Opening Remarks by Ms Indranee Rajah, Minister in the Prime Minister's Office, Second Minister for Finance and National Development, at the British Chamber of Commerce Singapore’s 70th Anniversary Celebration, 29 Aug 2024

His Excellency Nikesh Mehta, Officer of the Order of the British Empire, British High Commissioner to Singapore;

Mr Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific;

Mr Haslam Preeston, President of the British Chamber of Commerce Singapore; 

Mr David Kelly, Executive Director of the British Chamber of Commerce Singapore; 

Distinguished Guests,

Ladies and Gentlemen,

INTRODUCTION

1.   It is a great pleasure to join all of you today at this 70th Anniversary Celebration of the British Chamber of Commerce Singapore. I would like to extend my heartiest congratulations to BritCham on achieving this momentous milestone. 

HISTORY OF BRITCHAM

2.   BritCham has come a long way since its inception in 1954. This achievement is not by chance, but by design, shaped by the efforts, vision and leadership of many. 

3.   It is an honour to have here with us today, several of BritCham’s former Presidents – leaders who were instrumental in shaping BritCham’s journey and who each in their own way contributed to the success that it enjoys today.

4.   I would also like to acknowledge the support of His Majesty, King Charles the Third for the BritCham network, and to warmly welcome His Excellency Nikesh Mehta, as the incoming patron of BritCham Singapore. High Commissioner Mehta has a distinguished career in diplomacy, and we look forward to further strengthening the already strong and warm Singapore-UK relations during his term as High Commissioner. We look forward to working with you, High Commissioner, in the years to come. 

CONTRIBUTIONS BY UK COMPANIES

5.   BritCham has been a cornerstone for the British business community in Singapore over the past 70 years, navigating economic tides, political transitions, and global challenges.

6.   The UK is an important partner for Singapore: 

a.   Singapore is the UK’s largest trading partner in Southeast Asia.

b.   The UK is one of the largest European investors in Singapore.

c.   Many British companies have made significant investments in Singapore. Dyson, for example made Singapore its global headquarters, driving advanced technology and innovation here, making Singapore a hub for cutting-edge technology in the region. 

7.   Singapore welcomes British investments, and values the role that British businesses play in our continued growth. 

CONTINUED SUPPORT BY SINGAPORE GOVERNMENT

8.   The economic climate remains uncertain due to challenges, such as supply chain disruptions and growing geopolitical contestation. 

9.   Singapore remains committed to creating an environment in which international businesses like your companies can thrive, contributing to our mutual growth and success. Singapore may not necessarily be the cheapest place to do business in terms of traditional cost drivers. We know that some companies are also concerned about the impact of BEPS 2.0 and the implementation of the Domestic Top-up Tax in Singapore. 

10.   However, we assure you that we are working to ensure that the value of doing business here continues to outweigh the costs, and that intangible benefits such as strong rule of law, effective and impartial dispute resolution, connectivity, strong ecosystems, digitalisation and innovation will help your businesses achieve greater cost savings and profitability in the long run. 

11.   To support businesses, the Government will continue to invest in economic competitiveness. We are introducing new tools such as the Refundable Investment Credit or RIC – announced at Budget this year – which will support high-value economic activities such as setting up manufacturing facilities, new innovation and R&D activities, as well as investments in green transition. We are also continuing our efforts to build a strong and skilled workforce, and maintain a stable business environment. 

12.   Our Economic Agencies including EDB will continue to work with BritCham to anchor investments, promote trade and internationalisation, and enable businesses to scale internationally and strengthen your competitiveness. 

13.   We are also paying close attention to ensuring a business-friendly environment, and keeping the regulatory burden to a minimum. In his National Day rally earlier this month, Prime Minister Lawrence Wong announced that we are undertaking a thorough and proactive review of our rules and processes, to identify areas where we can reduce regulatory costs and simplify business processes. If you have any feedback, we will be happy to hear from you.

GLOBAL MEGATRENDS

14.   We are also positioning Singapore to better seize opportunities presented by global megatrends such as sustainability and technology. We will continue to support businesses in embracing sustainable business practices and fostering innovation, both of which are key drivers in ensuring long-term competitiveness. 

SUSTAINABLE BUSINESS PRACTICES 

15.   In line with our national climate target to achieve net-zero emissions by 2050, Singapore will continue to support businesses’ efforts to enhance energy efficiency in various industries through schemes such as the Resource Efficiency Grant for Energy.  

16.   I am glad to see that BritCham has active support in driving the conversation on sustainability. In particular, the upcoming Sustainability Dialogue will bring together many partners including the Ministry of Trade and Industry, Singapore Business Federation, companies, investors, and researchers, so I wish you all a successful and fruitful dialogue!  

INNOVATION

17.   On innovation, to truly meet our collective sustainability goals, innovation is crucial. Innovation will drive new industries and new engines of growth that are as yet unknown today. It will also help businesses to stay competitive in the global marketplace and improve efficiency so that businesses can “do more with less”.  

18.   We will support businesses in their efforts to innovate and transform, through the Enterprise Innovation Scheme and the Research and Innovation Scheme for Companies. By lowering the financial barriers to innovation, we aim to enable more businesses to explore new ideas, adopt emerging technologies and stay ahead in the global economy.

CLOSE PARTNERSHIPS BETWEEN GOVERNMENT AND BRITCHAM

19.   Finally, the need for close partnerships between Government and Trade Associations and Chambers in both peacetime and crises has been brought forth to the forefront in recent times. 

a.   We are committed to fostering even stronger Singapore-UK relations. The Strategic Partnership declared last September is testament to our longstanding and broad-based relationship, providing a roadmap for deeper cooperation across a wide range of areas, from trade and investment to innovation and the green economy. 

b.   We will continue to build on our strong economic, financial, trade and business ties through the UK-Singapore Economic and Business Partnership, and the UK-Singapore Financial Dialogue. The Financial Dialogue provides a platform for our countries to explore new opportunities in fintech and sustainable finance, and we look forward to its 10th iteration to be held in the UK in 2025.

CONCLUSION

20.   Over the past 70 years, BritCham has adapted to evolving economic and geopolitical circumstances. BritCham has partnered closely with the Government to provide invaluable support to small and large businesses. 

21.   I would like to thank the many individuals and businesses in Britcham who have contributed to building a vibrant, competitive and resilient business community here in Singapore.

22.   Congratulations once again to Britcham on your 70th anniversary and I look forward to many more years of shared success. 

23.   Thank you very much.