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SBF to play a more active and relevant role

Chairman S S Teo's message underlines SBF's aim for closer ties with TACs and to raise economic values

SS TEO, Chairman, Singapore Business Federation

WE relocated to SBF Center in February 2017 and we are proud to call it our permanent home. We would like to express our deep appreciation to Far East Organization for its generous gift of one-and-a-half floors for use by SBF and SBF Foundation in support of our activities for the business community.

Aside from a new home, we celebrate another milestone: SBF turns 15 this year. Given these two developments, we thought it appropriate and timely to undertake a strategic review. We wanted to reposition SBF to play a more active and relevant role. We wanted to deliver value and services that meet the expectations of our members and the wider business community.

The exercise brought us back to the beginning, when SBF formed in 2002. We revisited the reasons behind our existence. We surveyed the business community, conducted focus groups, interviewed our stakeholders - including members, counterpart trade associations and chambers, and the government. As part of the process, we reflected deeply on how we can do better in the future.

We were mindful that the external environment continues to evolve, with disruptions in many businesses and markets - all these against the backdrop of slower growth. The Committee on the Future Economy had also released its recommendations and the government is moving towards a new way of working - one of co-creating solutions with stakeholders.

We recognised that it cannot remain business as usual for SBF. We took the bold step of redefining how we can collaborate better with our stakeholders.

Our repositioning is underpinned by two key themes: working more closely with TAC as strategic partners to be a stronger enabler of the business community, and the importance of business leaders coming forward to serve on issues committees to be formed by SBF to help resolve burning issues that impact significant segments of business.

It is also our goal to be a national business voice, as well as to deepen constructive engagement with the government in new and effective ways for a vibrant Singapore economy.

I am pleased to announce that SBF and 30 other TACs inked the TAC Compact at the official opening of the SBF Office on Sept 5. The TAC Compact, an SBF-led initiative, aims to unify Singapore-based TACs into an alliance. It is founded on the belief that by working together, we can raise our members' and Singapore's economic value and prosperity.

The goal of the TAC Alliance is to strengthen the working relationship between business organisations and TACs in Singapore to be strategic partners and collaborators to further the interests of their respective members and facilitate the growth of the business community.

We are targeting to roll out the repositioned SBF on Jan 1, 2018. We look forward to the support of our members, our fellow TACs, our partners and the government on this important initiative.

Singapore Business Federation

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