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Annual Report As the apex business chamber, the Singapore Business Federation (SBF) champions the interests of the business community in Singapore in trade, investment and industrial relations. To help companies lay building blocks for their future, SBF advocates key issues impacting the Singapore business community, encourages them to venture overseas and helps them enhance their capabilities and boost productivity. CHAIRMAN’S KEY INITIATIVES CONTENTS 02 THE SBF STORY 04 MESSAGE 06 & EVENTS KEY FIGURES DIALOGUE FOR ENABLING & STATISTICS PROGRESS INTERNATIONAL 08 12 20 GROWTH STAYING PAYING IT FEDERATION 32 RELEVANT 38 FORWARD 42 PROFILE THE SBF Our Vision - To act as the bridge between the Government and Singapore’s STORY business community in creating The evolving global economic and enhancing a conducive and business landscape of the late business environment. 1990s prompted the Government to establish an entity that would Our Mission - better organise and represent To serve as the apex business Singapore’s business community. chamber championing the interests of the business With the passing of the Singapore community in Singapore in Business Federation (SBF) Act in trade, investment and industrial July 2001, all Singapore-registered relations. SBF represents the companies with a paid-up capital business community in bilateral, of $0.5 million and above became regional and multilateral members of SBF. The Federation settings for the purpose of trade was officially launched by then expansion, investments and Prime Minister Goh Chok Tong on networking. 11 April 2002. Today, SBF represents more than 24,000 Singapore companies and key local and foreign business chambers. www.sbf.org.sg 03 and the creation of an CHAIRMAN’S innovation-centric environment Building on the Future for SMEs. SMEC also embarked Economy on its third two-year term on 1 April 2016 with new initiatives SBF will continue to build on MESSAGE including the formation of its activities and achievements. a Government Procurement We are grateful to the 73,500 Working Group which submitted participants who attended our Amid a slowing global economy recommendations to boost SME 514 activities in 2016, many of and the uncertainty over Brexit participation in government whom indicated satisfaction and the US Presidential Election, procurement. with SBF’s support and services. the Singapore economy posted I am also pleased to report that better than forecasted growth of In September, SBF initiated a corporate membership increased 2% for 2016. However, business closed-door dialogue between by 7.5% to 24,206. performance was lacklustre and financial institutions, government varied across different sectors. agencies and representatives 2017 is a particularly special from the troubled offshore and year for SBF as it will celebrate marine sector. We are heartened its 15th anniversary. In February, that the Ministry of Trade & it relocated to new premises at Advocacy Industry announced in late SBF Center, gifted generously by November two schemes offering Under these trying circumstances, Far East Organization. At SBF’s funds and bridging loans to the centrally located downtown SBF released its Position sector. Paper for a Vibrant Singapore office, member companies enjoy which outlined the business access to facilities, including a community’s recommendations dedicated Members’ Corner, to on measures needed to support Business Networking and organised by SBF and Keidanren, engage and connect with one business and economic growth Facilitation where representatives from another. for the immediate- to long-term. 10 Asian economies called for The Paper, completed in late In 2016, helping businesses greater collaboration among As SBF reflects on its 15th 2015, was presented to Minister access opportunities overseas Asian economies for strong anniversary, it is also looking for Finance and Chairman of remained a priority of SBF. The regional growth. to re-organise itself to serve the Committee on the Future year saw the Federation welcome members and the wider Economy (CFE) Heng Swee Keat 124 incoming delegations and In August, SBF also jointly business community better. in January 2016. I am pleased lead 29 outgoing missions organised the Singapore-Vietnam With the recommendations of that the recommendations in the around the world, from Southeast Business Forum with the Vietnam the Committee on the Future Paper provided useful inputs to Asia, China, India, Iran to Cuba. Chamber of Commerce and Economy as our guide, this the CFE for which I represented Industry (VCCI) and the Embassy is an opportune time for SBF SBF on the main committee. The second Singapore Regional of Vietnam in Singapore. This was to transform itself to help Business Forum focused on held in conjunction with Vietnam businesses change, innovate and SBF looks forward to working with regional cooperation and President Tran Dai Quan’s first thrive in the future economy. the Government to implement connectivity along the ‘21st official state visit to Singapore. A CFE’s recommendations as well Century Maritime Silk Road’. The Memorandum of Understanding as the Industry Transformation ‘One Belt, One Road’ portal, (MOU) was signed between SBF Maps to help businesses drive developed jointly with Lianhe and VCCI to boost trade and innovation and productivity. Zaobao, was also launched, to economic relations between our enhance Singapore companies’ countries. In light of the lacklustre economy understanding of this important and plight of businesses, the initiative by China and to present SBF-led SME Committee’s a Singaporean and Southeast Capability Building (SMEC) recommendations to the Asian perspective to a global Government for Budget 2016 audience. To help businesses become called for assistance to alleviate future-ready, SBF continued immediate growth challenges SBF co-organised the Singapore- to provide a broad spectrum Japan Business Forum with of programmes for member the Japan External Trade companies to scale up and Organization and Keidanren in build capabilities. In 2016, 4,600 July. This Forum, with the theme participants benefitted from ‘Partnership for Sustainable SBF’s capability building Mr S S Teo Growth in Asia and Beyond’, programmes, an increase of was held in conjunction with 57 per cent from 2015. The www.sbf.org.sg Chairman the 50th anniversary of bilateral Federation also organised Singapore Business relations between Singapore and the third edition of the Federation Japan. It was followed by the 7th Singapore Productivity Awards Asian Business Summit, jointly and Singapore Productivity Conference and Exhibition. 05 Singapore-Vietnam Business Forum SBF partnered the Vietnam Chamber of Commerce and Industry (VCCI) to organise this forum in conjunction with Vietnamese President Tran Dai Quang’s state visit to Singapore. Singapore companies found out more about the new directions of the Vietnamese Government’s economic and investment policies. KEY SBF and VCCI also signed their first Memorandum of Business Mission to Iran and the Understanding to facilitate closer collaborations and Singapore-Iran Business Forum mutual support. SBF Position Paper for a Led by SBF Chairman Mr S S Teo INITIATIVES Vibrant Singapore and SBF Vice Chairman Mr Shabbir 1 4 7Hassanbhai, this largest business Released in January 2016, the mission to Iran comprised 48 & EVENTS SBF Position Paper for a Vibrant companies. Jointly organised with Singapore called for a deep IE Singapore, the mission explored review of Singapore’s existing opportunities in Iran, following economic strategies and for the its re-integration into the global Government to formulate new economy. The five-day mission responses to the challenges and included a visit to Tehran and opportunities in an increasingly the major shipping and regional transhipment hub of Bandar uncertain and global landscape. Abbas. The trip also involved A conference was held in the business matching and networking same month to facilitate further sessions for the companies. discussions on the Paper with the wider business community. Singapore Regional Business Singapore-Japan Business The Singapore-Iran Business Forum and Launch of Belt & Forum and 7th Asian Forum was later held in Singapore Road Digital Portal Business Summit to share the latest developments in 56 Iran and sectors of opportunities This Forum brought together Themed ‘Partnership for for Singapore companies. business leaders and industry Sustainable Growth in Asia and experts from the region to share Beyond’, the Forum discussed insights on regional connectivity, ideas and opportunities in the infrastructure, finance, ICT and areas of regional economic people-to-people linkages in the collaboration, Asia’s infrastructural A Partner to the Committee on the Future 21st century Maritime Silk Road. needs, and internationalisation Economy SBF member Pacific International through new technology and Lines (PIL) signed two Memoranda services, as well as the role that SBF served as a partner to the Committee on the of Understanding with China state- businesses can play in promoting Future Economy (CFE), with members of SBF’s owned enterprises resulting from sustainable growth in Asia and the leadership team serving on the main and sub- the ‘One Belt, One Road’ initiative. world. It was co-organised with the committees. SBF collaborated with CFE secretariat to Japan External Trade Organization organise a seminar to gather inputs from the business To connect Singapore businesses and Keidanren in conjunction with SBF Foundation’s
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