SBF to set up trade and investment initiative to help firms deepen trade capabilities
It will be a public-private partnership supported by the Ministry of Trade and Industry, Enterprise Singapore and other partners
THE Singapore Business Federation (SBF) will set up a new trade and investment initiative to help Singapore and regional businesses deepen their capabilities to engage in global cross-border trade.
Called the Centre for the Future of Trade and Investment (CFOTI), the initiative will be a public-private partnership supported by the Ministry of Trade and Industry, Enterprise Singapore, as well as businesses, foundations and other partners.
It was launched by SBF vice-chairman Andrew Kwan at the inaugural Future of Trade Forum at the Singapore Apex Business Summit on Thursday (Jul 25).
The initiative aims to build a community of trade and investment practitioners, thought leaders, and government officials that will work together to facilitate “inclusive, sustainable and future-ready” global trade, said Kwan.
Speaking at the forum, Minister for Manpower Tan See Leng said the next era of trade and globalisation will be marked by “disruptions and discontinuities”.
For instance, he highlighted the impact of US-China contestation on trade opportunities in the region and the reorienting of global trade along geopolitical lines as key trends.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
“(To) effectively internationalise and innovate, businesses must have a good understanding of how to tap on Singapore’s suite of trade agreements,” he said. “CFOTI represents a strong desire by the business community to significantly expand its existing trade competencies and capabilities, in response to the increasingly complex global trade environment.”
Under the initiative, SBF will work with industry partners to develop a competency framework and related courses for businesses to learn more about trade and investment issues.
CFOTI’s in-house experts and industry specialists will also provide businesses with bespoke advisory services through one-on-one clinics, masterclass workshops and thematic seminars. This will allow more businesses to benefit from trade and investment agreements.
Lastly, CFOTI will facilitate regular dialogues between the public and private sectors. It aims to develop thought leaders in the private sector who can advocate on trade and investment issues at international forums.
SBF’s Kwan said the initiative has been crafted to meet “the dynamic needs of businesses navigating the complexities of global markets”.
“CFOTI will bridge the gap between theory and applications as our initiatives are not just conceptual but practice-oriented, and guided by insights from active collaboration with regional businesses across industry horizontals and market-agreement verticals,” he said.
SBF said a pro-tempore committee has been established to steer the formation of the CFOTI. It will be led by former SBF vice-chairman Gan Seow Kee, who was also formerly the chairman and managing director of ExxonMobil Asia Pacific.
Copyright SPH Media. All rights reserved.
