We started 2008 buoyed by strong global economic growth, followed by a sharp and sudden downturn which we are now still experiencing.
As our Prime Minister has highlighted, the impact of the global crisis on the world economy will take a long time to recede. In the meantime, there are already changes to markets all over the world. Governments have had to implement new measures they otherwise would not, and companies are now relooking at business practices.
It all seems daunting. But the time is now, for companies to seize these opportunities and shine when the world economy settles into a new balance.
IE Singapore will not let up in our efforts to promote international trade and internationalisation.
Our commitment for the coming years is spurred by our achievements in 2008, where I believe IE Singapore made a significant difference to our companies.
Achievements under the 3C Framework In 2008, our comprehensive suite of initiatives and programmes turned in a set of quantifiable and credible results. More than 41,000 companies, large and small, were touched by IE Singapore’s 3C range of activities, services and platforms – a 68 per cent jump since 2006.
Under Connections, Singapore signed the Peru-Singapore and Gulf Cooperation Council-Singapore Free Trade Agreements in 2008, opening up new markets for Singapore exporters in terms of tariff concessions and preferential access to these markets.
Reaching out to emerging markets, our annual flagship Latin Asia Business Forum and the Russia Singapore Business Forum were graced by dignitaries and key members from the business community. Through the networking sessions, businessmen on both shores forged closer ties and were successful in seeking the right partners for projects. We are pleased at the end result: a strengthening of bilateral business relationships.
To build Singapore-based companies’ internationalisation competency and aid their overseas growth and expansion, we launched the new Advisory Centre in May 2008. The new Centre serves as a one-stop shop. A key enhancement is the personalised advisory service provided by in-house IE Singapore consultants, as well as expertise offered by private sector partner consultants on internationalisation issues and assistance programmes. To date, the centre has served more than 3,600 customers. We look forward to a steady increase, as we continue to explore ways to improve ourselves and exceed customer expectations.
IE Singapore also strengthened our partnership with local multipliers during the year in review – we signed a Memorandum of Understanding (MOU) with the Singapore Business Federation and renewed MOUs with four business chambers and two associations in January 2009.
This allows us to work more closely with our partners to implement initiatives to help local companies expand overseas.
Reinforcement too, was seen in the area of capital support for expansion plans, specifically in the Internationalisation Finance Scheme and the Loan Insurance Scheme. Enhancements took place in early 2009. We also introduced the new Export Coverage Scheme in February 2009 to help Singapore-based companies access a higher quantum of insurance coverage against the risk of buyers’ default.
Internal Processes We place a strong emphasis on the development of human capital, and IE Singapore accomplishes this through a variety of means. Our internal processes have been constantly improving since we launched the Zero Defects initiative in 2006. To date, we’ve completed 12 projects with a combined value-add of S$1.2 million for IE Singapore and S$74 million for our customers.
The process of improvement is never-ending. This year, we will dovetail our Innovation movement with the Zero Defects initiative. The new initiative will be renamed Innovation & Excellence. Our aim is to build and sustain a culture of Quality and Innovation, and dedicate ourselves to achieving Stakeholder, Employee and Customer value.
We also aim to achieve the People Excellence standard in 2010, and will keep up our efforts in this area. Addressing immediate issues and challenges takes place in tandem with long-term planning. To ensure continuity in leadership, we implemented the Talent Management Initiative, which involves a stringent succession planning exercise for all senior management positions.
Employees and Community Our work and achievements would not have been possible without the strong support of our staff. Hence, promoting their well-being, be it social, physical or emotional health is a top priority, beginning with the renovation of the CLUBie. Under the Work-Life Integration Programme, senior management equip themselves with skills to champion healthy work-life as a key pillar of IE Singapore’s holistic human resources strategy. Some departments are also telecommuting under a pilot project.
With these programmes and more, we are proud to have received a Singapore Health Award 2008 (Gold).
While IE Singapore’s core mission is to help Singapore companies expand their businesses in overseas markets, I also want to build an organisation that is socially responsible. I believe that IE Singapore is a company with conscience and character. To kick-start our goal to make Corporate Social Responsibility (CSR) an integral part of our culture, IE Singapore formed the CSR Committee for a more structured approach towards introducing the concept and practice of CSR into the organisation.
I am also pleased to note that IE Singapore has been ranked third in the Pro-Enterprise Ranking Survey 2009. The annual survey measures the extent to which businesses perceive Government agencies’ regulations and processes as being pro-enterprise. This is an affirmation that our efforts do pay off – as we partner with Singapore-based companies to fulfil their global ambitions.
Conclusion 2008 was another eventful and enriching year for IE Singapore. I am deeply proud of the hard work of my colleagues, and grateful for the heartfelt support and partnership extended by friends and partners in the business community. IE Singapore also appreciates the guidance and leadership of our board members.
We are now more aware than ever of the difficult economic conditions facing us. This is a good time for us to step up our vigilance and diligence in sieving out opportunities for our companies to leverage on. At the same time, sharpening the way we shape our strategies, and tautening the way we execute our projects.
More of our friends and customers in the business community will turn to us, and I say with confidence that we are, as always, ready. I look forward to a fruitful year ahead.
It has been an eventful year.