We were pleased to host a meaningful closed-door roundtable with Mrs. Josephine Teo, Minister for Digital Development and Information and Minister-in-charge of Cybersecurity and Smart Nation Group, alongside senior decision-makers from the SICC member community. The session, moderated by Mr. Per Magnusson, Board of Director, SICC and Group CEO of Jebsen & Jessen Pte Ltd focused on the impact of U.S. tariffs, global economic headwinds, and the future of business strategy in a changing world.

📊 Key insights from the Chamber’s survey presented by Mr. Magnusson revealed:

• U.S. tariffs remain a material but manageable challenge for many of the respondent companies in Singapore.
• Business sentiment remains resilient, but vigilance is warranted as uncertainties persist.
• SICC stands ready to collaborate with policymakers to support businesses in navigating this evolving global trade landscape.

💬 In Minister Teo’s remarks, she outlined the three key workstreams by the Singapore Economic Resilience Taskforce (SERT) and engaged in a lively and candid discussion with participants. Key themes discussed included:

• Global Economic Uncertainty: Protectionism, supply chain disruptions, and strategic adaptation.
• Business Adaptation: Inventory management, market diversification, and embracing technologies like AI.
• Government’s Role: Ensuring economic stability, workforce resilience, and effective public-private collaboration.
• Future of Work: Addressing technological disruptions through skills development and education reform.

🤝 We thank Minister Teo for taking the time to speak to our members, and to all participants for their valuable insights and contributions. Special thanks to Ernst & Young LLP for hosting the session at the EY wavespace.

As always, SICC remains committed to working closely with policymakers to support businesses as they navigate today’s complex global trade environment.