In the last of our flagship The Signature Series events for 2024, the Chamber was honoured and privileged to host Mr. Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, Republic of Singapore (DPM) as our distinguished speaker. It was a very useful opportunity for our members and their guests to engage in an open, insightful and relaxed dialogue with DPM on a wide range of trade-related issues. Following his opening remarks, DPM engaged the audience in a closed-door dialogue moderated by Ms. Dawn Tan Ly-Ru, SICC Chairwoman under the Chatham House Rule.

The world is facing multiple challenges. The prospect of higher trade tariffs all round will increase geopolitical contestation and tensions, weaken growth, very likely increase inflation and disrupt supply chains. A lack of urgent, concerted action by everyone on climate change risk mitigation will result in increasingly extreme weather conditions like those we have witnessed recently in Valenica, Spain. The rise and rise of AI needs a smart and clear-headed balance between regulation focussed on its ethical use and which enables its continual innovation.

For every one of these challenges there are always plenty of opportunities for agile, innovative and visionary businesses and countries. To enable these opportunities, there is a greater need than ever for inclusive and mutually beneficial trade agreements, fit for purpose networks, relationships and collaborations between businesses, academia, governments and countries. SICC has an important role to play in continuing to expand regional connections and networks for its members as it continues its decades long work of championing Singapore as a hub for business, capital, finance and talent.

The diverse audience posed many questions all of which were answered clearly and helpfully by DPM. Questions ranged from wealth protection, the proposed Johor-Singapore Special Economic Zone and, in particular, what business needs and wants from it. SMEs without overseas branches or offices called for the extension of the Overseas Markets Immersion Programme (OMIP) to help them expose their Singapore talent to the markets in which they have business. There was a call to make it easier for businesspeople to open bank accounts which can now take up to 6 months in some cases. There was another call to make it easier for Singaporean children to re-enter the school system on their families’ return from overseas postings.

We extend our sincere thanks to DPM for his time, his usual relaxed, empathetic and high level of engagement and for sparking such a meaningful dialogue with the audience. We also thank attendees for their thoughtful questions and active participation.

This event was not only the final instalment of The Signature Series of events for 2024 but also our last event for the year. We are planning a differentiated, but always business relevant, series of activities in 2025. We look forward to celebrating multiple anniversaries next year including the 188th anniversary of the founding of the Chamber in February, the 25th anniversary of the establishment of the Singapore-St. Gallen Symposium collaboration, the 25th anniversary of the Singapore Management University (SMU) and the 20th anniversary of the Chamber being a donor to SMU. Above all, and much more important, we all look forward to celebrating the Diamond Jubilee of our wonderful republic (SG60). Do keep visiting our website and follow us on LinkedIn to keep up to date on what we have in store for you in 2025!