1. Good afternoon to all friends from the media.

2. The new Code of Conduct that has been announced by Singapore Business Federation is a major step forward for the retail sector. This is the result of industry-led efforts that have brought to the table key stakeholders to set and agree on new guidelines and negotiating principles for the leasing of retail premises. 

3. We applaud this spirit of collaboration and cooperation, for it has not been easy for the retail sector since the COVID-19 pandemic struck. We know that all parties involved have worked very hard together to put the retail sector’s interest as priority and to move towards a fair and balanced position with regard to the leasing of retail premises. This constructive and considerate approach sets a very strong foundation for the retail sector to overcome its challenges and to emerge stronger in a post-COVID world. Consumers can certainly benefit from a more vibrant and competitive retail scene. 

4. The government welcomes the pledge by the landlords and tenants’ associations to adopt this Code of Conduct. Their shared ownership to implement this new Code of Conduct is a very positive sign of their determination to succeed together in the new environment . This reflects the trust that has been built up between both sides over the past nine months. This unity and cooperation is highly commendable because this is very critical to the long-term survival of Singapore businesses, especially in the face of today’s highly intense competition and multiple disruptions. 

5. Thank you.