Good afternoon. 

1.    I am very happy to join you here at the SG50-UniSIM Business Excellence Symposium. 

Importance of Local Brands in Nation Building 

2.    Singapore recently celebrated 50 years of independence. We have come a long way from the uncertainties of separation in 1965, to being one of the highest living standards in the world today.

From our beginnings as a labour intensive economy, we have progressed to the point where innovation and productivity are the key determinants of our economic growth. Many local brands have grown alongside Singapore, progressing from humble beginnings into household names. Eu Yan Sang International, CYC Shanghai Shirt Co., and Ya Kun International are three examples of such companies that have grown with Singapore. Let me share a little of their stories.

How Singaporean Brands Have Remained Relevant Today

3.    Eu Yan Sang started out offering Traditional Chinese Medicine (TCM) remedies to tin mine coolies in Malaysia 136 years ago. Today, the group has an extensive network of 257 company-operated retail outlets and more than 30 TCM clinics across six countries. The company has helped to raise the professionalism of the TCM industry by being the first private company to co-organise and offer Continuing TCM Education at its Eu Yan Sang Academy. The Academy also offers various modules teaching basic concepts of TCM to the public for self-enrichment. Through the Academy, Eu Yan Sang raises the standard of care provided by its TCM physicians while creating awareness of TCM benefits amongst the public.

4.   CYC, started in 1935, is Singapore’s oldest custom tailor, which serves the retail and corporate work wear markets. Although tailoring is a traditional industry, the company has taken steps to modernise and harness technology in its business. To realise their vision of becoming a global leader in the tailoring field, CYC has embarked on technology innovation projects with SPRING Singapore’s assistance.  By implementing a Computer Aided Design and Computer Aided Manufacturing, also known as CAD/CAM, systems in 2014, CYC was able to speed up its process in converting design to manufacturing for the corporate workwear division. This has increased productivity by at least 30%. With SPRING's support, CYC has recently implemented an ERP system that will enable the company to improve their inventory controls, internal controls and marketing capabilities.

5.   Ya Kun started as a modest coffee stall in the 1940s. Today, it is an international franchise, with outlets in places like Myanmar and the Philippines. The company has also been innovative in introducing variations of its traditional products. To reach out to new and younger customers, Ya Kun introduced creative products like ice-blended drinks and Cheezy French toast. This has allowed Ya Kun to remain relevant in this competitive F&B sector and be popular among different generations of Singaporeans.

6.    The inspiring stories of these three companies illustrate the importance of continuing innovation, embracing technology, as well as lifelong learning and upgrading of skills. As local brands, Ya Kun Kaya Toast, Eu Yan Sang and CYC’s tireless pursuit in excellence while reinventing themselves have enabled them to withstood the test of time and remain relevant till today. As we look toward the next 50 years for Singapore, I hope that more companies will be able to emulate their examples, and grow into very vibrant and strong Singapore brands.

7.   The three companies invited for the symposium today have all played their part in Singapore’s success today. More importantly, they embody the values and attributes we wish to see in all enterprises. A commitment to grooming people – our most precious resource; the continuous pursuit of innovation, even in traditional industries, and forward-thinking leadership that is able to navigate future challenges. I look forward to their sharing and insights later.

Role of SkillsFuture in Helping Companies Grow

8.   The Government recently launched the SkillsFuture movement, which aims to provide Singaporeans with opportunities to develop their fullest potential throughout life, regardless of their starting points. UniSIM, with its focus on adult learners and the needs of working adults, has an important role to play in this. I am pleased to note that UniSIM has launched 186 skills-based modular courses spanning a range of sectors like financial services, logistics, ICT and social services to the public in July this year. This is a commendable step forward in making lifelong learning opportunities more readily available to Singaporeans.

9.   The SkillsFuture initiative is also to support employers with a skilled and motivated workforce that will contribute to business success. I encourage companies to take a proactive role in their employees’ development. By setting clear career pathways based on their employees, employers can better align them to the needs of the workplace and their competencies. Companies can tap on SkillsFuture initiatives such as the SkillsFuture Mentors that gives SMEs access to expertise on how to enhance their HR and training capabilities.

10.  Finally, SkillsFuture will only succeed with the participation of employers and employees. When I spoke at UniSIM’s convocation last week, I encourage the fresh graduates to adopt an attitude of continued learning so that they will constantly hone their skills and grow professionally. As we embrace this culture of lifelong learning, we will not only grow in knowledge and skills, we will grow as a people with passion and curiosity to explore and expand our horizons.

11.  Thank you very much.