1.             I am happy to join you this morning to launch the new premises of SICCI and be present at this milestone in the Chamber’s history.

SICCI – Past and Present

2.             From humble beginnings, the SICCI has grown to play an active and constructive role in Singapore’s economic development. In 1924, 30 men set up the Indian Merchants’ Association as a self-help group to assist Indian businessmen in their trade between India and Southeast Asia. Membership grew as word spread of the Association’s work.  Later it was renamed the “Indian Chamber of Commerce” and became a platform for the Indian community to promote their business interests and participate in Singapore’s nascent economy. The chamber first operated out of rented premises in an old building at Malacca Street, and relocated several times as the association grew. Now it has a home at Stanley Street it can call its own.

3.             Today, the SICCI remains a key partner in Singapore’s economic progress.  With its goal to promote local trade and industry, the SICCI is actively helping members upgrade their capabilities, and seize opportunities overseas, especially in India. The chamber is also a good corporate citizen, supporting charities and community projects, alongside other chambers and associations.  In education, the SICCI has offered many bursaries and scholarships, and developed several India-related programmes for tertiary students, giving them an early exposure to what India offers.

4.             The spirit of enterprise that drives the SICCI is very much alive in the Indian business community.  Indian entrepreneurs are bringing innovative products and services to market and blazing new paths in diverse sectors of our economy.  Mr Vijay Iyengar, Vice-Chairman of SICCI, came to Singapore in 1986, set up Agrocorp International a few years later, and grew it into an international commodity-trading house, specialising in the trading of agricultural commodities like rice, wheat, pulses and beans.  The ladies are also making their mark, like Ms Radhika Sundaram, co-founder of Interakt, a home-grown digital communications provider whose clients include a host of global blue-chip companies, and Ms Kavita Thulasidas, who transformed her grandfather’s tailoring shop in Changi village into Stylemart, a distinctive Indian fashion brand. I am glad Mr Ivengar and Ms Thulasidas are here today.

SICCI of the Future

5.             Going forward, the SICCI must continue to adapt itself to a changing environment.  Competition is intense, but there is no lack of opportunities.  Despite the problems in the US economy, China and India continue to surge ahead, with growing affluent middle-classes demanding global standards of living.  Singapore is well positioned to ride this wave because of our proximity, both in geography and culture, to the two Asian giants.  Let me suggest three areas where SICCI can offer a value proposition to the business community and Singapore.  

Strengthening Ties with India

6.             First, SICCI can be an important agent in Singapore’s growing relations with India.  Through its members, the SICCI has maintained strong ties with its counterparts in India, and built up in-depth knowledge of the Indian market.  The chamber can leverage on this to enhance business linkages between the two countries.

7.             When MTI negotiated the Singapore-India Comprehensive Economic Cooperation Agreement (CECA), the SICCI provided useful inputs to improve the CECA provisions, contributing to the successful conclusion of a gold-standard agreement.  With the CECA, our bilateral trade with India has taken off.  Investments are also growing rapidly in both directions.  More local companies are venturing to India, making Singapore one of the largest investors in India.   At the same time, Indian companies are increasingly using Singapore as a base to internationalise their business, because of the quality of our infrastructure and the ease of access to MNCs and regional markets through Singapore.  3,000 India-based companies have already set up operations here, and the number is growing.  Some like Indian software giant Satyam are even running their Indian operations from Singapore. 

8.             While we have made progress, the potential is much greater.  In particular, we need to do more to communicate the CECA to the business communities in Singapore and India.  The SICCI can help by establishing new contacts, and nurturing mutual appreciation and understanding.  Your efforts can help Indian companies become more familiar with Singapore, and vice versa.  Companies on both sides can then locate activities in their value chain according to the comparative advantages of the two countries, exploit their complementary strengths, and reap the full benefits of CECA.

9.             The SICCI can also make itself a centre for international networking on matters concerning India.  The chamber can bring together public and private sector players, both within Singapore and abroad, to share insights and connections that might be useful for doing business in India.  I believe the chamber’s Institute of Business is already providing information on the latest developments in India, and organising seminars on topics like negotiation and contract administration. This way Singapore can reinforce its position as a centre of business intelligence on India, and a gateway to this rapidly growing market. 

Helping Companies Internationalise

10.        Second, beyond its natural focus on India, the SICCI can help Singapore companies, especially SMEs, train their sights overseas.  To succeed in today’s global marketplace, our companies have to be bold and aggressive in sniffing out new opportunities, not just in India, but also other emerging markets like China, Russia and the Middle East. 

11.        To galvanise its members to venture abroad, the SICCI can draw on the expertise of the other chambers and associations, and leverage on their wide reach, both locally and internationally.  Each chamber has its own strengths and overseas networks, and by collaborating with one another they can shorten the learning curve, and give their member companies a headstart.   I am glad that the SICCI has established strong partnerships with the other chambers, and jointly organised business missions with them to India and China.  As a bonus, such collaborations will also help to strengthen trust and understanding between our different communities. 

Assisting SMEs

12.        Finally, the SICCI should continue to assist our SMEs upgrade their capabilities and gain competitive strengths.  The SICCI has always helped local enterprises to succeed, whether by matching them with business partners or facilitating access to funds.  It has now taken a further step of partnering SPRING to set up an Enterprise Development Centre (EDC).  The EDC offers a wide range of advisory and consultation services for local enterprises, along with information on government assistance schemes.  Hitherto, four EDCs have been set up all over Singapore.  Collectively they have assisted 14,000 SMEs and completed 2,000 consultancy projects.  With this fifth EDC at the SICCI, SMEs will enjoy easier access to information, service and advice, on how to innovate in their business processes, and expand into overseas markets.  Through the EDCs, the Government will commit $12.6 million worth of assistance for enterprise upgrading over the next three years.

Conclusion

13.        On this special occasion, I thank the Chairman, CEO and members of the SICCI for your good work, and wish you continuing success in serving the business community in Singapore.  The SICCI inherits and carries forward a rich heritage of dynamism and enterprise that goes back decades.  Like the founders of this chamber who had the courage and vision to seek opportunities beyond known frontiers, I hope you will continue your journey in these new premises with the same forward-looking perspective and pioneering spirit.  With dynamic leadership and the active contributions of all members, I am confident that the chamber will build on its achievements, and reach even greater heights of excellence. 

*****