe. We also led 29 journey that I’m privileged to have embarked on. I begin to bear fruit. On the trade front, the upgraded business missions and overseas market workshops. have witnessed the Federation grow from strength China-Singapore Free Trade Agreement (FTA) And I’m pleased to see that this initiative has gained to strength because of the business community’s and the landmark European Union – Singapore traction. More than 100 companies have taken In November, SBF led a larger and more diverse commitment to continuously strive for excellence FTA will benefit many of our businesses in their the Sustainable Employment Pledge and have delegation to the 2nd China International Import and success, and the strong support of SBF internationalisation journey. We also look forward committed to making at least one improvement in Expo. We showcased a wider range of innovative members, the Government and our partners. to the signing of the Regional Comprehensive their employment practices every 12 months. products and services to the vast Chinese market. Economic Partnership, which is slated to be the Through tailored business matching sessions, our A big thank you to the Council, various committee world’s largest FTA. This will create fresh trade and As part of the recommendations, SBF is working with companies inked 26 MoUs, valued at more than members (past and present), and the dedicated and investment opportunities for our companies in Asia partners such as Far East Organization, CapitaLand, S$260million – a significant increase from the 15 hardworking Secretariat led by CEO Mr Ho Meng and beyond. Certis Group, CBM, Greenology, ISS Facility Services MoUs worth over S$152million in 2018. Kit. It is my great honour to have worked with them. and Pontiac Land on a lighthouse project to explore I hope you will join me in continuing to support SBF’s The road ahead may not be entirely smooth. We job clustering for essential service workers in order to SBF’s flagship Singapore Regional Business Forum work in the years ahead. call on our companies to keep the momentum on improve wages and career prospects. Pilot trials will celebrated its fifth anniversary, underscoring business transformation going and stay the course kick off in the first half of 2020. Singapore’s role as a key connector and gateway on investing and upskilling their workforce so they city for international trade and commerce. The event can remain competitive. was followed by the inaugural Singapore Regional From Disruption to Transformation Infrastructure Summit which saw the establishment Beyond building viable businesses, we also hope Digital transformation continues to impact of two sub-committees – Built Environment and companies will embrace the important role they play businesses and the way people work. In our National Water and Waste – under the SBF Infrastructure in fostering a cohesive society by committing to Business Survey 2019/2020, nine in 10 businesses Committee. sustainable employment practices. recognised the importance of digitalisation to remain Mr S.S. Teo competitive. However, factors like perceived costs Besides connecting members to internationalisation Chairman opportunities, SBF also promotes the interests of Singapore Business Federation

4 Singapore Business Federation Annual Report 2019 5 KEY INITIATIVES AND EVENTS Championing Sustainable ICC Singapore Arbitration Group ASEAN Conference 2019

Employment SBF established the ICC Singapore Arbitration Marking the fifth edition of the annual ASEAN Group in June, aiming to provide Singapore Conference, SBF launched the SBF BusinessASEAN SBF released a special report titled “Sustainable arbitrators greater opportunity and exposure to ICC Network to help Singapore companies expand Employment – Achieving Purposeful Business arbitration standards, practices and cases. Through into the region. Themed “Transforming Cities, Success Together”, calling on the business this initiative, SBF hopes to elevate Singapore’s Transforming Industries”, the Conference featured a community to take purposeful action on sustainable position as an international arbitration hub. dialogue with Guest of Honour Mr Chan Chun Sing, employment in order to foster a vibrant economy Minister for Trade and Industry, and convened some and inclusive society. A conference graced by 520 participants to examine the future of ASEAN President Mdm Halimah Yacob also saw the launch amidst rapid transformation and disruption. of the Sustainable Employment Pledge, which has since garnered more than 100 pledges from 2nd China International Import companies both big and small. Expo

A larger and more diverse delegation headed to Business Mission to Russia the second edition of the Expo, with exhibitors SBF led its inaugural business mission to showcasing a wider range of products and services. Inaugural Singapore Regional Vladivostok, Russia in September, in conjunction SBF launched a WeChat mini programme to with the 10th Inter-Governmental Commission Infrastructure Summit connect Chinese buyers with the exhibitors. The between Singapore and Russia. The delegates had Singapore-China Trade and Investment Forum was Held in conjunction with the fifth Singapore the honour of meeting and exchanging views with also organised with Mr Chan Chun Sing, Minister Regional Business Forum, the inaugural Singapore Mr Tharman Shanmugaratnam, Senior Minister and for Trade and Industry, participating in a dialogue. Regional Infrastructure Summit showcased Coordinating Minister for Social Policies, and other Singapore’s role as an infrastructure hub and senior government office holders. highlighted how the region can harness the economic and social benefits arising from infrastructure development for sustainable Inaugural Strategic Planning economic growth. The Summit also announced the Session for TACs establishment of two sector-based sub-committees – Built Environment and Water and Waste – as part More than 60 leaders from 39 trade associations of SBF’s Infrastructure Committee. and chambers (TACs) gathered for an inaugural strategic planning session to discuss pertinent issues like digitalisation and internationalisation. Mr Heng Swee Keat, Deputy Prime Minister and FTA Symposium 2019 Minister for Finance, also had a dialogue with the attendees and witnessed the MoU signing between Commemorating 20 years of Singapore’s Free Trade SBF and the Singapore Manufacturing Federation. Agreement (FTA) strategy, the FTA Symposium 2019 was organised by SBF, the Ministry of Trade and Industry and Enterprise Singapore. The event brought together Guest of Honour Mr S Iswaran, Minister for Communications and Information and Minister-in-charge of Trade Relations, and some 600 business leaders to explore how businesses can find opportunities from Singapore’s network of FTAs and upcoming Digital Economy Agreements as well as navigate hurdles.

6 Singapore Business Federation Annual Report 2019 7 KEY FIGURES INCOMING DELEGATIONS AND STATISTICS 40 Total number of incoming delegations 4 30 Europe Asia Armenia, Czech Republic, Bangladesh, Cambodia, China, India, Hungary, Poland Indonesia, Japan, Korea, Malaysia, Mongolia, Myanmar, Nepal, Pakistan, 27,149 Turkmenistan Members 26,902 53,972 Statutory Members Total number of participants engaged 247 Associate/Constituent members

13,664 Total number of participants engaged and trained through our Internationalisation 214 programmes and activities Total number of partners, (including Overseas Market associates and sponsors Workshops) engaged and assisted 1 Middle East Jordan 5 Africa Kenya, Mauritius, Nigeria, 616 29 Rwanda Total number of activities Total number of outgoing missions

8 Singapore Business Federation Annual Report 2019 9 INDUSTRY PROFILE OF SBF MEMBERS BY SINGAPORE STANDARD INDUSTRIAL CLASSIFICATION (SSIC) MEMBERSHIP PROFILE 5,756 SHARE CAPITAL OF SBF MEMBERS Wholesale Trade 21.40% members

Other Financial and Insurance Activities 14.85% 3,995 members e.g. Holding/Investment Companies

S$10 m and above Manufacturing eg. Food, Textiles, Paper Products, 12.10% 3,255 members Chemicals, Metals, etc S$5 m to < S$10 m 20.98% Professional Services 9.32% members 8.36% 5,645 members 2,506 2,248 members Construction and Civil Engineering 7.93% 2,133 members

IT & Related Services 6.08% 1,635 members

Banking and Insurance 5.33% 1,434 members

Logistics & Transportation 5.13% 1,381 members S$0.5 m to < S$1 m

Administrative & Support members 29.39% Service Activities 4.39% 1,182 7,906 members

Retail Trade 3.43% 922 members

Real Estate Activities 2.81% 756 members

Hotels, Restaurants & Accommodations 2.53% 680 members Others eg. Agriculture and Fishing, Mining and Quarrying, Water Supply, Sewage and Waste Management, Public 1.42% 381 members Administration and Defence, and Arts, Entertainment and Recreation

S$1 m to < S$5 m Other Service Activities 1.35% 362 members 41.27% Education 1.04% members 11,103 members 280

Health & Social Services 0.91% 244 members

10 Singapore Business Federation Annual Report 2019 11 SBF serves as the voice of business and industry to advocate on issues that STRENGTHENING impact enterprises and the business climate. Working closely with businesses, trade BUSINESSES associations and chambers as well as government agencies, SBF aims to foster a vibrant city in which to do business, work and live. STRENGTHENING BUSINESSES STRENGTHENING BUSINESSES Taking on Inequality with Sustainable Employment Conference Sustainable Employment

In November, SBF unveiled a special report titled As the apex business chamber, SBF recognises “Sustainable Employment – Achieving Purposeful that developments in technology, demographics, Business Success Together”, calling on the business and societal values will change the way businesses community to commit to sustainable employment operate and succeed. In order to achieve practices in order to foster a vibrant economy and sustainable growth in the long term, business inclusive society. leaders need to consider the impact of their strategies and policies on their employees, business A business-led effort driven by SBF in consultation ecosystem and communities. with over 300 business leaders, trade associations and chambers (TACs), community organisations, academia and other stakeholders, the report highlights six key recommendations and potential business opportunities targeted at addressing the SUSTAINABLE A panel discussion featuring Core Committee Members (from left President Mdm Halimah Yacob, Mrs Josephine Teo, Minister for EMPLOYMENT to right) Ms Melissa Kwee, Mr Jason Ho, Ms Goh Swee Chen (Core Manpower and Second Minister for Home Affairs, and employment needs of mature workers, the less well- Achieving Purposeful Business Success Together Committee Chairman), Mr Veera Sekaran and Dr Gillian Koh, who Mr Desmond Lee, Minister for Social and Family Development and was also the moderator. Second Minister for National Development, joined 20 companies off and those vulnerable to job disruption. who have pledged to adopt sustainable employment practices.

At the conference on 22 November attended by close to 200 business leaders and industry stakeholders, Guest of Honour President Mdm Halimah Yacob launched the Sustainable A “BY-BUSINESS-FOR-BUSINESS” Employment Pledge alongside 20 Singapore INITIATIVE companies, both big and small. During the

In Support of conference, President Halimah also participated in a dialogue moderated by SBF CEO Mr Ho Meng Sustainable Kit. Mrs Josephine Teo, Minister for Manpower and Employment Second Minister for Home Affairs, and Mr Desmond Lee, Minister for Social and Family Development Pledge and Second Minister for National Development, also attended the conference. Thriving customers, employees and communities Steered by Over Endorsed by lead to better business and healthier long-term growth. The Pledge calls on businesses to take 19 300 24 purposeful action to improve their sustainable core committee business leaders and TACs and supporting Scan the employment practices. QR code to members and stakeholders engaged organisations download the over in the process report More than 40 organisations have sub-committee and made the Sustainable resource panel Employment Pledge. members 100 SBF’s bicentennial gift to Singapore To join them, make your pledge here.

President Mdm Halimah Yacob applauded this by-business-for- business initiative at the dialogue session moderated by SBF CEO Mr Ho Meng Kit.

14 Singapore Business Federation Annual Report 2019 15 STRENGTHENING BUSINESSES STRENGTHENING BUSINESSES Budget 2019 Dialogues

SMEC Budget Seminar on Budget 2019 for 17th Annual General Meeting Recommendations Businesses & Ministerial Dialogue with Minister Ng Chee Meng SBF SME Committee (SMEC), with the support of Close to 500 company representatives attended the business leaders and representatives from various seminar on 26 February co-organised by SBF and Held on 27 June, the 17th Annual General TACs, put forth seven key recommendations the Singapore National Employers Federation (SNEF) Meeting (AGM) was attended by 210 focused on supporting SMEs for transformation to better understand the budget measures and its representatives who reviewed highlights of and growth. This included assistance in the areas of impact on their businesses. A panel discussion with SBF activities in 2018 and approved proposed internationalisation, technology adoption, manpower representatives from the Government and private changes to the SBF Constitution. development, competitiveness, cost and access to sector served as a platform for members to seek government support. clarifications and to provide feedback on the Budget. Following the AGM, Mr Ng Chee Meng, Minister in the Prime Minister’s Office and Secretary-General of NTUC engaged with Mr Ng Chee Meng, Minister in the Prime Minister’s Office and more than 300 participants in a lively dialogue Secretary-General of NTUC, engaged in a dialogue session moderated by Mr Yeoh Oon Jin, SBF Council Member and on a broad range of issues from the changing Executive Chairman of PwC Singapore. global landscape, Industry & Workers 4.0 to Industry Transformation Maps and more.

Post-Budget Dialogue with More than 100 representatives from various TACs attended the Budget 2019 briefing. Mrs Josephine Teo, Minister for Manpower Briefing on Budget 2019 for TACs On the heels of MOM’s announcement of new policies and programmes at the Committee of A panel discussion and question-and-answer session rounded up the Seminar on Budget 2019. Supply Debate, SBF organised a dialogue on 9 April Following the Budget 2019 announcement for some 150 business leaders with Mrs Josephine on 18 February, SBF, with the support of the Mr Heng Swee Keat, DPM and Minister for Finance, met with Teo, Minister for Manpower and Second Minister for business leaders at a closed-door session to discuss about Ministry of Finance (MOF), organised the businesses’ challenges and opportunities. Home Affairs. The seminar explored topics related Budget 2019 briefing on 25 February for to achieving inclusive and sustainable growth for TACs. Ms Indranee Rajah, Minister in the Prime SBF Post-Budget Survey 2019: industries, businesses and workers. Minister’s Office and Second Minister for Lunch Dialogue with Deputy Finance and Education, along with Dr Koh Poh Your Voice on Budget Prime Minister Heng Swee Keat Koon, Senior Minister of State for Trade and Industry, participated in a dialogue facilitated As the bridge between the business community and At this closed-door lunch dialogue on 13 March, by SBF Vice Chairman, Mr Douglas Foo. The the Government, SBF conducts annual post-Budget Mr Heng Swee Keat, Deputy Prime Minister (DPM) briefing wrapped up with a vibrant Q&A surveys. This year, two surveys were conducted, and Minister for Finance, engaged some 20 segment as 108 management representatives including an electronic poll and a more detailed business leaders from TACs as well as small and from 48 TACs actively engaged a panel of electronic-based survey from 27 February to 12 April large enterprises. With a focus on Budget 2019, the senior officials from MOF, Ministry of Trade where respondents shared their views about the dialogue covered a wide range of issues including and Industry (MTI), Ministry of Manpower business outlook and Budget 2019. (MOM), Enterprise Singapore (ESG), Infocomm ways for businesses to overcome challenges and Media Development Authority (IMDA) and the leverage new opportunities for growth. Mrs Josephine Teo, Minister for Manpower and Second Minister for Home Affairs, addressed business leaders at the dialogue. National Research Foundation.

16 Singapore Business Federation Annual Report 2019 17 STRENGTHENING BUSINESSES STRENGTHENING BUSINESSES Business Sentiments Pre-Budget 2020 Lunch Dialogue

NATIONAL BUSINESS SURVEY 2019/2020 New Roads Ahead: Transformation and Internationalisation of Singapore Businesses

with DPM Heng Swee Keat and Drew responses These findings summarise the National Business Survey 2019/2020 conducted by from more than the Singapore Business Federation (SBF). Into its 12th edition, this annual survey 87 13 1,018 Large Companies was carried out from 26 August to 25 October 2019. companies across SMEs all key industries Minister Chan Chun Sing 1 Business Sentiments Current business sentiments SINGAPORE ECONOMY IN THE NEXT 12 MONTHS SBF National Business Survey 2019/2020 uncertain as challenges loom 46 44 49 on the horion 38 2018 16 n=705 Sentiments towards the Singapore economy continue 8 to decline, with almost half of all businesses 2019 n=1018 anticipating 2020 to be a more challenging year BETTER SAME WORSE than 2019. Decimal points have been rounded up. The total may not add up to 100%.

Dissatisfaction with the global business climate has risen by 11 from 2018 to 2019. More local businesses are optimistic about IMPLICATIONS OF EVENTS ON BUSINESSES The closed-door Pre-Budget 2020 Dialogue on 29 the business climate in the ASEAN region, but as in 2018, most Rising business and wage costs are top worries for Singapore remain neutral. companies. Globally, US-China trade tensions and China’s As the Federation’s annual flagship survey, the SBF National Business economic slowdown are adding to business unease. GLOBAL August saw Mr Heng Swee Keat, DPM and Minister BUSINESS CLIMATE Increase in other business costs (e.g. rental, raw materials, etc.) 64 26 11 Survey (NBS) not only plays a key role in surfacing the needs, Rising wages

57 56 34 11 for Finance, and Mr Chan Chun Sing, Minister for 50 36 Escalating US-China trade tensions concerns and future plans of our members but also in identifying 25 18 46 48 6 14 Trade and Industry, engage with close to 30 business China’s economic slowdown BETTER SAME WORSE 42 54 4 underlying trends. The 2019/2020 edition offered comprehensive Reduction of Services Sector Dependency Ratio Ceiling leaders and representatives of TACs on the business 36 57 7 ASEAN Businesses are optimistic about getting positive returns from insights into how internationalisation, business financing and digital BUSINESS CLIMATE digital/e-commerce transformation, and foresee sustainability as a new growth opportunity.

community’s wishlist for Budget 2020 and how the 55 54 Pace of change in digital space and e-commerce 11 63 27 transformation are impacting local businesses. 28 23 22 17 Growing focus on climate change and environmental Government can help businesses accelerate growth in sustainability BETTER SAME WORSE 10 76 15

Decimal points have been rounded up. Negative Impact Little/No Impact Positive Impact n=1018 the future economy. 2018 n=705 2019 n=1018 The total may not add up to 100%. Decimal points have been rounded up. The total may not add up to 100%. Dialogues between the Government and the Singapore business community such as the Pre-Budget 2020 Dialogue are platforms for more meaningful conversations on the business landscape.

SBF Economic Indicators Report

The inaugural edition of the SBF Economic Indicators Report 3Q 2019 SBF (Singapore) was launched on 4 October to provide members with Economic timely and relevant updates regarding key economic developments Indicators Report and trends in Singapore. Published on a quarterly basis, the report, 3Q 2019 which paints a broad picture of the prevailing economic environment, draws inputs and insights from the SBF SMEC Research Sub-Committee Singapore and DBS Group Research.

Seminar on Business Outlook for 2019 – Opportunities Amidst Uncertainties: Where Should Businesses Look?

SBF CEO Mr Ho Meng Kit and SMF Secretary-General Dr Ahmad Magad signed a MoU for closer cooperation, with Mr Heng Swee Keat, DPM and This seminar was helpful for members to gain insights to business Minister for Finance, in attendance. Mr David Hoffman, Senior Vice President outlook, especially during a period of economic uncertainty. Asia and Managing Inaugural TACs Strategic Planning Session Director of the China Center for Economics Seminar on ‘Business Outlook for & Business, The Conference Board, Given the crucial role TACs play in supporting issues such as internationalisation, innovation was one of the 2H2019 and Beyond’ businesses, SBF organised the inaugural TACs and digitalisation were discussed, including how speakers. Strategic Planning Session, themed “Transforming TACs should transform to keep pace with the To help members navigate the challenges amid a TACs, Enabling Enterprises” on 13 July where evolving business landscape. SBF also inked a global economic slowdown and US-China trade Mr Heng Swee Keat, DPM and Minister for Memorandum of Understanding (MoU) with the SBF’s Business Outlook seminar on 31 January tensions, SBF organised the Seminar on ‘Business Finance, held a meaningful dialogue with 66 Singapore Manufacturing Federation (SMF) for closer gathered industry experts who shared insights Outlook for 2H2019 and Beyond’ on 21 August leaders from 39 TACs. This was followed by cooperation in the areas of research and advocacy, on the challenges and opportunities in ASEAN, where OCBC Chief Economist Ms Selena Ling a strategic planning session where pertinent internationalisation and capability building. China, the United States and the United provided an overview of the prevailing economic Kingdom with more than 120 participants. winds. This was followed by a panel discussion moderated by SBF CEO Mr Ho Meng Kit.

18 Singapore Business Federation Annual Report 2019 19 STRENGTHENING BUSINESSES STRENGTHENING BUSINESSES The Pulse of the Business Community

SBF CEO Mr Ho Meng Kit represented the Singapore business community in the third quarterly ABAC meeting in China. APEC Advisory Business Council

Representing and advocating for the Singapore business support for open markets and a rules-based business community’s interests on international trade multilateral trading system. Members gathered for a half-day strategic planning session at the first SBF Infrastructure Committee meeting of 2019. policy matters, SBF participated in the APEC Advisory SBF Infrastructure Committee Business Council’s (ABAC’s) quarterly meetings held ABAC member economies prioritised support for the in the United States, Indonesia and China as well WTO and a multilateral trading system, and addressed Helmed by Founding Chairman Mr Pek Lian Guan, The Committee stepped up its efforts with the as the APEC CEO Summit. SBF was also part of climate change, among others. Singapore members who also serves as SBF Vice Chairman and Executive inaugural Singapore Regional Infrastructure Summit an ABAC delegation that visited the World Trade advanced the work of Services Trade in view of the Director and CEO of Tiong Seng Holdings Ltd, which also saw the launch of two subcommittees Organization (WTO) in Geneva in October to highlight Bogor Goals deadline and focused on the digital the SBF Infrastructure Committee aims to build a – Built Environment and Water and Waste – to economy and trade finance. robust infrastructure eco-system to help Singapore foster deeper collaboration on local and regional companies seize regional infrastructure opportunities. infrastructure projects in these two sectors.

SBF SME Committee

The inaugural townhall session introduced attendees to the Under the leadership of Mr Kurt Wee, Group’s Chair and Vice Chair, who are Ms Smitha Menon of WongPartnership LLP and Mr Andrew Yeo of Allen & Gledhill Ms Emily O’Connor from the ICC shared about the new SBF Council Member and President of LLP respectively. Incoterms rules and their impact on businesses. Ms Janet Ang, Chairman of the SBF Digitalisation Committee, addressed the participants of the SBF-SRA the Association of Small and Medium SMEs Go Digital: Industry Forums for Retail. Enterprises, the SBF SMEC brings together TACs and SMEs to address Launch of the ICC Singapore Incoterms® 2020 Launch SBF Digitalisation Committee the latter’s issues of concern. Arbitration Group Event The SBF SMEC, comprising five sub- SBF, in our capacity as International Chamber of In view of Incoterms® 2020 rules coming The SBF Digitalisation Committee, led by Ms Janet Ang, committees (Business Finance & Cost Commerce’s (ICC) National Committee in Singapore, into effect on 1 January 2020, SBF SBF Council Member and Chairman of SISTIC.com, aims Competitiveness; Manpower, Talent & established the ICC Singapore Arbitration Group in organised the Incoterms® 2020 Launch to promote technology adoption, especially among Skills; Markets & Internationalisation; June. The Group will provide Singapore arbitrators Event on 27 September, which featured SMEs. Technology, Innovation & Productivity; greater opportunity and exposure to ICC arbitration a guest speaker from the ICC, Ms Emily and Research), undertook several standards, practices and cases, with the aim of elevating O’Connor, who oversaw the work of the In 2019, the Committee partnered with government initiatives to inspire and empower Singapore as a global arbitration hub. Drafting Group for Incoterms® 2020. agencies such as the IMDA and ESG, as well as TACs to our SMEs. These include the In- Some 150 participants learnt about the organise outreach and education events to help business Conversation Series with Business In September, an inaugural townhall session was held new Incoterms rules which are key to the owners embrace technology solutions for growth. These Leaders and the SME Day with Changi to introduce the Group’s various committees and daily operations of businesses involved include the SBF-SMEs Go Digital: Industry Forums and Airport Group. SBF-SMEs Go Digital “Leaders for Transformation” Series. their functions, the selection process for nominating in international trade. arbitrators, and the ICC Court framework.

20 Singapore Business Federation Annual Report 2019 21 Singapore companies looking BROADENING to venture overseas for growth and expansion can tap on HORIZONS SBF’s vast network both locally and internationally. SBF helps member companies extend their global footprint through business missions, market- specific seminars, regional conferences and more. BROADENING HORIZONS BROADENING HORIZONS ASEAN

ASEAN Conference 2019

SBF launched the SBF BusinessASEAN Network at the fifth edition of the annual ASEAN Conference on 4 June. Comprising market-focus business groups, the BusinessASEAN Network brings together business leaders, market practitioners, and other stakeholders to help companies expand into the region. Themed “Transforming Cities, Transforming Industries”, the Conference convened some 520 distinguished business leaders and experts to discuss the future of ASEAN against a backdrop of rapid SBF and the Federation of Malaysian Manufacturers led a delegation of 30 Singapore and Malaysia companies to explore transformation and disruption. Guest of Honour business and investment opportunities in Sabah, Malaysia. Mr Chan Chun Sing, Minister for Trade and Industry, SBF Chairman Mr S.S. Teo said that the BusinessASEAN Network’s also participated in a dialogue moderated by SBF market-focus business groups will help SBF obtain an in-depth understanding of companies’ needs. CEO Mr Ho Meng Kit.

The Jakarta Smart City initiative presents many opportunities (Seated third from left) Sarawak Chief Minister Datuk Patinggi for Singapore businesses. Abang Johari Tun Openg with the mission delegation. Participants at a site visit during the OMW to Myanmar.

Overseas Market Workshop to Overseas Market Workshops Business Missions to East Malaysia Myanmar to Indonesia To help Singapore companies explore business Organised with the support of the Sarawak Trade SBF and Enterprise Singapore (ESG) jointly led a Recognising the opportunities that Indonesia’s partnerships in East Malaysia, SBF led two and Tourism Office Singapore and ESG, the delegation of 16 participants from 12 companies to technological transformation brings, SBF led business missions to the states of Sabah and business mission to Sarawak saw the signing of a explore business opportunities in the infrastructure, two OMWs to the country in April and July. Sarawak in August and October respectively Memorandum of Understanding (MoU) between real estate, and building and construction sectors The first workshop provided the delegation where both delegations called on the Chief SBF and the Sarawak Business Federation to in Myanmar from 23 to 27 September. Highlights with deep insights to Jakarta’s smart city Ministers of Sabah and Sarawak. Highlights of the bolster trade and economic relations. Delegates of the Overseas Market Workshop (OMW) landscape and the opportunities available for Sabah mission included briefings on investment also received briefings on Sarawak’s masterplan included meetings with organisations like the foreign investment and partnerships, while opportunities in the Sabah Development Corridor and investment projects, and networked with the Asian Development Bank and site visits to several the second highlighted Indonesia’s growing as well as industrial visits to the Kota Kinabalu local business community. Myanmar companies. A roundtable-cum-networking digital economy and lessons learnt from the Industrial Park and the Sabah Agro-Industrial session was also organised by the Union of Myanmar success of unicorn companies like Investree, Precinct, among others. Federation of Chambers of Commerce and Industry. Tokopedia, BLOCK71 Jakarta and HappyFresh.

24 Singapore Business Federation Annual Report 2019 25 BROADENING HORIZONS BROADENING HORIZONS Digitize ASEAN 2019 China and North Asia Co-organised with the ASEAN-Business Advisory Council (ASEAN-BAC), the third edition of Digitize ASEAN pushed for stronger collaboration between governments, businesses and the workforce. Themed “Growing ASEAN’s Digital Future”, the conference on 30 September witnessed the launch of the ASEAN Applied Research Centre, which aims to bring ASEAN researchers together to develop innovative solutions for challenges faced by businesses in the region. The conference was attended by more than 250 participants, including policymakers, business leaders and academia. Guest of Honour Mr Chan Chun Sing, Minister for Trade Mr Chan Chun Sing, Minister for Trade and Industry, urged businesses in the region to work with their respective and Industry, also participated in a dialogue session governments to uphold a secure, open and integrated moderated by Mr Chia Kim Huat, Regional Head of digital architecture. Corporate & Transactional Practice, Rajah & Tann Singapore LLP.

A panel discussion on how public and private collaboration can be strengthened for the success of regional projects.

5th Singapore Regional Business Forum

Opening keynote address Themed “Strengthening Business Collaboration by Guest of Honour Mr Teo Chee Hean, Senior Minister for Regional Connectivity”, the fifth edition of the and Coordinating Minister for Singapore Regional Business Forum (SRBF®), an National Security. annual flagship event of SBF, assembled more than 600 top business leaders and senior government officials from 52 countries to discuss how collaboration can be strengthened for the success of cross-border projects such as the Belt and Road Initiative. The SBF delegation called on Vietnam’s Prime Minister Nguyen Xuan Phuc (standing) to seek investment and cooperation opportunities. Guest of Honour Mr Teo Chee Hean, Senior Minister

and Coordinating Minister for National Security, Mr Jin Liqun, President, Business Mission to Vietnam gave the keynote address, followed by a keynote Asian Infrastructure Investment Bank, gave speech from Mr Jin Liqun, President of the Asian the keynote speech on Infrastructure Investment Bank. The event witnessed regional connectivity and In response to the growing interest in Vietnam, Nguyen Xuan Phuc, Prime Minister of Vietnam, the green imperative. SBF and ESG jointly organised a business mission and senior government officials. The Vietnam- the signing of four MoUs to foster stronger third- from 15 to 19 July to Vietnam to explore business Singapore Business Council was also launched party market collaboration in the region, as well opportunities in the consumer, innovation, to support and foster collaboration between as panel discussions involving 33 distinguished industrial and urban development sectors. The businesses from both countries. The mission speakers and panellists. SBF and PwC Singapore also delegation visited Hanoi, Hai Phong, Ho Chi also saw the Global Innovation Alliance network jointly released the results of the second Regional Minh and Danang, and called on His Excellency expand into Ho Chi Minh. Business Survey to find out how organisations have leveraged BRI opportunities since the launch of BRI in 2013.

26 Singapore Business Federation Annual Report 2019 27 BROADENING HORIZONS BROADENING HORIZONS

Guest of Honour Ms Indranee 2nd China International Import Rajah, Minister in the Prime Minister’s Office and Second Minister for Finance and Expo & Singapore-China Trade Education, traced Singapore’s port infrastructure journey to and Investment Forum the success it is today in her keynote speech.

Following Singapore’s successful participation in the inaugural China International Import Expo (CIIE) in 2018, SBF led a larger and more diverse Inaugural Singapore Regional delegation to the second edition of the Expo Infrastructure Summit from 5 to 10 November. Spanning a wide range It was a vibrant showcase of Singapore products and of sectors from logistics and transportation to Over the seven-day workshop, 21 senior business representatives services at the 2nd CIIE at Shanghai’s National Exhibition from 18 companies visited leading food and e-commerce ® and Convention Center. In conjunction with the fifth SRBF , SBF organised education, Singapore companies showcased their companies in Japan. products and services to the vast Chinese market. the inaugural Singapore Regional Infrastructure Summit on 16 August, themed “Embracing the To help exhibitors foster partnerships, SBF, with In conjunction with CIIE, SBF organised the Overseas Market Workshop Regional Infrastructure Opportunities”. It showcased support from Bank of China, organised tailored Singapore-China Trade and Investment Forum to Japan Singapore’s role as an infrastructure hub and how the business matching sessions and launched a on 6 November to deepen cooperation between region can harness the economic and social benefits WeChat mini programme to connect Chinese Chinese and Singapore enterprises. At the event, arising from infrastructure development for sustainable buyers with Singapore exhibitors. Twenty-six MoUs, Guest of Honour Mr Chan Chun Sing, Minister for SBF led its second OMW to Japan on 14 to 20 economic growth and long-term prosperity. valued at S$260 million were signed between Trade and Industry, also participated in a dialogue April for Singapore companies to learn about next- Singapore companies and Chinese enterprises. moderated by SBF CEO Mr Ho Meng Kit. generation technologies in the food industry and Mr Pek Lian Guan, SBF Vice Chairman and e-commerce, and to deepen their understanding of Chairman of the SBF Infrastructure Committee, also consumer trends in the new economy. They visited announced the establishment of two sector-based leading Japanese companies across the value sub-committees – Built Environment and Water and chain of the food industry, from manufacturing and Waste – to further strengthen and prepare Singapore Business Mission to Taiwan processing to logistics and distribution. businesses for regional projects.

To help Singapore companies gain a deeper insight into Taiwan’s information and communications technology (ICT) industry, SBF led a business mission to Taipei and Kaohsiung from 7 to 13 July. A networking session was organised with Mr Han Kuo-yu, SBF led a delegation of 132 senior business representatives to the 16th CAEXPO in Nanning, Kaohsiung Mayor, and Mr Lin Chuan-neng, Guangxi, from 21 to 24 September. Taiwan’s Vice Minister of Economic Affairs. 16th China-ASEAN Expo

SBF led a business delegation to Beijing, China, in conjunction with Prime Minister Lee Hsien Loong’s visit. Themed “Building the Belt & Road, Realising Our Vision for a Community of Shared Future”, the 16th China- ASEAN Expo (CAEXPO) sought to promote Singapore’s Business Mission to Beijing strategic role as a regional connector for trade and commerce, while showcasing Singapore’s rich history In conjunction with Prime Minister Lee Hsien at the inaugural Belt and Road CEO Conference and Bicentennial milestone. The Singapore National Loong’s participation in the Belt and Road Forum and urged companies from China and the region Pavilion, Commodity Trade Pavilion and Singapore for International Cooperation, SBF led a business to leverage Singapore’s strengths in logistics, Day Seminar highlighted Singapore’s innovation delegation, comprising eight Singapore business shipping, finance and professional services to expertise across various sectors. The Singapore-Guangxi A delegation of 27 participants from 21 companies visited leading technology incubators and leaders, to Beijing, China, from 24 to 28 April. explore opportunities in third-party markets along Networking Dinner also strengthened ties between technology-based companies in Taiwan. SBF Chairman Mr S.S. Teo delivered a speech the Belt and Road. some 140 participants, local government officials and business leaders.

28 Singapore Business Federation Annual Report 2019 29 BROADENING HORIZONS BROADENING HORIZONS

Business Mission to Russia Americas, Europe, Middle East, Singapore-Jordan Business Africa and South Asia Roundtable

Held in conjunction with the state visit of His Overseas Delegation to Nigeria Majesty Abdullah II Ibn Al Hussein, King of Jordan, the Singapore-Jordan Business Roundtable on 20 June was co-chaired by Mr Chan Chun Sing, SBF led a delegation of 20 participants to Minister for Trade and Industry, and His Excellency explore business and investment opportunities Dr Tariq Hammouri, Jordan’s Minister of Industry, in the construction and built environment, oil Trade and Supply. Six MoUs were signed between and gas, and consumer goods sectors from 21 Singapore and Jordanian companies. Business to 28 July. Key highlights of the OMW include representatives of both countries also identified meetings with relevant Nigerian government SBF led its inaugural business mission to Russia from areas of cooperation and harmonisation of authorities and local conglomerates like 3 to 6 September. standards for urban solutions, energy and more. the Dangote Group and Chagoury Group. Participants also visited Singapore companies SBF led its inaugural business mission to Russia operating in Nigeria, such as Olam and Tolaram, in conjunction with the 10th Inter-Governmental to better understand the opportunities and Participants visiting the Kellogg Tolaram Factory at the Lekki Free Trade Zone. Commission between Singapore and Russia. challenges present in the country. Twelve delegates from Singapore had the honour of exchanging views on the Russian market with Mr Tharman Shanmugaratnam, Senior Minister and Coordinating Minister for Social Policies, Mrs Josephine Teo, Minister for Manpower and Second Minister for Home Affairs, Dr Koh Poh Koon, Senior Minister of State for Trade and Industry, and Mr Sam Tan, Minister of State for Foreign Affairs and Social

and Family Development. The Roundtable discussion touched on business opportunities in Jordan as well as areas of cooperation between both countries.

Participants of the OMW to Bangladesh explored opportunities The delegation of 30 business owners and C-suite personnel in a wide range of sectors. explored opportunities in information technology and infrastructure in Saudi Arabia. Singapore-Turkmenistan Business Overseas Market Workshop to Overseas Market Workshop to Forum Bangladesh Saudi Arabia Organised in conjunction with the state visit of His Excellency Gurbanguly Berdimuhammedow, President of SBF led an OMW to Dhaka, Bangladesh on 24 to 30 Jointly organised by SBF and ESG, the OMW to Turkmenistan, the Singapore-Turkmenistan Business Forum August to explore business opportunities across the Saudi Arabia was held on 3 to 8 November, in on 26 August was graced by Dr Koh Poh Koon, Senior infrastructure, ICT, banking and finance, education conjunction with President Mdm Halimah Yacob’s first Minister of State for Trade and Industry, and His Excellency and professional services, consumer goods and state visit to the country. The business delegation of Chary Gylyjov, Deputy Chairman of the Cabinet of Ministers general trading sectors. The 15-member delegation 30 business leaders from the information technology of Turkmenistan. also met with C-suite representatives of leading and infrastructure sectors explored opportunities Bangladeshi conglomerates and gained deeper brought about by the country’s Vision 2030 initiative. Some 80 participants gleaned information on emerging insights into Bangladesh’s emerging textile sector. A meet-and-greet session with President Halimah opportunities in sectors like oil and gas, construction and was also organised. agriculture. Nine agreements were inked, including an MoU

between SBF and the Chamber of Commerce and Industry Dr Koh Poh Koon, Senior Minister of State for Trade of Turkmenistan. and Industry, gracing the Singapore-Turkmenistan Business Forum.

30 Singapore Business Federation Annual Report 2019 31 In today’s dynamic business environment, it is ever more GEARING UP crucial for businesses to focus on building capabilities FOR THE FUTURE to drive growth and business success. Through a comprehensive suite of training programmes, workshops and seminars, SBF partners our members to invest in transformation and their workforce so they can be ready for the future. GEARING UP FOR THE FUTURE SBF Business Institute Skills Development Business Excellence

Project Finance, Financial Modelling & Through our training arm, the SBF Business Institute (SBI), SBF helps local Public Private Partnership companies build capabilities and equip employees with relevant skills for the future. SBI’s programmes focus on delivering transformation through three key pillars: international expansion, skills development and business excellence.

International Expansion Participants learnt how to implement job and process redesign through this series of masterclasses.

This masterclass covered various topics related to project financing, contracts and more. Job Redesign & Robotic Process Automation SBI, together with the Institution of Engineers, Singapore, organised a Masterclass on Project Continuing our partnership with WSG, SBF organised Finance, Financial Modelling & Public Private two Masterclasses on Job Redesign & Robotic Partnership in August. Participants learnt the Process Automation (RPA) with a focus on HR and principles of project finance fundamentals, project finance in September and October respectively. finance modelling techniques and how to navigate Besides a hands-on tutorial for an RPA software public-private partnership contracts. with artificial intelligence capabilities, participants also learnt how to diagnose and implement job and process redesign in their workplaces. Skills Framework for Human Resource Planning and Management Boost ASEAN Business via WeChat

Professional Conversion Programme for Southeast Asia Ready Talents

One key programme SBI runs is the Professional Conversion Programme for Southeast Asia Ready Talents (PCP-SEA).

HR professionals attending the Skills Framework for HR A joint initiative with Enterprise Singapore Participants of the well-attended Wholesale Trade Planning and Management programme. (ESG) and Workforce Singapore (WSG), the Transformation Seminar heard from experts in various fields. Programme helps companies build manpower Co-created by employers, industry associations, capabilities for regional expansion, particularly Wholesale Trade Transformation Seminar educational institutions, unions and the in the wholesale trade and logistics sectors. Government, the Skills Framework is an integral Participants gleaned insights into WeChat as an effective marketing platform for their companies. component of the Industry Transformation Since the PCP-SEA was launched in 2018, over Some 80 participants gleaned valuable insights into Maps. Held in October, this programme enabled 140 companies have benefited with more than the Wholesale Trade sector, including challenges and human resource (HR) professionals to adapt the With WeChat’s growing popularity and influence 200 candidates matched to vacancies largely market trends when expanding into SEA, at this seminar Framework for their organisations through creating worldwide, this workshop in November equipped in wholesale trade. Due to the overwhelming co-organised by SBI and U SME in November. Other career maps, identifying learning needs and participants with skills to fully leverage the social response from companies in 2019, the takeaways include risk mitigation and growth opportunities developing training plans, among others. media network as an effective marketing platform. Programme has been extended till May 2020. with the Skills Framework for Wholesale Trade as part of the Wholesale Trade Industry Transformation Plan.

34 Singapore Business Federation Annual Report 2019 35 GEARING UP FOR THE FUTURE GEARING UP FOR THE FUTURE FTA Education & Outreach Training Courses on Understanding the Benefits of FTAs

2019 witnessed the entry into force of the European Union-Singapore Free In an effort to raise awareness of FTAs amongst Trade Agreement (EUSFTA) and the upgraded China-Singapore FTA, expanding members, two sessions of the Training Course on Singapore’s network of FTAs and trading partners. To help businesses make the Understanding the Benefits of FTAs were organised best use of the FTAs to internationalise, SBF set up a FTA Education & Outreach in April and October for over 180 participants. arm to raise awareness and educate Singapore businesses on FTAs. Officials and trade negotiators from MTI, ESG, Singapore Customs and the Intellectual Property Office of Singapore explained key concepts for trade EUSFTA: What Would It Mean for in goods and services, investments, IPR protection and e-commerce provisions in FTAs, while local Your Business? companies Tee Yih Jia Food Manufacturing Pte Ltd, Tee Yih Jia Food Manufacturing Pte Ltd shared with participants San SeSan Global Pte Ltd and Freshening Industries on how Singapore’s FTAs have helped them with business Following the signing of the EUSFTA in October Pte Ltd shared their experience in using FTAs to growth and expansion. 2018, SBF, together with the Ministry of Trade and expand their overseas supply chain network. Industry (MTI), ESG, the EU delegation to Singapore and the European Chamber of Commerce in Singapore, organised an outreach seminar on the FTA Symposium 2019: 20 Years EUSFTA on 24 January. Close to 170 participants of Free Trade Agreements gained a better understanding of the FTA’s benefits, along with practical insights on the trade and Themed “20 Years of Free Trade Agreements”, investment opportunities. Her Excellency Barbara Plinkert, EU Ambassador to Singapore, gave the opening remarks at the EUSFTA seminar. the Symposium, organised by SBF, MTI and ESG, commemorated 20 years of the nation’s FTA strategy and was graced by Mr S Iswaran, Minister for Communications and Information and Minister-in- charge of Trade Relations.

Some 600 business leaders and officials heard from representatives of CIMB Bank and TRPC Pte Ltd, and panellists from DHL Express, Lazada, JR Group and Targeted at the logistics sector, this training course shed light on the advantages FTAs can bring to participants’ businesses. more. Topics included tapping on Singapore’s FTAs to weather today’s global economic storm and seek new business opportunities as well as exploring new possibilities through Singapore’s upcoming Digital Unlocking the Potential of Economy Agreements. Mr Gan Seow Kee, SBF Vice Chairman and ExxonMobil Asia Pacific Chairman & The Introduction to the CPTPP seminar provided participants the Logistics Sector through with an overview of how the Agreement can benefit them. Managing Director, also spoke on navigating trade in Singapore’s FTAs times of uncertainty.

Introduction to the Comprehensive and Progressive Agreement To encourage the logistics sector to leverage for Trans-Pacific Partnership Singapore’s FTAs, SBF organised an in-depth training course on 26 August on the trade facilitative provisions in FTAs, and useful tools and Following the entry into force of the 150 participants were given a brief overview trade documents available like the ASEAN Single Comprehensive and Progressive Agreement of selected chapters and key benefits of the Window. Participants also took the opportunity for Trans-Pacific Partnership (CPTPP) on 30 CPTPP, including market access commitments to network and clarify their queries with speakers December 2018, SBF organised an introductory for the export of goods and services, as well as from the Government, the Singapore International seminar on the Agreement on 20 February, intellectual property rights (IPR) protection. Chamber of Commerce and DHL Express. featuring speakers from MTI and ESG. Some The FTA Symposium commemorated 20 years of Singapore’s FTA strategy.

36 Singapore Business Federation Annual Report 2019 37 GEARING UP FOR THE FUTURE GEARING UP FOR THE FUTURE Boosting Business Transformation Advisory Council on Community Changi Airport Group Relations in Defence SME Day 2019 Future Economy Conference and SBF partners the Advisory Council on Community Relations in Defence (ACCORD) to engage various segments The Changi East development, Exhibition 2019 of society – including employers, businesses, trade which includes a new Terminal 5, is associations, educational institutions, the community and Changi Airport’s largest development families – to support and affirm National Service (NS) and Themed “People, Digitalisation and the Future to date. Changi Airport Group, the good work of our NS men. NS addresses Singapore’s of Jobs”, the third Future Economy Conference in partnership with SBF and the critical need for defence and security, which forms the basis and Exhibition (FECE), held on 16 October, was Singapore Contractors Association for peace, stability and progress for our nation. organised in conjunction with the SG:D Industry Day Ltd, organised an industry briefing in and the FUTR Asia Summit. FECE 2019 explored October, to share with SMEs on how SBF Chairman Mr S.S. Teo and SBF Council Members Mr how technology is reshaping business models, they can participate in this project and Douglas Foo, Mr Roland Ng, Mr Kurt Wee, Mr R Dhinakaran, jobs and how stronger linkages should be forged deepen their capabilities. between technology adoption, job redesign and Mr Dwight Hutchins and Mr Farid Khan contribute to the upskilling of employees for successful business ACCORD Committee’s work. transformation. Guest of Honour Mr Zaqy Mohamad, Minister of State for National Development and

Mr Zaqy Mohamad, Minister of State for National Development Manpower, together with close to 800 participants, and Manpower, was the Guest of Honour at the third FECE. witnessed the MoU signing between SBF and the Institute of System Sciences at the National University of Singapore to deliver a series of digital competency training courses. SBF-SMEs Go Digital Industry Forums

Throughout the year, four industry forums focused on the logistics, retail, wholesale and security sectors were organised with the support of the Singapore Logistics Association, the Singapore Retail Association and the Security Association Singapore. These forums took participants through the Industry Transformation and Digital Maps, showcased off-the-shelf digital solutions offered by A*STAR and IMDA and also offered one-to-one Dr Beh Swan Gin, Chairman, Economic Development Board, and Mr Dilhan Pillay Sandrasegara, CEO, Temasek International, consultation clinics. spoke with young business leaders on how they can prepare for Mr Shawn Heng, Head of Business Development for Grab, the future. shared on the importance of constant innovation to stay relevant and competitive. Fireside Chat Session for Young Business Leaders Network In Conversation Series Since its inauguration in 2018, the SBF Young One highlight was the inaugural “Fireside Chat From the region’s first decacorn to a homegrown Business Leaders Network (YBLN), has grown to over - Stewardship in Business” in August which saw food and beverage brand passed down through 100 members of like-minded business leaders under distinguished guest speakers, Dr Beh Swan Gin, generations, SBF’s In Conversation Series, held the age of 45. Activities organised in 2019 include Chairman of Economic Development Board and throughout the year, featured business owners sharing sessions by family business owners and Mr Dilhan Pillay Sandrasegara, CEO of Temasek and senior management personnel from Ya Kun, experts, as well as a capability building workshop on International, share the importance of business Sheng Siong, the V3 Group and Grab. More than brand-building. leaders fostering stewardship practices to preserve These industry forums were beneficial for participants from the logistics, retail, wholesale and security sectors to equip 250 participants were inspired by their insights business success. their companies with appropriate digital solutions. on success, management philosophies and transformation stories.

38 Singapore Business Federation Annual Report 2019 39 When businesses, not just ADVOCATING individuals, value corporate social responsibility and sustainable development, the INCLUSIVITY & society we live in becomes more inclusive. Through SUSTAINABILITY meaningful partnerships, SBF strives to strengthen sustainability and inclusivity in Singapore through corporate giving and responsible business practices. ADVOCATING INCLUSIVITY & SUSTAINABILITY SBF Foundation Empathy Series Since its inception in 2013, the SBF Foundation has been envisioned to be a foundation of the business community for the community of Singapore. It More than just being compassionate, aims to help Singapore businesses give back to society by reaching out and having empathy is essential for transforming the lives of fellow Singaporeans in need. The Foundation does businesses to support its key this by championing and multiplying corporate social responsibility (CSR) and stakeholders, including its employees, corporate giving, as well as facilitating the advancement of employment through and those within the larger community. partnerships with the business community and non-profit organisations. The Foundation’s Empathy Series is meant for business leaders and employees who are responsible for their 2019 in Review organisation’s CSR efforts to learn more about the needs of the community. SBF Foundation has engaged seven partners and The series of talks covered topics such disbursed a total of S$4.03 million to programmes as building an inclusive workplace and that support over 1,000 individuals including the giving with purpose. Participants also homeless, persons with disabilities, youths-at- had an inside look into the challenges risk, and students from low-income families. With and struggles of some individuals in our The experiential learning journey through talks and poverty simulation funding support and participation from over 228 communities, while appreciating their was attended by representatives from various industries looking to companies, the individuals supported not only strength and resilience. embark on CSR. gained confidence and independence, but also access to employment opportunities.

Some of the key initiatives and events in 2019 include: Speaker of Parliament, Mr Tan Chuan-Jin, shared that businesses can help to cultivate Workplace Disability a community spirit for sustained giving and • The Social Impact Forum, themed “Building an volunteerism. Inclusive Index Inclusive Singapore”, was organised by SBF and the Foundation for the business community. Most of the attendees found the Forum insightful and Social Impact Forum 2019 While there is an increased awareness and agreed that leadership by example is required to availability of better assistive technology, champion positive change. many employers are still unsure of how they Attended by 150 business leaders, the Social can get started on inclusive hiring. Hence, in SME representatives learnt the best practices and • The Foundation focused its efforts on building Impact Forum held on 3 July focused on building know-how of organising meaningful and sustainable partnership with SG Enable, the Foundation corporate giving and volunteering activities. empathy among individuals to encourage an an inclusive Singapore. Guest of Honour Mr Tan promoted the Workplace Disability inclusive and compassionate business community. Chuan-Jin, Speaker of the Parliament of Singapore, Inclusive Index as a structured framework to This was done through the Empathy Series, a appealed to the business community for regular CSR In Action – Business Impact encourage a more inclusive hiring culture series of talks and experiential activities. and sustained corporate giving and volunteerism within the Singapore workforce. that will have far-reaching impact on our society Training • In partnership with SG Cares Office (MCCY), and future. Ms Denise Phua, Mayor of Central Developed by SG Enable in collaboration NVPC and volunteer centres, SBF members were Singapore District, also highlighted that having the This two-day training programme for SMEs covered with Cornell University, the Index helped 131 matched to the volunteer opportunities in various right purpose trumps the size of the effort, even if strategic giving, explored the how-tos of organising companies in 2019. For example, Raffles towns for regular corporate volunteerism among it is small. A panel discussion and three breakout their company’s corporate giving activities, shared best Hotel Singapore applied the Index to chart employees. sessions also provided participants with new ideas, practices from corporate giving advocates, and offered the career development and progression case studies and knowledge about corporate networking opportunities for like-minded individuals paths of employees with disabilities. Continued support from the business community, giving. More importantly, participants understood to explore potential partnerships and collaborations. donors and partners will enable the Foundation the importance of leadership endorsement and The Foundation piloted this programme with the SBF to achieve the social, vocational and educational support to help to shape an empathetic and Business Institute and conducted six training sessions for upliftment of Singaporeans in need. inclusive business community. 150 participants.

42 Singapore Business Federation Annual Report 2019 43 ADVOCATING INCLUSIVITY & SUSTAINABILITY ADVOCATING INCLUSIVITY & SUSTAINABILITY Global Compact Network Singapore

As the Singapore chapter of the United Nations Global Compact, the Global Compact Network Singapore (GCNS) provides an ecosystem for companies to align strategies and operations with universal principles on human rights, labour, environment and anti-corruption, and take actions to achieve the United Nations’ Sustainable Development Goals (SDGs).

Through various platforms for multi-stakeholder engagement and collective action, GCNS advances the stewardship of sustainable business practices and President Mdm Halimah Yacob and Ms Goh Swee Chen, Singapore’s national agenda of becoming a regional sustainable business hub. Mr Ong Ye Kung, Minister for Education, graced the President, GCNS, pictured with overseas delegates of Gala Dinner and presented awards to five winners. the GCNS Youth Forum. Singapore Apex Corporate GCNS Youth Forum 2019 Sustainability Awards Gala Themed “Empowering Youth: Creating a Sustainable Dinner 2019 Future”, the GCNS Youth Forum 2019 had about 300 overseas and local youths explore, discuss and The Singapore Apex Corporate Sustainability share insights on the different roles vital to achieving Awards is the most prestigious form of sustainable development, whether as consumers, recognition for Singapore companies on employees, entrepreneurs, and/or civic leaders. corporate sustainability. The Awards recognises companies which have demonstrated excellence Held at the NTUC Centre on 16 and 17 March, the Ms Ho Ching, CEO and Executive Director, Temasek in sustainability, and highlights standards for those Forum was graced by President Mdm Halimah Yacob Holdings, participated in a dialogue which was moderated by Ms Goh Swee Chen, President, GCNS. aspiring to better their sustainability practices. and Dr Amy Khor, Senior Minister of State for Health and the Environment and Water Resources. President Attending graduates with Ms Esther Chang, Executive Director, GCNS, Mr Gilbert Li, CEO, e2i At the Gala Dinner on 6 November, which saw Mr Halimah launched the GCNS Youth Alliance, which 11th GCNS Summit and Ms Goh Swee Chen, President, GCNS. Ong Ye Kung, Minister for Education, as Guest targets youths aged between 18 and 30 years, and of Honour, two Sustainability Business Awards aims to empower youths with learning, volunteering, The GCNS Summit on 12 November brought together Advanced Certificate and three Sustainability Solutions Awards were and career development opportunities in the 391 business leaders, government officials, civil presented to companies that demonstrated sustainability sector. society representatives and youths to discuss key in Sustainability and excellence in embodying the Ten Principles of the sustainability issues. Sustainable Businesses United Nations Global Compact.

Themed “Reimagining Businesses for Resilience”, the Summit explored global trends in sustainability, and GCNS and the Singapore Management 4th GCNS CEO Roundtable the traits of progressive, forward-thinking businesses. University Academy have jointly developed Delegates heard from Mr Masagos Zulkifli, Minister the Advanced Certificate in Sustainability On 4 June, the 4th GCNS CEO Roundtable convened 35 business for the Environment and Water Resources, and Ms Ho and Sustainable Businesses, the first leaders, senior academics, government officials, and representatives Ching, CEO and Executive Director, Temasek Holdings, programme of its kind in Singapore. from the World Bank and the Asian Investor Group for Climate and learnt from other thought leaders that: Designed for working professionals Change, to explore the business case for carbon pricing. • Resilient businesses change disruptions into or individuals looking to transition Honoured guests Mr Heng Swee Keat, Deputy Prime Minister and opportunities, turn constraints into strengths and into sustainability-related careers, the Minister for Finance, and Mr Lim Boon Heng, Chairman, Temasek balance short-term survival with long-term readiness. programme’s first run, which was conducted from July to November, had 15 graduates Holdings, also addressed the participants. • Some stress is critical to innovation and should be from diverse industries like manufacturing, The findings from the Roundtable served as the Asian voice for embraced by businesses. construction, waste solutions, agriculture, the World Bank Group’s Report of the High-Level Commission on education and consulting. Mr Heng Swee Keat, Deputy Prime Minister and Carbon Pricing and Competitiveness, which was later presented • Partnerships and positive mutual reinforcement are Minister for Finance, addressed senior business leaders, academics and government and non- to the UN Secretary General, Mr Antonio Guterres, at the UN essential to achieving the UN SDGs. government representatives. Climate Action Summit.

44 Singapore Business Federation Annual Report 2019 45 2018/2020 COUNCIL FEDERATION PROFILE As of 31 December 2019

SBF’s leadership comprises a team of committed individuals The SBF Council oversees all matters related to SBF. It includes nominated, coming together to serve the business community. elected and co-opted representatives, with a minimum of 20 and a maximum of 26 members.

The three local ethnic business chambers – the Singapore Chinese Chamber BOARD OF TRUSTEES of Commerce & Industry, Singapore Malay Chamber of Commerce & Industry, As of 31 December 2019 and Singapore Indian Chamber of Commerce & Industry – are permanently represented in the Council. Up to a quarter of the Council may consist of The SBF Act states that the Board of Trustees is responsible for ensuring that the representatives from foreign chambers of commerce and industry; up to six Federation fulfils its intended objectives, and that its funds and assets are safe members may be co-opted by the Council. and well-accounted for. It also ensures that council members are fit for office. The remaining members comprise representatives of local chambers and Mrs Fang Ai Lian was appointed Chairman of the Board in 2012 by the Minister member companies. for Trade and Industry. The Board consists of two other members: Mrs Theresa Foo and Prof Tan Cheng Han.

Fang Ai Lian Chairman Advisor, Far East Organization Group

Teo Siong Seng Douglas Foo Gan Seow Kee Pek Lian Guan Chairman Vice Chairman Vice Chairman/ Vice Chairman Executive Chairman & President Honorary Treasurer Executive Director and Managing Director Singapore Manufacturing Chairman and Chief Executive Officer Pacific International Federation Managing Director Tiong Seng Holdings Lines Pte Ltd ExxonMobil Asia Pacific Limited Pte Ltd Theresa Foo Member

Tan Cheng Han Member Chair Professor of Commercial Law and Dean-designate of the School of Law, Loh Boon Chye Achal Agarwal Loh Chin Hua City University of Hong Kong Honorary Secretary Deputy Honorary Deputy Honorary Chief Executive Officer Secretary Treasurer Singapore Exchange President, Asia Pacific Chief Executive Officer Limited Kimberly-Clark Asia Pacific Keppel Corporation Ltd Headquarters Pte Ltd

46 Singapore Business Federation Annual Report 2019 47 FEDERATION PROFILE FEDERATION PROFILE

2018/2020 COUNCIL As of 31 December 2019

Janet Ang Jonathan Asherson T Chandroo Cheng Jun Lim Ming Yan Roland Ng Ron Sim Member Member Member Member Member Member Member Chairman Immediate Past Chairman Chairman President Director President Chairman SISTIC.com Pte Ltd Singapore International Singapore Indian China Enterprises Singapore Press Holdings Singapore Chinese V3 Group Limited Chamber of Commerce Chamber of Commerce Association (Singapore) Chamber of Commerce & Industry & Industry

Chia Ngiang Hong Chong Ee Rong R Dhinakaran Farid Khan Tomoyuki Kuwata Kurt Wee Member Member Member Member Member Member President Director President President Immediate Past President Real Estate Developers’ Certis Cisco Security Singapore Retailers Singapore Malay President Association of Small & Association of Pte Ltd Association Chamber of Commerce Japanese Chamber of Medium Enterprises Singapore & Industry Commerce & Industry, Singapore

Federico Donato Foo Mee Har Dwight Hutchins Andrew Kwan Eugene Wong Yeoh Oon Jin Member Member Member Member Member Member President Chief Executive Officer Chairman Group Managing Founder & Managing Executive Chairman European Chamber of Wealth Management The American Chamber Director Director PricewaterhouseCoopers Commerce (Singapore) Institute, NTU of Commerce in Commonwealth Capital Sirius Venture Capital LLP Singapore Singapore Pte Ltd Pte Ltd

48 Singapore Business Federation Annual Report 2019 49 FEDERATION PROFILE FEDERATION PROFILE

SBF COUNCIL COMMITTEES SBF SME Committee *As of 31 December 2019 *As of 31 December 2019

Advisors EXECUTIVE COMMITTEE Mr Chee Hong Tat Senior Minister of State for Trade and Industry and Education Teo Siong Seng (Chairman) Mr Zaqy Mohamad Minister of State for National Development and Manpower Douglas Foo Mr Lawrence Leow Chairman & CEO, Crescendas Group Gan Seow Kee Mr Teo Ser Luck Chairman, BRC Asia Ltd Pek Lian Guan Chairman, Nufin Data Pte Ltd Lim Ming Yan Deputy Chairman, Serial Systems Ltd Board Director, United Engineers Ltd AUDIT COMMITTEE Yeoh Oon Jin (Chairman) Chairman Achal Agarwal Mr Kurt Wee Council Member Singapore Business Federation Foo Mee Har President Association of Small and Medium Enterprises Eugene Wong Vice Chairmen Mr Ernie Koh Presidential Advisor Singapore Furniture Industries Council NOMINATIONS COMMITTEE Mr Melvin Tan Managing Director Cyclect Group Teo Siong Seng (Chairman) Loh Boon Chye Members Yeoh Oon Jin Ms Audrey Yap Managing Partner Yusarn Audrey Lim Ming Yan Mr Benedict Soh Chairman Kingsmen Creative Ltd Mr Dennis Foo Immediate Past President Singapore Nightlife Business Association APPOINTMENTS & REMUNERATION Ms Donna Lee Advisor Franchising and Licensing Association COMMITTEE (Singapore) Teo Siong Seng (Chairman) Mr Irvin Seah Executive Director DBS Bank Gan Seow Kee Mr Kenneth Loo Immediate Past President Singapore Contractors Association Ltd Loh Boon Chye Mr Linus Goh Head Global Commercial Banking, OCBC Lim Ming Yan Mr Low Ming Wah Chairman Singapore Precision Engineering & Technology Association Mr Ng Siew Quan Council Member Singapore Chinese Chamber of Commerce & Industry Mr Patrick Chang Council Member Singapore Manufacturing Federation Dr Ricky Souw Advisor Singapore Precision Engineering & Technology Association Mr Ridjal Noor Board Member Singapore Malay Chamber of Commerce & Industry Mr Roderick Chia Chairman and Founder rodVENTURE Mr Royston Tan Head of Sales, Middle American Express Market, Global Commercial Services Mr Saktiandi Supaat Executive Vice President Maybank Group Mr Stanley Lim Honorary Treasurer Singapore Logistics Association Ms Susan Chong CEO Greenpac (S) Pte Ltd Dr T Chandroo Chairman Singapore Indian Chamber of Commerce and Industry Mrs Wong Sioe Hong Vice President Singapore Retailers Association

50 Singapore Business Federation Annual Report 2019 51 FEDERATION PROFILE FEDERATION PROFILE

SBF Digitalisation Committee SBF Infrastructure Committee *As of 31 December 2019 *As of 31 December 2019

Chairman Chairman

Ms Janet Ang Council Member Singapore Business Federation Mr Pek Lian Guan Vice Chairman Singapore Business Federation Executive Director and Tiong Seng Holdings Ltd Members CEO Mr Douglas Foo President Singapore Manufacturing Federation Members Mr Roland Ng President Singapore Chinese Chamber of Commerce and Industry Mr Chan Hock Keng Partner WongPartnership LLP

Mr Farid Khan President Singapore Malay Chamber of Commerce and Mr Cheng Jun General Manager & Bank of China, Singapore Branch Industry Country Head

Mr Shamir Rahim CEO VersaFleet Pte Ltd Mr Chia Kim Huat Regional Head, Rajah & Tann Singapore LLP Corporate and Mr R Dhinakaran President Singapore Retailers Association Transactional Practice

Mr Patrick Lee Council Member The Association of Banks in Singapore Ms Cindy Lim Director of Group Keppel Corporation Corporate Development Mr Saw Ken Wye Chairman SGTech Managing Director Keppel Urban Solutions Dr T Chandroo Chairman Singapore Indian Chamber of Commerce and Industry Mr Eric Tham Managing Director United Overseas Bank and Head of Group Mr Kurt Wee President Association of Small & Medium Enterprises Commercial Banking

Ms Eunice Koh Assistant Chief Executive Enterprise Singapore Officer

Mr Ho Meng Kit CEO Singapore Business Federation

Mr Hugh Lim CEO Building and Construction Authority

Mr Kenneth Loo Immediate Past President Singapore Contractors Association Ltd

Mr Liew Mun Leong Group Chairman Changi Airport Group and Surbana Jurong Group

Mr Ng Meng Poh EVP and Head Sembcorp Industries Ltd (Global Operations)

Dr Shahzad Nasim Group Chairman Meinhardt Group International Ltd

Mr Tan Chong Meng Group CEO PSA International Pte Ltd

Mr Teo Eng Cheong CEO (International) Surbana Jurong Private Limited

52 Singapore Business Federation Annual Report 2019 53 SECRETARIAT

From left to right: From left to right:

Marketing & Corporate Corporate Services Strategy & Development SBF Business Institute Communications Cheryl Kong Joanne Guo Mabel Tang Irene Kew Executive Director Assistant Chief Executive Officer Director Director CEO Office Global Business Membership & TAC Engagement Global Business Ho Meng Kit ASEAN and Digital Technology Services Americas, Europe, Middle East, Chief Executive Officer Thian Tai Chew Chung Lai Thoe Africa & South Asia Executive Director Executive Director Soo Wei-Chieh Global Business Executive Director China & North Asia Human Resources Annie Wang Jessica Ng Executive Director Director

54 Singapore Business Federation Annual Report 2019 3 www.sbf.org.sg