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ANNUAL REPORT 2017 Collaborating to Shape the Business Future Collaborating to Shape the Business Future

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ANNUAL REPORT 2017 Collaborating to Shape the Business Future Collaborating to Shape the Business Future SINGAPORE BUSINESS FEDERATION AND ITS SUBSIDIARIES SINGAPORE BUSINESS FEDERATION AND ITS SUBSIDIARIES SINGAPORE BUSINESS FEDERATION ANNUAL REPORT 2017 COLLABORATING TO SHAPE THE BUSINESS FUTURE COLLABORATING TO SHAPE THE BUSINESS FUTURE As the apex business chamber, the Singapore Business Federation (SBF) is a nexus of collaborations between companies, governments and trade associations. Tapping on SBF’s local and global network of opportunities, companies establish ties and form alliances with the right partners for their business. These key connections empower them to shape a future of unlocked potential, unrivalled growth and unlimited possibility. SINGAPORE BUSINESS FEDERATION AND ITS SUBSIDIARIES SINGAPORE BUSINESS FEDERATION AND ITS SUBSIDIARIES 1. Our Beginnings, Vision and Mission 2 CONTENTS 2. Chairman’s Message 4 3. 2017 – Year in Review 6 3.1 Key Initiatives and Events 6 3.2 Key Figures/Statistics 8 3.3 An Advocate for Businesses 12 3.4 A Gateway to Opportunities 20 3.5 A Believer in Capabilities 30 3.6 An Avenue for CSR and Sustainability 36 4. Federation Profile 42 Board of Trustees 42 Council Members 43 SBF Committees and SME Committee 46 SBF Secretariat 48 SINGAPORE BUSINESS FEDERATION AND ITS SUBSIDIARIES SINGAPORE BUSINESS FEDERATION AND ITS SUBSIDIARIES Our Beginnings, Vision and Mission The SBF story The evolving global economic and business landscape of the late Our Vision 1990s prompted the Government to establish an entity that would better organise and represent Singapore’s The apex platform promoting business community. the growth and vibrancy of the Singapore business community. With the passing of the Singapore Business Federation (SBF) Act in July 2001, all Singapore-registered Our Mission companies with a paid-up share capital of $0.5 million and above became members of SBF. The We champion the interests of Federation was officially launched by our business community in then Prime Minister Goh Chok Tong Singapore and internationally, on 11 April 2002. and act as the bridge between businesses and the Government. Today, SBF represents more than 25,800 Singapore companies and key local and foreign business chambers. SINGAPORE BUSINESS FEDERATION AND ITS SUBSIDIARIES SINGAPORE BUSINESS FEDERATION AND ITS SUBSIDIARIES needs of the business community and the government’s CHAIRMAN’S middle- to long-term initiatives to sustain growth and MESSAGE future-readiness. On 1 January 2018, the Federation repositioned itself as a growth platform with the tagline ‘Collaborating to shape the business future’, prioritising issues faced by 2017 was a significant year for the businesses as well as deepening collaborations with niche strategies and potential opportunities arising Singapore Business Federation. We Trade Associations and Chambers (TACs). from disruption caused by the digital economy and undertook a strategic review of our e-commerce. role and focus, celebrated 15 years of We launched the 31-member TAC Alliance to facilitate championing the interests of the local pooling of expertise and joint outreach activities to The third edition of the Singapore Regional Business business community, and relocated to members, as well as advocating and providing feedback Forum (SRBF) focused on opportunities along the Belt our new and permanent premises at on policies that impact businesses. and Road, with the launch of BRI Connect as an enabler SBF Center. The new office provides to streamline the implementation of BRI projects in both a better space for our members to We also announced the formation of SBF Committees China and Singapore. network, hone their capabilities and to drive deep insights into issues and make appropriate grow. representations to Government. The SBF Digitalisation Graced by President Joko Widodo and Prime Minister Lee Committee, the first of several to be set up, will drive Hsien Loong, the Singapore-Indonesia Investment Forum Singapore’s economy grew by a digital adoption. examined how companies could best capitalise on growth better-than-expected 3.5% in 2017. opportunities in Indonesia’s tourism and infrastructure Business sentiments improved, with sectors. more companies reporting better Business advocacy and expansion conditions and setting their sights on Throughout the year, SBF received 53 visiting business delegations from Asia, the Middle East, Africa and Europe. a brighter outlook in 2018. We urge In 2017, SBF maintained its strong focus on business We led business missions to Bangladesh, China, Czech companies to ride on the positive expansion, advocacy and capability building. It organised Republic, Philippines, Poland and Russia. momentum to seize opportunities, a seminar on the Committee on the Future Economy’s transform and sustain their recommendations to share the key points of the report competitive edge in the global arena. with businesses and obtain their feedback. It also A foundation for future-readiness organised a dialogue between TACs and Government on Budget 2017 to help them leverage the measures for Growth in membership and growth. Looking ahead, our focus remains centred on our engagement members. The Federation will continue to advocate the The inaugural Future Economy Conference and interests of business with an eye on future-readiness and From a numbers perspective, the Exhibition brought together over 1,000 participants from building on our cross-border capabilities and networks. past year saw a 6.6% growth in our the business community, government agencies and TACs We will endeavour to offer more services, provide insights corporate membership base from to take a closer look at adapting Industry Transformation into pressing business issues and work closely with TACs, 24,200 to 25,800. Participation at Maps to the needs of businesses. partners and the Government to chart the course for our 387 events and activities topped sustained growth and prosperity. 74,000 and members’ satisfaction SBF and the Info-communications Media Development level remains high. Authority also entered a partnership to drive digital I would like to express my appreciation for the hard work adoption and transformation, facilitated by the SBF of our Council, advisors and members, as well as the SBF Digitalisation Committee. Secretariat led by Mr Ho Meng Kit, who all play an integral A repositioned SBF: part in the success of our work. Collaborating to shape Businesses recognise the importance of increasing their the business future international footprint, with SBF’s National Business I am encouraged and motivated to have led the Federation Survey 2017/18 indicating that 83% of businesses are in another important year for businesses, and am grateful engaged in overseas dealings, up from about 56% in for your continuing support and commitment. Amid uncertain economic conditions, 2016. More than 70% of businesses operate in at least a changing business climate and one ASEAN country, highlighting the region’s growing technology disruption, SBF carried importance as a key economic partner. out a review of its role and focus in Mr SS Teo 2017 to be a better enabler for our As a prelude to Singapore’s chairmanship of ASEAN Chairman members and the wider business in 2018, the ASEAN Conference cast the spotlight Singapore Business Federation community. Our goal was to align the on the region’s strengths and diversity, as well as Federation’s efforts with the evolving 5 SINGAPORE BUSINESS FEDERATION AND ITS SUBSIDIARIES SINGAPORE BUSINESS FEDERATION AND ITS SUBSIDIARIES YEAR IN REVIEW: KEY INITIATIVES 5 1 Singapore Regional Business Forum Themed Seizing Business Opportunities through Regional Strategic Review of SBF’s Role Cooperation, the third edition of the Singapore Regional and Focus Business Forum facilitated discussions between top 6 business leaders and senior government officials from 45 countries, regarding business opportunities related to Singapore-Indonesia Following a strategic review, SBF Belt & Road Initiative (BRI) projects in Singapore, China repositioned itself on 1 January and the region. The forum also saw the launch of BRI Investment Forum 2018 as a growth platform to sense, Official Opening of SBF and Connect, which aims to bring about better connections prioritise, analyse and help resolve 2 The Singapore-Indonesia SBF Foundation Offices and facilitate the implementation of BRI projects. burning issues facing significant Investment Forum provided segments of businesses. Prompted At the official opening of its new insights into Indonesia’s economic by a volatile global environment office at SBF Center, SBF elaborated development plans, especially and the need to assist businesses on plans to become a stronger, more regarding opportunities in tourism- transform following the Committee objective, and constructive voice related sectors. Prime Minister Lee on the Future Economy’s (CFE’s) for the growth and vibrancy of our Hsien Loong and President Jokowi Report, the repositioned SBF aims business community. The event was graced the milestone event, which to better serve its members and the graced by Prime Minister Lee Hsien Inaugural Future Economy also served to commemorate 50 wider business community. years of bilateral ties between Loong and prominent members of Conference and Exhibition Singapore and Indonesia. the business community. The inaugural Future Economy 7 Conference and Exhibition in November was attended by over 1,000 participants from the business 3 community who gained insights Formation of the TAC Alliance into strengthening their capabilities and becoming
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