On behalf of the Singapore Business Federation (SBF), it is my pleasure to welcome you to the inaugural Future

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1 Please check against delivery WELCOME ADDRESS BY MR S.S. TEO, CHAIRMAN, SINGAPORE BUSINESS FEDERATION FUTURE ECONOMY CONFERENCE AND EXHIBITION WEDNESDAY, 1 NOVEMBER 2017, 9:00AM SANDS EXPO AND CONVENTION CENTRE Distinguished guests Ladies and Gentlemen A very good morning to all of you. On behalf of the Singapore Business Federation (SBF), it is my pleasure to welcome you to the inaugural Future Economy Conference and Exhibition Previously known as the Singapore Productivity Conference and Exhibition, organised by SBF annually since 2014, the aim of this event was to help boost productivity by bringing together business leaders and experts to learn from one another. Page 1 of 11

2 This year, against the backdrop of tepid recovery in global growth, disruption in industries and markets, and the need to help our businesses transform, SBF has taken a different and more holistic approach. We have expanded the scope of the Singapore Productivity Conference and Exhibition to focus on transformation for companies and industries. Importantly, the emphasis is on collaboration between businesses, our workforce and the Government to enable that transformation. Hence, today s Future Economy Conference and Exhibition. This event is aligned with the strategic thrusts of the Committee on the Future Economy s recommendations Page 2 of 11

3 and the Future Economy Council chaired by our Guest of Honour Minister Heng Swee Keat. I am heartened to see that today s conference has drawn over a thousand participants. Today s Future Economy Conference and Exhibition will focus on four themes that underpin the Industry Transformation Maps. These themes are Digital Economy; Enterprise Capabilities and Innovation; Jobs, People and Skills; and Internationalisation. These are also the themes of our breakout tracks this afternoon and tomorrow afternoon. These four themes are also featured in the exhibition outside this ballroom. Innovative technologies and products are available to help companies transform. Page 3 of 11

4 There are also consultation clinics for you to meet government agencies and industry associations to learn more about your industry s transformation plan, how you can transform your business, and what support is available. Re-positioning of SBF to Contribute to Future Growth This conference comes two months after SBF announced its re-positioning as a growth platform championing the interests of the Singapore business community. We will sense, prioritise, analyse and help resolve burning issues facing significant segments of businesses. Page 4 of 11

5 Collaboration will be the hallmark of the re-positioned SBF. We will work more closely with trade associations and chambers (TACs) and various stakeholders to shape the national business environment. Memorandum of Intent between SBF & the Infocomm Media Development Authority (IMDA) Regarding closer collaboration, I am pleased to announce that SBF will be signing a Memorandum of Intent with the Infocomm Media Development Authority (IMDA). IMDA and SBF will collaborate to engage trade associations, business chambers and businesses to help enable digital transformation and adoption. Page 5 of 11

6 SBF and IMDA will also establish the SBF-led Digitalisation Issues Committee to surface key issues and help drive digital transformation across the Singapore business community. As announced at SBF s official opening in September, the Digitalisation Committee is SBF s first Issues Committee to deep-dive into business issues. It will be headed by our Council Member, Ms Janet Ang, from IBM Asia Pacific. We are glad to share that eight business leaders have joined the committee. They are 1. Mr R Dhinakaran, President of the Singapore Retailers Association, and Managing Director, Jay Gee Melwani Group; Page 6 of 11

7 2. Mr Douglas Foo, President of the Singapore Manufacturing Federation, and Founder and Chairman, Sakae Holdings Limited; 3. Ms Judy Hsu, Vice Chairman, The Association of Banks in Singapore (ABS); and CEO, Standard Chartered Bank Singapore 4. Mr Roland Ng, President of the Singapore Chinese Chamber of Commerce and Industry, and Managing Director and Group Chief Executive Officer, Tat Hong Holdings Limited; 5. Mr Saw Ken Wye, Chairman of the Singapore Infocomm Technology Federation (SITF), and CEO of CrimsonLogic Pte Ltd Page 7 of 11

8 6. Mr Shamir Rahim, President of the Singapore Malay Chamber of Commerce and Industry, and Founder and CEO, VersaFleet; 7. Dr. R. Theyvendran, Chairman of Singapore Indian Chamber of Commerce and Industry, and Managing Director, Stamford Press Group of Companies 8. Mr Kurt Wee, President of the Association of Small and Medium Enterprises, and Director of Conrad and Ottess Private Asset Management Limited; and We look forward to having more Singapore business leaders from large companies and SMEs, both localand foreign-owned, come forward to join such committees and their sub-committees. Page 8 of 11

9 If more business leaders can step up to share their expertise and deep insights, we can work together to contribute back and shape a better and brighter future for our business and economic prosperity. Further Collaborations I am delighted to share that SBF will also be collaborating with two business associations the Business Leaders Alumni Club (BLAC) and the Enterprise 50 (E50) Association. We will jointly organise activities on internationalisation, tapping into markets worldwide. We look forward to working with BLAC and the E50 Association to help our businesses expand overseas. Page 9 of 11

10 The third collaboration is with The EDB Society on the Enterprise & Entrepreneur Series, which celebrates entrepreneurship and presents insights on creating value from new opportunities that arise from disruptive forces. SBF is pleased to support this series by The EDB Society and the Singapore Management University. Conclusion In closing, I would like to express our appreciation to our strategic partners, the Future Economy Programme Office at the Ministry of Trade and Industry, IMDA, SPRING Singapore, Workforce Singapore and International Enterprise Singapore for putting together the conference programme with SBF. We wish to also thank the 24 trade associations and business chambers for their help in organising this event. Page 10 of 11

11 Our appreciation also goes to the speakers, moderators and panellists who will be sharing their expertise and insights. Last but not least, a big thank-you to all of you here today for joining us. I wish all of you a fruitful time in learning more about industry transformation and every success in transforming and making your businesses future-ready. Thank you. Page 11 of 11