SINGAPORE companies have come a long way since the 1960s, and it is "imperative" for businesses to remain competitive as the country continues to progress into the next 50 years and beyond.
Singapore Business Federation (SBF) chairman Teo Siong Seng said this on Wednesday morning as 50 major local companies, many of them household names, were honoured at the Singapore Golden Jubilee Business Awards.
They were recognised for their achievements and contributions over the decades. The awards committee comprised the SBF, the Accounting and Corporate Regulatory Authority, and business information service provider DP Information Group.
Among the recipients were Cathay Organisation, OCBC Bank, Keppel Land, Hong Leong Investment Holdings, Boustead Singapore and Yeo Hiap Seng.
The top management of these firms were presented with the awards by Finance Minister Heng Swee Keat at the SBF's Semi-Centennial Leadership Conference.
Although the 50 companies all hail from different sectors, they are good examples of how Singapore has managed to create value and reinvent businesses, said Mr Heng.
"These businesses stayed mindful of domestic and global changes, to ensure that their businesses remained relevant to the needs of their time. We need to continue to embody this pioneering spirit," he added.