Collaborating to drive growth

THIS WEEK'S TOPIC: How can our business community help to strengthen Asean while further improving Singapore's position in the regional grouping?

Peter L O'Brien Head of Asia-Pacific Russell Reynolds Associates

SINGAPORE-BASED businesses can take on a proactive, integrated approach to help shape a vibrant Asean market. By holistically looking at both the business opportunities and the interoperability of their operations across Asean as one ecosystem, businesses can drive significant growth and operational efficiencies, as well as foster skills and talent development.

Singapore can act as the orchestrator cum integrator hub - not limited to just strategic planning, financial and legal, but also as both a platform to encourage investments into Asean and attract private equity and hedge funds, and as an incubator hub for tech and healthcare innovation. However, it is vital to understand the regulatory and infrastructure framework in each country to better leverage and position Asean as one.

Tony Cripps CEO HSBC Singapore

THE region has seen a trade-driven cyclical recovery this year, but for Asean to fulfil its immense potential in the long term, infrastructure remains key. Infrastructure activity is providing unprecedented opportunities across the region, including in Singapore, where our established capital market makes us the natural infrastructure finance hub for the region.

Increased cooperation between corporations and governments in the form of public-private partnerships will also be a catalyst for driving activity in this space. There is also scope for Singapore to be a green financing hub for the region - an area that will become increasingly important as corporate issuers view green bonds as an alternative financing avenue and as a means to limit the environmental impact of their businesses.

Victor Mills Chief Executive Singapore International Chamber of Commerce

SINGAPORE businesses can help strengthen Asean by continuing to build and expand their businesses across the regional grouping. Singapore multinationals and large businesses already do this. More Singapore SMEs need to band together, collaborate and hunt in packs to identify consumer needs and address them.

As they do so, they will develop sustainable businesses and strengthen Singapore's hub status for finance and business services.

Karl Hamann Chief Executive Officer QBE Insurance (Singapore) Pte Ltd

Singapore's position as gateway into South-east Asia puts it in pole position to drive deeper regional integration.

Many companies already use the Republic as a live test-bed for new technologies and products that are exported to Asean markets on a large scale. Singapore should continue to foster this compelling R&D environment, which allows businesses to innovate across the region. The next step is to continue to make trade across Asean borders - and between businesses from different member states - even easier.

Such moves would strengthen the region's standing as a seamless economic body, while cementing Singapore's position within it.

Yeoh Oon Jin Executive Chairman PwC Singapore

PwC's recently launched Apec CEO Survey has found CEOs' sentiments on Asean to be upbeat. As the incoming Asean chair, Singapore will be able to accelerate the momentum on the Asean Economic Community (AEC) as well as the Initiative for Asean Integration (IAI). The business community can support by working closely with its peers in the region to foster trust and to develop regional partnerships and regionally integrated business models aimed at serving the Asean market collectively.

With this, Singaporean businesses will have easier and deeper access to growth opportunities presented by the fast rising middle class in a region with more than 600 million people.

Tan Chong Huat Managing Partner RHTLaw Taylor Wessing

HISTORICALLY, Singapore as a small trading nation has been able to prosper because it has been a good partner to its neighbours. Our challenge has always been in maintaining our relevance in this fast-changing region.

Asean is as united in its vision as it is diverse; in the culture and state of development of each member state, as well as in the legal systems that govern each member state. Asean is a huge market at our doorstep that we cannot ignore. Digitalisation of the economy is the way to bridge the divide between member states.

Our infrastructure and tech ecosystem have put us on the world map. Digitalisation will drive the Asean economy. Singapore businesses are poised to do well in a regional digitalised economy. Doing what we do best in this digital age will bring about growth in the Asean Economic Community and this will ultimately benefit businesses in Singapore.

As the saying goes, a rising tide lifts all boats, and with Asean's growing economy, Singapore will also prosper. As a driver of the digitalisation process, Singapore will assume an even more pivotal role in Asean and the region beyond.

Martin Mackay President and General Manager for Asia-Pacific & Japan CA Technologies

THE 31st Asean Summit is a momentous milestone for the region. It not only celebrates 50 years of unprecedented stability and growth, it also marks an era of profound economic disruption and revitalisation driven by technology.

Asean today is home to 200 million digital consumers. Thanks to the convergence of the Internet, mobile devices, and pervasive connectivity, enterprises can now engage directly with this growing pool of customers through software-driven platforms, which helps them garner better customer insights to create new services, redefine business models and propel their business. By building software into their DNA, companies in the region will play an integral role in fuelling the growth of Asean's US$50 billion Internet economy.

And the business community in Singapore will be in a great position to spearhead the region's digital transformation as the nation takes over Asean's chairmanship next year. Innovative, technologically-mature with strong government support, enterprises here can be shining examples of how organisations can leverage software to create value and drive sustained competitive differentiation in the digital world.

Wong Heng Chew Country President Fujitsu Singapore

THE scale, pace and potential repercussions of the change stirred up by digital disruption are growing worldwide. As we mark Asean's 50th anniversary, businesses have an increasingly important role to play, with more than half of the world's top 100 economic entities being corporations, instead of countries.

Based on our regional surveys, co-creation is commonly regarded as an essential capability for any organisation that wishes to thrive in a digitally disrupted marketplace. Through cross-border efforts, Singapore companies can share our experience and resources with our overseas counterparts, and vice versa, to jointly strengthen digital confidence together for a united Asean community.

John Bittleston Founder & Chair Terrific Mentors International Pte Ltd

ACCORDING to Wikipedia, ''Asean is a regional intergovernmental organisation . . .which promotes Pan-Asianism and intergovernmental cooperation and facilitates economic, political, military, educational and cultural integration among its members and Asian states''.

While trade is a small part of this definition, trade has been shown to be the foundation of most successful and lasting political cross-border relationships. The problems of the EU, for example, stem largely from the fact that politicians didn't allow trade relations between member countries to develop enough before worthy but less measurable activities took charge and ran the show.

The business community in Singapore can best help Asean by ensuring that it is allowed to trade freely within the community and that our standards of enterprise and non-corruption are adopted by the other members.

Dileep Nair Independent Director Keppel DC Reit

ASEAN has been a success in many ways, particularly in maintaining peace and stability in the region, allowing its members to focus on rapid and sustained growth and modernisation. However, economic integration is still a work in progress. Intra-Asean trade is less than 25 per cent of total Asean trade; intra-Asean foreign direct investment (FDI) has not gone beyond 20 per cent of total FDI. Singapore companies can certainly help in raising these statistics by looking towards the other Asean countries as potential markets and investment destinations. Given our familiarity with, and closeness to, the region our companies are uniquely positioned to do so.

Of course, the decisions must make business sense. This is where Singapore, as chairman of Asean in 2018, can make a difference. We should push initiatives that promote trade facilitation, streamline regional trade rules and lower barriers to entry, thus strengthening our pivotal position in the Asean Economic Community.

Krupal Raval CFO, APAC Digital Realty

WITH a combined GDP of US$2.4 trillion, Asean's economic growth is the result of hard work and close collaboration over 50 years. As each member nation invests in technology to boost growth, work will increasingly be digitalised. The future of Asean growth will depend heavily on cross-border partnerships as the region marches towards a digital economy, which means regional inter-connectivity is now more vital than ever.

As a reputed financial and innovation hub, Singapore is well positioned to take on the indispensable role of keeping the region linked to one another and acting as the 'digital' trading hub for the modern global economy. Businesses here can harness technology and help serve as a jumping board to the rest of Asean for MNC and regional organisations.

Adam Lyle Executive Chairman Padang & Co

ASEAN, with a market population of 600 million, represents huge opportunities. Though it is not one homogenous market - a diversity that has sometimes made it difficult to secure the potential offered for a greater yield - Asean's emerging digital transformation provides a means to leapfrog some obstacles.

The combination of a vastly expanding Internet usage, the rise of social media, penetration by smartphones and adoption of e-commerce provides the background for the surge in Asean's digital transformation. Continuing its leadership role within Asean, Singapore, with its best-in-class adoption of digital innovation, has the opportunity to encourage and support its dynamic entrepreneurs to contribute their expertise by scaling their businesses in the region.

Chua Soon Ghee Partner and Head of South-east Asia AT Kearney

WE are entering an era that will be driven by digital advancements, especially in the areas of connectivity and computing power; data, analytics and intelligence; human-machine interface and physical-digital collision. These technologies are starting to revolutionise manufacturing, contributing to major productivity enhancements, in what is being called the Fourth Industrial Revolution.

The Asean Economic Community realises the opportunity this presents and has put a clear focus on innovation and technology adoption, with billions of dollars being spent to improve related infrastructure. Businesses across Asean need to adopt these technologies. This will help them fully exploit their growth potential, create new jobs and trigger economic growth across the region.

Singapore being a leader in high-end manufacturing, and the Asean chair next year, has a unique opportunity to play a leading role in driving the adoption of these technologies.

Simon Fiquet General Manager, South-east Asia Expedia

E-COMMERCE in Asean is thriving with opportunities aplenty. With the online travel market poised for growth, driven by the growing middle class, rising Internet penetration and increasing demand for travel, Asean has the potential to be the home of a flourishing e-commerce ecosystem.

To further strengthen Asean's position, and enable the region's SMBs(small and medium-size businesses) to access the 480 million online Asean consumers, it is necessary for policymakers to work with businesses to consider the refinement of e-commerce taxation policies, customs and trade rules, data privacy and security as well as cross-border payments, and lay the foundation for an inclusive and fair growth in the future.

With lower cross-border barriers, Singapore - as the next Asean chair and the finance and technology hub for the region - will be able to continue playing a leading role in facilitating trade flows, setting the tone for a thriving e-commerce ecosystem.

Roland Ng President Singapore Chinese Chamber of Commerce & Industry

ASEAN is an attractive market and arguably the seventh largest economy in the world with a population of more than 600 million people. Launched in 2015, the Asean Economic Community is a strategic and timely initiative that our businesses hope to benefit from in a tangible manner. With the easing of travel and trade flows, more companies are encouraged to increase trade and investment activities in Asean.

As a regional hub, Singapore has been building its business network in Asean. Besides business development, we are also very keen to enter into partnerships with our Asean counterparts to build on each other's strengths to tap this big market. Singapore is ideally located to link up trade in the region and could also play a pivotal role in capital financing, legal services, innovation and IP protection.

Pauline Goh CEO, Singapore and South East Asia CBRE

THE surge in FDI inflows and the shift of MNCs' manufacturing bases to Asean in recent years are positive signs of the growing competitiveness of Asean as a powerful economic bloc. The real estate business community in Singapore plays a role to enhance the republic's position as a key gateway market to drive real estate demand in the region by continually enhancing the financing and regulatory framework to attract global investors.

Together with the other Asean member states, there are opportunities for the community to support inter-governmental efforts to create cross-border value chains in the region. One area is in infrastructure. Upcoming infrastructure projects allow the private sector increased opportunities for development, with multiplier effects for the economies and increasing the attractiveness of individual countries to foreign investment.

On the real estate front, these projects allow for decentralised commercial clusters, more affordable and accessible housing options, and tourism growth. In the logistics sector, trade flows are expected to improve as a result of shorter transport times and lower costs.

Pratik Gandhi Chief Business Officer InstaReM

SINGAPORE'S business community continues to drive innovation and creation of digital solutions for both consumers and enterprises within the region.

With the development of Asean's digital economy a key focus for 2018, there is enormous potential for businesses in Singapore to leverage the country's robust infrastructure, capital influx and strong regulatory support for the creation of products and services that will benefit the Asean markets.

One of InstaReM's services is MassPay, a solution that empowers businesses to make cost-effective overseas payments to multiple vendors and individuals in multiple currencies, creating cost and time savings for them. This is one example of an innovation that will strengthen Singapore's position as a regional leader in the fintech space.

Martin Nordenstahl Vice-President for Nutrition, Pacific Asia Abbott

SINGAPORE is uniquely placed in the global economy and plays a pivotal role as a business epicentre in the heart of Asia. Abbott has an established footprint in Asean countries, with Singapore as our regional headquarters. We value a business-friendly environment - an open industry consultation with the public sector to innovate health care and improve quality of life, and promote adherence to global standards with local dynamics.

Singapore leads the way in many aspects and is held out as a model for the region in partnering the business community to boost long-term growth opportunities in Asean for another 50 years.

Peter Lees Chief Technologist SUSE Asia-Pacific

TO adapt effectively to changing market dynamics in the region, and to gain competitive advantage, organisations in Asean need to embrace open-source based innovation to accelerate their digital transformation and IT modernisation strategies.

The collaborative nature of open source development accelerates the adoption of adaptive and innovative technologies, and makes it possible to deliver on consumer expectations at affordable price points. Leveraging the vibrant open source community to co-create can also be the catalyst to push Singapore towards true digital change.

Joel Ko Hyun Sik Co-founder and CEO Marvelstone Ventures

SINGAPORE should become a hub for new technologies such as artificial intelligence (AI) and advanced robotics. Asean markets are trying to improve their capabilities in high tech, but most are struggling. Only Singapore has the ability to take on a leading role and set the example as a bridge to a high-tech future for the region.

With Singapore set to take over as chair of the Asean Economic Community (AEC) next year, now is the time to show leadership on vital economic issues like AI and robotics technology that will support future growth of the region.

Christophe Duchatellier CEO, Asia-Pacific The Adecco Group

INTERCONNECTED factors of technology, economy, demographics and sociology are transforming all industries from manufacturing to services. For instance, with greater automation and data analytics, the decision of where to set up a manufacturing unit is no longer based primarily on labour cost differences.

Asean economies will be greatly impacted by these changes unless they prepare for it. Singapore, with its advanced levels of technological and infrastructure development, can help by becoming the regional leader in innovation, in developing scalable business models and in fostering world-class talent.

Businesses here need to create complementary value chains through strategic cross-border investments and partnerships. This will create a compelling reason for the flow of trade, investment and talent to and within the region, helping to strengthen Asean while further improving Singapore's position in the regional grouping.

David Burns Group Managing Director, Global Services and International Telstra Enterprise

TELSTRA'S recently launched Connecting Commerce report found that business leaders in Asean cities like Jakarta and Manila are highly optimistic about the local environment to support their digital transformation ambitions. This places the region in alignment with Singapore's goals to boost digital connectivity as it assumes the bloc's chairmanship next year.

The local business community can serve this growing business enthusiasm through a mindful exchange of expertise and resources. One way is to position itself as a hub that trains specialist Asean talent in much needed digital skills like cybersecurity. Telstra-backed accelerator muru-D and Indonesian joint venture telkomtelstra also show how region-wide initiatives can stimulate a network of innovation and entrepreneurs that benefit both the home country and wider region.

Damien Wong Vice-President & General Manager, South-east Asia, Taiwan, Hong Kong (SEATH) Red Hat

AT 50, Asean has matured and developed, but it remains curious and has a strong appetite for innovation, as evidenced by digital disruptors such as MyRepublic, Traveloka and Grab.

Singapore in particular plays a key role as a hub for talent, knowledge and technology capabilities. Coupled with open cross-market dialogue and collaboration between businesses and governments, the region has an opportunity to foster even more innovations.

Maren Schweizer Director Schweizer World Pte Ltd

WHILE all Asean member states are involved in some form of artificial intelligence (AI) development, a very small percentage of Asia-based companies have incorporated AI into their business models. To be a significant player on the global economic stage, Asean countries must organise efforts to put fundamental building blocks in place.

Technology isn't the only industry that will benefit from advancements in AI; traditional sectors like healthcare and banking also stand to benefit immensely. AI adoption can dramatically improve and sustain economic value in the region. While it is encouraging to see nations like Singapore leading AI experimentation, Asean members should step up efforts to foster closer cooperation among themselves and speed up investments in AI to propel the region's economic growth and vitality.

Johan de Villiers Managing Director ABB Singapore

WITH a presence in all Asean countries, we experience the wonderful diversity and unique opportunities of the member states on a daily basis.

We also see that many economic and business opportunities do not stop at borders. As the energy and fourth industrial revolutions gather pace in the region, technology not only makes it easier to collaborate across borders but also opens up greater possibilities to generate economic value for the region through collaboration.

That's why we naturally leverage the relative strengths of each country to meet needs in other countries with our mix of centres of expertise, business units and factories scattered across the region.

As the most digitally competitive economy in the world, and a hub of disruptive technology, Singapore has a unique role in the region. As it leverages digitalisation to drive its own economy, it can provide expertise across Asean, to bring synergies and efficiencies to the region's infrastructure and production and manufacturing ecosystems, and to bring new ways to leverage value chains and talent.

For this to truly happen, businesses need to be bold. They need to embrace even further the digital opportunity, build digital adoption and capabilities and shape the digital transformation that is taking place in their industries.

If Asean, with Singapore and its companies at the centre, can harness technologies to enable connectivity and integration, it has the opportunity to play a formidable role in the Asian century.

Lim Soon Hock Founder and Managing Director Plan-B ICAG Pte Ltd

THE business community should work closer with their counterparts to strengthen Asean as an integrated economic entity.

They can compete yet complement one another to build a bigger pie for all. This need not be restricted to in-country or host-country in Asean, but can also be expanded into the larger markets of China, India, and the rest of the world, through JVs or teaming agreements.

Philanthropy and community service is one area where the business community can intensify its efforts, working with local like-minded partners in Asean. Some countries need more help here, and Singapore can take the lead. It is an effective and powerful way to build deep bonding and lasting solidarity in Asean.

Zaheer K Merchant Regional Director (Singapore & Europe) QI Group of Companies

IN terms of strengthening Asean, it is imperative that the local business community partners with organisations like the Singapore Business Federation and the Association of Small and Medium Enterprises so as to maximise the economic opportunities that Asean presents.

Economically, Asean has a strong value proposition, which is on trajectory to become the fourth largest economy by 2050. Coupled with factors like having one of the largest and youngest labour force in the world, Asean has an extremely resilient and industrious demographic representation that has yet to realise its full potential.

As such, free movement of labour in and out of Singapore, and within the greater Asean territories, will reap the greatest benefits both economically and reputationally for Singapore. To top it off, Singapore will hold the Asean chairmanship in 2018, and this will enable us to drive and steer the region towards an integrated, outward-looking and confident Asean.

Ronald Lee Managing Director PrimeStaff

SINGAPORE is in a very fortunate position. Our stable political climate, advanced infrastructure and favourable economic policies have facilitated the flourishing of our economy in a remarkably short span of time following our independence.

I believe in the model of collaborative consumption and we should therefore take the lead in the sharing of knowledge and innovation with our Asean neighbours.

Prominent companies and business leaders could spearhead initiatives to this end, to bring greater economic prosperity to the region. This would be beneficial for all, from a boost in our domestic market from inbound tourism, exports of Singapore-made goods and services, and Singapore businesses planning to venture into neighbouring markets.

Laletha Nithiyanandan Head APSCo Asia

MEMBERS of the Asean business community have a symbiotic relationship; the only way to build good business in the region is to ensure that we all grow together. This can be done by growing local talent within the markets we operate in, facilitating knowledge transfer and sharing expertise.

Our region is unique because of geographical distances and cultural diversity and it is important to remember that no one country is superior in knowledge or experience. As Singaporeans we have a lot to learn from our neighbours and if we approach the region with that mindset, we can certainly strengthen our position in the region as a gracious and community-spirited partner.

Edwin Khew Teck Fook President The Institution of Engineers, Singapore

SINGAPORE'S business community could play a key enabling role to support Asean's growth in the new economy. Singapore can be the model urban city with urban solutions to allow high density living that is sustainable for the tropics. We can then export and share our skillsets, expertise and technologies to help Asean economies urbanise and industrialise - sustainably.

Leveraging Singapore's strength as a financial centre, Singapore and global investors could finance developments in infrastructure, education, e-commerce, health care and other areas in Asean to improve quality of lives. In the area of engineering, Singapore could continue to contribute to the education, training and certification of highly skilled engineers and technicians to enhance the mobility of engineers and technicians to support Asean's development and growth, through the Asean Federation of Engineering Organisations (AFEO) and the Federation of Engineering Institutions for Asia and Pacific (FEIAP) where IES plays important roles.

To enhance our position in Asean, Singapore could look at developing niche areas bearing comparative advantage such as education, urban infrastructure and utilities, financial services and urban planning.

Olive Tai Co-founder and Managing Director Synagie.com

AS a sovereign client of Asean, I feel there is so much untapped opportunity Singapore businesses have yet to leverage as they build towards immense growth across the region, and help Singapore create a much more cohesive Asean community through the companies we lead.

With Asean trade volumes anticipated to double, we as corporate leaders must set in place the proper foundations so as to do more to promote cross-border trade and investments with our neighbouring countries. Adopt a much more complementary instead of competitive approach. Align with Asean businesses to have in place regional building blocks in supply chain, logistics, solutions and last-mile processes to ensure that when we venture into new markets, we will be ready to capitalise on potential income streams.

The exchange rate is already in our favour, so take advantage of low-cost fixed margins such as real estate and employment expenses to remain sustainable in the long term in the world's most populous and fastest-growing region.

David Leong Managing Director PeopleWorldwide Consulting Pte Ltd

2018 will be Singapore's turn for chairmanship in Asean. With the role, Singapore can intensify trade facilitation in the Asean Economic Community and find ways to push for greater internationalisation of Asean's goods and services out of the regional bloc with further development work on Asean-wide Self-Certification regime and the Asean Single Window (ASW).

This will reduce friction and compliance costs for the movement of capital, goods and services within Asean. Singapore can push to integrate Asean with the Belt and Road Initiative that provides connectivity and that will lead to economic cooperation and innovation.

In the short run, infrastructure investment will immediately stimulate global growth. Singapore's SMEs can play that role as stimulants and catalysts to Asean members. Whether it's trade financing, fund origination or syndication for infrastructure projects, Singapore can play a critical role in establishing the bridge through financing, syndication, hot-bedding, domiciling joint ventures, arbitration for such projects. SMEs, particularly fintech and e-commerce firms, can streamline regional trades and promote greater digital connectivity in the region.

Helen Ng Chief Executive Officer General Storage Company Pte Ltd

BUSINESSES in Asean member countries benefit most from initiatives that strengthen trade and commerce, such as the recent agreement to facilitate cross-border movement.

Small and medium enterprises (SMEs) in Singapore should aim to integrate their businesses into regional value chains through strategic partnerships with their Asean Economic Community (AEC) counterparts. Regional economic and technical cooperation will not only help strengthen Asean, but also boost the capacity of Singapore SMEs to compete effectively in the global economy.

Derrick Chang CEO PSB Academy

AS Singapore is set to assume the role of Asean Chair in 2018, there has not been a more pertinent time to examine the significance of the role of business leaders here, in bridging ties between Asean economies, and taking the lead in the push for better trade facilitation and digital connectivity, so the community can reap the full benefits of the digital economy.

Our place in Singapore - as a hub for finance, professional, trade and infrastructural services - also means that education institutions here have become increasingly important in driving the growth of talent across regional boundaries, and train leaders who can be catalysts to propel their business forward, beyond Singapore.

As Asia's future academy, our students have the chance to reap the benefits of a transnational education, so they can gear themselves up for a global career with international perspectives, to become agile workers and leaders for the new economy.

Lee Siang Chief Executive Officer Dyslexia Association of Singapore

ASEAN has been a key platform for discussing many regional and global issues and promoting collaboration in many areas including education. While it has addressed the mobility of students in higher education and those out of school, it rarely explores special needs education.

The community can help to strengthen Asean by working together for those in need of additional support to be included in mainstream education. Singapore can tap our strong foundation in education and providing for students with special educational needs to contribute to our neighbours' professional capabilities in delivering special needs education.

Henry Tan Managing Director Nexia TS

ASEAN is a significant growing economic region in the world and the business community can play a significant role if we do more together. Asean businesses could collaborate to jointly invest in projects in the region.

Currently most projects see a company from a particular country investing into another country within Asean. An Asean infrastructure financing initiative similar to the Asian Infrastructure Investment Bank can be developed to offer loans for such projects.