Ministry of Trade and Industry (Singapore)

Pleased to launch the “Transforming the Singapore Economy” Report earlier today at the Future Economy Conference and Company of Good Conference, part of the Singapore Apex Business Summit organised by the Singapore Business Federation (SBF).   The report chronicles the contributions of many stakeholders to our economic transformation over the past 8 years – including members of the Future Economy Council.  Through our 23 Industry Transformation Maps, we achieved real value-added growth, higher labour productivity, and increased wages to improve lives and livelihoods. We have together grown the overall economic pie for Singaporeans, even through the COVID-19 pandemic.   I fully agreed with the theme of this year’s Summit — “The End of Business As Usual”. To be ready for the future global economy, we must be prepared for change and to change.   In the next phase of our industry transformation, we must leverage science, technology, and innovation. Not just in schools and laboratories, but also in every aspect of our businesses. We must also ensure that all workers benefit from future growth, by strengthening tripartism, redesigning jobs and reskilling workers.   We must also remain open to the world, expand our regional and global partnerships, and continue to collaborate with like-minded partners, especially in future growth areas like the digital and green economies.   My thanks to SBF for organising this 3-day conference. I hope more businesses here will draw inspiration from conference and the report’s insights to join in the next bound of growth and transformation and build a better future for all!   More details are in the full report here: https://lnkd.in/gb58d2gJ.   Ministry of Trade and Industry (Singapore) (MDDI Photos by Kenneth Tan)

As a small country, it is important to optimise industrial land use for strategic and productive business activities to support economic growth and to strengthen Singapore’s competitive edge. The Alliance for Action (AfA) on Business Competitiveness aims to tackle these issues through engagements on land-related opportunities and challenges, exploring how businesses can be supported to use and develop land in an optimised and efficient manner. Over 20 business leaders contributed their ideas and feedback on these issues through focus group discussions and written feedback. The AfA, co-chaired by Ms Low Yen Ling, Senior Minister of State, Ministry of Trade and Industry (Singapore) & Ministry of Culture, Community and Youth (MCCY), and Mr Mark Lee, Singapore Business Federation (SBF) Vice-Chairman & CEO of Sing Lun Holdings Limited, convened on 17 July 2024 to discuss the insights surfaced during various engagements with the business community and to co-create actionable and impactful solutions to facilitate access to land, support cost management, incentivise land intensification, and enable new opportunities.  Ms Susan Chong, Chief Executive Officer of Greenphyto Pte Ltd, said, “As business models change to meet emerging demands and opportunities, there is scope for industrial land policy to evolve in an agile and responsive way. The AfA Land pillar has received robust insights and feedback from businesses, and look forward to scoping our recommendations with the government to strengthen Singapore’s position as a business destination of choice.” SBF is committed to fostering stronger collaboration and engagement between the private and public sectors in order to support Singapore businesses and help them thrive amid the challenges of an uncertain global economic and cost environment.    If you have any questions or feedback, please write to the AfA Secretariat at [email protected].

#Singapore is well-placed to help deep tech startups incubate innovative climate technologies, says Microsoft co-founder and founder of climate investment firm Breakthrough Energy Bill Gates. He recently announced the launch of a regional hub in Singapore to support #climatetech in Southeast Asia, adding that Asia was a strong source of scientific capabilities. Read our quarterly update for more details on Singapore’s #sustainability landscape and initiatives. Learn about how Singapore is expanding access to clean energy and building up trust in carbon credits, including: 1️⃣ Building more hydrogen-compatible power plants and expanding solar capacity through solar farms. 2️⃣ Partnering with Indo-Pacific countries to promote long-term cooperation on climate solutions. 3️⃣ Establishing a carbon credit agreement between Singapore and Ghana to enable firms to offset part of their carbon tax liability.

Join us as we explore the theme “End of Business as Usual: Global Trade at a Crossroads”. The day will kickoff with a welcome address by Andrew Kwan (Group Managing Director, Commonwealth Capital Group, President, Restaurant Association of Singapore, Vice-Chairman / Honorary Secretary, Singapore Business Federation), an opening speech by Guest-of-Honour Gan Kim Yong (Deputy Prime Minister & Minister for Trade and Industry) and the keynote address by Mr John W.H. Denton AO (Secretary General, International Chamber of Commerce). Following this, a series of plenary sessions from distinguished guests will guide us through the day. Don’t miss our special lunch and fireside segment, where an all-female panel will discuss ‘Impact of Trade Conflicts on the Future of Trade - Cross-Border Data Flows, Technological Export Controls and Critical Resource Competition’. Featured Speakers: (Panel 1: Between Promise and Peril: How Asia’s Supply Chains Are Reckoning with Global Bifurcation) Panellist Jane Lim (Deputy Secretary (Trade), Ministry of Trade and Industry) Phil O'Reilly ONZM (Managing Director, Iron Duke Partners) Michael Kiely (President, Global Public Affairs, UPS) Tan Chong Meng (Vice-Chairman, SG TraDex) Moderator Alex Capri (Research Fellow, Hinrich Foundation and Lecturer, NUS Business School) (Panel 2: Defining the ‘Extra’ In Extraterritoriality: Riding the New Wave of Visibility Regulations in Global Trade) Panellist Frank Debets (Managing Partner, Customs and International Trade, PwC Worldtrade Management Services, PwC Singapore) Fam Wee Wei (Director, Carbon Mitigation and International Trade Cluster, (Green Economy & Sustainability) Ministry of Trade and Industry(MTI)) Jeremy Goon (Chief Sustainability Officer, Wilmar International) Heng Dean Law (Managing Director, Pollination Group) Moderator Kala Anandarajah, BBM (Head, Competition, Antitrust and Trade, Rajah & Tann Singapore LLP) (Lunch and Fireside Chat: Impact of Trade Conflicts on the Future of Trade – Cross Border Data Flows, Technological Export Controls and Critical Resource Competition) Panellists Michaela Browning (CEO, Brunswick Group Asia Pacific) Johanna Hill (Deputy Director-General, World Trade Organisation) Moderator Hafimi A. Haadii (Executive Director, LVK Group of Companies) Discover more about the programme at https://lnkd.in/gXyuj-eU Register for your passes now! #SBF #SBF2024 #SGBusinesses #SABS2024 #FEC #SRBF #FOTF #SABS2024 #EndofBAU #SmartTechnology #Philanthropy #DigitalEconomy #SingaporeEconomy #SustainableFuture #GlobalTrade #Sustainability

I was pleased to reconnect with Chongqing Party Secretary Yuan Jiajun and Chongqing Mayor Hu Henghua. Since the establishment of the Chongqing Connectivity Initiative (CCI) in 2015, Singapore’s relations with China, and particularly Chongqing, have grown from strength to strength. I last met Party Secretary Yuan during his visit to Singapore in July 2023, almost a year ago. We had a good exchange today on Chongqing's recent developments, the crucial role the Western Region plays in China's growth today, and how the CCI could continue to serve the demonstrative effect both countries set out to achieve, within this broader framework. It was also my pleasure to convene the 9th CCI Joint Implementation Committee Meeting with Chongqing Mayor Hu Henghua. The CCI has made good progress across all four pillars, and I enjoyed a fruitful discussion with Mayor Hu on furthering our cooperation, particularly in the digital economy and green development. Last but not least, I would also like to thank Vice Mayor Zhang Guozhi and the Chongqing officials, including the Liangjiang New Area Administrative Committee for your warm hospitality throughout the course of my trip. With an eye on the CCI’s 10th anniversary next year, I’m confident that our collaborative efforts will continue to yield remarkable results and strengthen the bond between our countries. - Jo Teo