President Tharman Shanmugaratnam addressed over 600 business leaders, government officials, members of parliament and the diplomatic corps at the Gala Dinner. He highlighted the important role of Singapore Indian Chamber of Commerce and Industry (SICCI) in bringing together all segments of the Indian business community in Singapore.
These include businesses with roots and networks in various parts of India, those long established in Singapore and newly established enterprises in Singapore. The following are highlights of President Tharman’s address:
Adapting to evolving circumstances “
SICCI’s roles have evolved quite dramatically over the years. Its beginnings were in very different times, when flows of produce, people, and cultures, back and forth around Asia, defined much of Singapore’s role as a colonial trading station. With Singapore’s independence, and the development of a multiracial national identity and a diverse and internationalised economy, you have had to adapt in major ways. SICCI has progressed to serve the Indian business community in a broad range of sectors, well beyond the trading community.”
Embracing digitalisation, sustainability, and internationalisation
“It (SICCI) is playing an especially important role in helping businesses to embrace the opportunities of a digital and sustainable economy, and to invest and operate abroad. And together with our other local Chambers, SICCI thinks nationally, and represents the interests of the wider business community. Equally, as key representatives of the business sector, our business chambers are responsible for advancing the collective good of all our citizens”.
Beyond Indian Businesses
“You must also continue to actively promote opportunities for collaboration with non-Indian businesses in Singapore, including in venturing abroad to India and elsewhere in the region. That must be the case for all our other local business chambers and trade associations. Seeking common cause with each other and helping businesses with different traditional backgrounds to collaborate fruitfully in expanding Singapore’s presence abroad”.
Strategic tie-ups with India “In the digital space, Singapore has been the first to tie up with India in fast retail payments (the PayNow-UPI linkage), and there is opportunity to go further to connect our digital economies. In sustainability, where India has immense potential as a renewable energy power. In India’s emerging semiconductor sector, where Singapore’s ecosystem, from chip fabrication to financing and capacity building in smart manufacturing space can add value. I encourage more of our Singapore companies to visit India, and in particular to explore different Indian states in more depth”.
Business delegations to India
“SICCI has been active in promoting these opportunities for our businesses. The business delegations who participated in the investment summits in Tamil Nadu and Gujarat in January this year are a good example. At these summits, Singapore companies announced a total of nearly SGD 10 billion in committed investments into both states across sectors such as sustainability, infrastructure, and technology.”
Spirit of adventure
“We have to promote an awareness of opportunities in India among more Singaporeans. The awareness is not widespread. We must build it up. Build up the spirit of adventure. Not only among Indian Singaporeans but Singaporeans of all ethnicities.”
Trailblazer for Singapore businesses
“An inspiring example is Andy Lim, who has been based in Chennai for the past 17 years. He was a fresh engineering graduate from Singapore polytechnic when he decided to begin his career in India. He was assigned to build up the sales portfolio of Pro-Pack Materials, a Singapore company manufacturing clean room and electrostatic products. In fact, he based himself in Ambattur, an hour’s drive from Chennai and far from the creature comforts he was used to. He learnt quickly, did well and eventually set up his own firm in India, with several offices. For good measure, Andy speaks conversational Tamil – his workers rate him 8 upon 10 – and a sprinkling of Hindi.”
Contributing to the community
“I commend leaders of the Chamber, past and present, for their contributions to Singapore’s development. I am also encouraged by SICCI’s efforts to work with its members to groom the next generation of business leaders. Never forget though that your ultimate responsibility is to the Singapore community. I am glad you are working with SINDA, the Singapore Indian Education Trust, Sree Narayana Mission Singapore, and other bodies to serve those in need and develop opportunity for all. That was the instinct among our pioneer business leaders. They saw themselves as serving the wider community. And wanted the benefits of growth to be not just kept by businesses and their owners, but to flow into the wider community. I am reminded of something that Rabindranath Tagore said: “I slept and dreamt that life was joy. I awoke and saw that life was service. I acted, and behold, service was joy.”
The Chairman and Board of Directors and all members of SICCI express their deepest gratitude to President Tharman Shanmugaratnam for his inspiring speech to spur the Chamber to excel and be a key player in the next phase of Singapore’s economic transformation.
Photos and Article: SICCI’s June newsletter