ADDRESS BY MR LIM HNG KIANG, MINISTER FOR TRADE AND INDUSTRY, SINGAPORE, AT THE SICCI’S 87TH ANNIVERSARY DINNER & SICCI-DBS SINGAPORE INDIAN ENTREPRENEUR AWARDS 2011, THURSDAY, 29 SEPTEMBER 2011, 8.45PM, THE RITZ CARLTON MILLENIA

Mr R Narayanamohan, Chairman, Singapore Indian Chamber of Commerce & Industry (SICCI)

Mr Kirpa-Ram Sharma, Vice-Chairman, SICCI and Chairman, SICCI-DBS Singapore of Indian Entrepreneur Awards (SICCI-DBS SIEA) 2011 Committee

Mr Inderjit Singh, MP for Ang Mo Kio GRC and Chairman of the Panel of Judges for SICCI-DBS SIEA 2011

Excellencies

SICCI’s Advisors, Directors and members

Ladies and Gentlemen

Good evening.

It is my pleasure to join you in celebrating Singapore Indian Chamber of Commerce & Industry’s (SICCI) 87th Anniversary and the presentation ceremony of the SICCI-DBS Singapore Indian Entrepreneur Awards 2011.

Introduction

The past year has been challenging to say the least, as we saw several events casting uncertainties on the global economy. These include Standard & Poor’s downgrade of its debt rating of the US and the ongoing sovereign debt crisis in Europe. More recently, the IMF has downgraded its growth outlook for these two regions through 2012.

On a more positive note, growth prospects in Asia remain healthy. This is underpinned by rapid expansion of the two key global growth engines in the region – China and India. The ASEAN economies, particularly Vietnam and Indonesia, are also expected to gain prominence over time.

A Need For Productivity-Driven Growth Strategy

In enabling ourselves to capitalize the growth opportunities in these emerging Asian markets, Singapore must, first and foremost, continue to do what is necessary to remain nimble, competitive and relevant so that we can stay ahead of competition. We need to move towards a productivity-driven growth strategy. On top of that, we must also step up our efforts in innovation, upgrading the skill sets of our workforce and reducing our reliance on low-skilled foreign labour for more sustainable and inclusive growth.

Last year, the Government has established the National Productivity and Continuing Education Council (NPCEC) to oversee and drive the national effort to boost productivity. A National Productivity Fund (NPF) was also set up to support this push to improve productivity levels. All in all, productivity plans across ten industry sectors of Singapore’s economy have been endorsed by the NPCEC.

The need to constantly innovate and improve is particularly important for the small-and-medium enterprises[1] (SMEs) as they play a crucial role in our economy. Today, SMEs in Singapore employ seven out of every 10 workers and contribute 60 per cent of national GDP. But just how should SMEs ride on the current growth momentum to grow their businesses and accelerate their pace of internationalization? How do local businesses deliver greater value-add to a global marketplace and strive to distinguish themselves? These could be just some of the vital questions that SMEs should be thinking about.

To help these enterprises along, SPRING Singapore, as part of its EnterpriseOne network, has set up a total of five Enterprise Development Centres (EDCs) that offer SMEs the use of the Productivity Management Programme (PMP). It is the first stop where SMEs could seek expert advice and use various tools to diagnose gaps in productivity and develop an action plan.

Apart from the Government, business chambers too can play their part in encouraging the important spirit of innovation and entrepreneurship amongst the business community. To this end, I am heartened to note that SICCI has partnered with SPRING Singapore to set up the EDC@SICCI to be a one-stop business solution partner for Singapore entrepreneurs and Singapore-based entrepreneurs that are looking to grow their businesses here and overseas. Furthermore, through your Productivity and Innovation Sub-Committee, I am confident that SICCI will continue to push the message to your members.

Recognition of Talent and Success

This evening, we are gathered here to pay tribute to a group of outstanding local Indian entrepreneurs who have demonstrated excellence and drive in their fields of business. Through their stories of hard work, dedication and pursuit towards excellence, I hope all budding Indian entrepreneurs will find the encouragement and motivation to turn every obstacle that they may meet along the way into an opportunity and every adversity into action.

I would also like to wish SICCI the very best on its 87th Anniversary. As you celebrate another year of growth, I am certain that you will also be reflecting on what the future holds. Many opportunities beckon, not only in Singapore but also in the horizon ahead. Have a good evening ahead.

Thank you.