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Annual Report ridging usinesses eyond orders BAs 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. 06-07 Our Beginnings, Vision and Mission 06 The SBF Story 07 Our Vision & Mission 08-09 Chairman’s Message 10-15 2018 Year in Review 10 - 11 Key Initiatives and Events 12 Key Figures and Statistics 13 Incoming Delegations 14 - 15 Membership Profile 16-23 Bridging Businesses 18 Budget 2018 19 Business Sentiments 20-21 Dialogues 22-23 The Pulse of the Business Community CONTENTS 24-33 Beyond Borders 26-28 ASEAN Chairmanship and Activities 29-31 China and North Asia 32-33 Americas, Europe, Middle East, Africa & South Asia (AEMEA) 34-39 Enabling Enterprises 40-45 Championing CSR and Sustainability 42-43 SBF Foundation (SBFF) 44 - 45 Global Compact Network Singapore (GCNS) 46-53 Federation Profile 46 Board of Trustees 47- 49 2018 / 2020 Council 50-51 SBF Council Committees and SBF SME Committee 52-53 SBF Secretariat OUR VISION Our Beginnings, The apex platform promoting the growth and vibrancy of the Singapore business community. Vision and Mission OUR MISSION The SBF Story We champion the interests of our The evolving global economic and business landscape of business community in Singapore the late 1990s prompted the government to establish an and internationally, and act as the entity that would better organise and represent Singapore’s business community. bridge between businesses and the government. With the passing of the Singapore Business Federation (SBF) Act in July 2001, all Singapore-registered companies with paid-up capital or authorised share capital of S$0.5 million and above became members of SBF. The Federation was officially launched by then Prime Minister Goh Chok Tong on 11 April 2002. Today, SBF represents about 26,100 Singapore companies and key local and foreign business chambers. 6 7 CHAIRMAN’S MESSAGE (ASEAN-BAC), kicked off the year with President Mdm Halimah Yacob’s first boost innovation and increase a host of successful ASEAN-focused state visit to the country. technology adoption in our SMEs. activities such as the ASEAN Outlook Conference, Digitize ASEAN and the Throughout the year, SBF received Future Ready Companies and Talent ASEAN Conference. This culminated 60 visiting delegations from Asia, Disruptive digital technology is in the ASEAN Business and Investment the Middle East, Africa and Europe. changing the way we work and the Summit (ABIS), which saw attendance We also led business missions and way business is done at a rapid pace. by several ASEAN heads of states, overseas market workshops to Sri Looking forward, SBF will maintain key policymakers and top business Lanka, India, Bangladesh, China, its strong focus on future-readying leaders on the region’s business Japan, South Korea and East Africa. our companies and their workforce. and investment environment. We Accelerating Innovation, We will continue to drive industry- also organised the ASEAN Business Sparking Transformation wide innovation and foster Awards which recognised outstanding opportunities within the business enterprises that have contributed In 2018, SBF continued to support community to collaborate. Chairman’s Message significantly to ASEAN’s growth. Singapore companies, especially our SMEs in transformation and growth Through the SBF Young Business Beyond the Red Dot through advocacy and capability Leaders Network (SBF YBLN), which In November, SBF led a group of over building. Through the SBF SME brings together Singapore’s leading Advancing ASEAN Looking forward, SBF will maintain its strong 80 Singapore companies to the Committee (SBF-SMEC), SBF made young entrepreneurs, next-generation business owners and corporate leaders 2018 was a milestone year as inaugural China International Import recommendations for Budget focus on future-readying our companies and under 45, we hope to empower and Singapore assumed chairmanship of Expo (CIIE), forming the largest and 2018 focused on strategies to help prepare the business leaders of their workforce. the 33rd ASEAN Summit, putting the most diverse business delegation companies ride on the momentum of tomorrow for the future. spotlight on a region that is projected among ASEAN countries. Singapore growth and industry transformation. to become the fourth largest in businesses from many sectors SBF also organised a dialogue between Looking back, 2018 proved to be the proverbial “year of two halves”. The We are grateful to the 56,000 the world by 2030, with the young showcased their products and TACs and the government to help them economy saw robust first-half growth of 4.4 percent – the highest since 2012 participants in our 525 activities this population and size of the middle services to the vast Chinese market. leverage on the budget measures for year, many of whom have indicated a – but lost steam towards the end of the year amid protracted US-China trade class doubling. Tapping on its networks, SBF organised sustained growth. high level of satisfaction with SBF’s tensions, an uncertain economic outlook and slowing global trade demand. tailored business matching sessions, The second edition of the Future support and services. More than half Singapore’s chairmanship has left a connecting Singapore and Chinese Against a backdrop of rising global uncertainty, the Singapore economy Economy Conference and Exhibition of our member companies took part sea of opportunities in its wake and firms to explore partnership slowed from 3.9 percent in 2017 to 3.2 percent in 2018. Further softening is brought together the business in our activities this year and we hope companies should look to capitalise opportunities. Our companies signed anticipated in 2019 with growing trade conflicts, nervous financial markets community, government agencies to see more of our companies on these advances. The signing of the 15 MOUs, valued at more than and China’s slowing growth. and TACs to examine major participating in the coming years. ASEAN Agreement on E-commerce S$152 million. in November should provide a boost disruptions that may pose threats However, there are bright spots amid the gloom. While some doors close, I would like to express my appreciation to cross-border transactions, creating The fourth edition of the Singapore to future growth, as well as the new ones open. The reshuffling of supply chains and diversification of for the hard work and dedication opportunities for the retail, business Regional Business Forum (SRBF), urgent need for companies to begin sourcing locations by global companies in response to trade conflicts could put in by our Council, advisors and services as well as the transport and held jointly with Business China’s their transformation journeys in present our region with new opportunities. The slew of FTAs inked in 2018 members, as well as the SBF logistics sectors. The ASEAN Smart flagship FutureChina Global Forum in preparation for these challenges. including the Comprehensive and Progressive Agreement for Trans-Pacific secretariat led by CEO Mr Ho Meng Cities Network, Singapore’s flagship July, saw the launch of the SBF Partnership (CPTPP), the landmark European Union-Singapore Free Trade Our recent SBF National Business Kit. You have all played an project of its chairmanship year, Infrastructure Committee to help Survey 2018/2019, revealed that instrumental role in SBF’s success. Agreement (EUSFTA) and the new upgraded China-Singapore Free Trade provides local companies with Singapore businesses seize regional smaller companies are still less Agreement (CSFTA) will create new trade and investment opportunities for expertise in smart urban solutions with infrastructure opportunities, while likely to innovate compared to Singapore companies in the Asia-Pacific region and beyond. an opportune entryway to the region. connecting companies to opportunities along the Belt and Road. larger firms. SBF will continue to do We urge companies to rise above the challenges, be confident to seize the To facilitate Singapore companies more to bring our SMEs up to speed. opportunities, continue to transform and innovate and look beyond our to tap into ASEAN’s growth potential, SBF also welcomed the landmark I look forward to the SBF Digitalisation Mr S.S. Teo shores to maintain their competitive edge in the global marketplace. SBF, as the national secretariat for EUSFTA with a business mission to Committee’s continued good work in Chairman the ASEAN Business Advisory Council the Netherlands, in conjunction with engaging industry stakeholders to Singapore Business Federation 8 9 2018 YEAR IN REVIEW ASEAN Business and FutureChina Global East Asian Business Key Initiatives Investment Summit (ABIS) Forum and Singapore Council (EABC) Regional Business Forum and Events Themed “Building Tomorrow, In conjunction with EABC Singapore’s Connecting Today”, ABIS assembled In view of Singapore’s ASEAN chairmanship in 2018, SBF – working heads of states, key policy makers, Chairmanship, SBF collaborated with with the theme of “Embracing top business leaders and over 1,200 Business China to combine their economic integration for inclusive, participants from the region on 12 to respective annual flagship events: resilient and innovative growth in 13 November. Graced by Prime Minister FutureChina Global Forum and East Asia” – organised a series of Mr Lee Hsien Loong who delivered Singapore Regional Business Forum. EABC meetings, workshops and a the opening remarks, ABIS also Themed “Laying the Basis for Future ministerial-level dialogue involving featured keynote speeches from Tun Prosperity and Innovation”, the event economic ministers of the ASEAN+3 Dr Mahathir bin Mohamad, Prime also witnessed the launch of the SBF group of countries. Minister of Malaysia, Mr Prayut Infrastructure Committee and the Chan-o-cha, Prime Minister of unveiling of the 21 founding member Thailand and Daw Aung San Suu Kyi, companies of BRI Connect.
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