DPM Heng Swee Keat at the Singapore Indian Chamber of Commerce and Industry (SICCI)'s 95th Anniversary Gala Dinner and Singapore Indian Entrepreneur Awards (SIEA)

Introduction

Good evening, I am very happy to be here with all of you this evening.

Let me first congratulate the Singapore Indian Chamber of Commerce & Industry (SICCI) on your 95th anniversary. Let me also congratulate Mr Ameerali Jumabhoy for being conferred the Lifetime Achievement Award. Let me also congratulate in advance the winners of the Singapore Indian Entrepreneur Awards. You will know them soon.

This year coincides with our commemoration of the Singapore Bicentennial. The SICCI is also fast approaching its own centennial.

It is timely for us to reflect on the factors that have driven Singapore’s growth and how we can better position ourselves as we enter a more uncertain future.

Earlier, we heard from Dr Chandroo what SICCI has done over the decades to contribute to members as well as to Singapore’s overall development. It is valuable for us to look back, reflect on the past, so that we can draw the right lessons and chart a better path for our future. In that spirit, let me suggest some ways that SICCI, the Indian business community, and the wider business fraternity, can work together to grow our economy and build a better future for our people.

We can do so by innovating to create new growth sectors. Internationalising to transcend our small domestic market; and growing the Indian business community, as a community for good.

Innovating to create new growth sectors

Despite the present economic uncertainties, Singapore can build on our strong fundamentals to continue to find new paths forward.

Innovation is key to growing our economy. A spirit of innovation is especially crucial for Singapore because our only resource is our people. We are as good as the ideas that our people can generate. I commend SICCI for having started the Entrepreneurship Awards, including the additional categories of Promising and Young Entrepreneurs Awards.

With the right ideas, we can turn our constraints into opportunities for our people.

Water is perhaps our best example – we now have a thriving water industry, with over 200 companies and more than 25 R&D centres.

This contributes over 2.2 billion dollars in annual value added and around 14,400 jobs.

Food can be our next water story.

Singapore can be a leading urban agriculture and aquaculture technology node, and a global forerunner in providing sustainable urban food solutions to the world.

Just like our water story, Singapore’s Food Story will be about how we overcome our land constraints to create a new growth sector, and contribute to our food resilience.

This includes our 30 by 30 goal to produce 30% of our nutritional needs locally by 2030.

I am glad to see that Indian entrepreneurs are coming on board. Dr Sandhya Sriram and Mr Veera Sekaran would be familiar to some of you in the audience. Dr Sriram’s Shiok Meats is on the cutting-edge of producing lab-grown seafood.  Earlier this year, the company raised US 4.6 million dollars in seed funding. I understand they are starting with a lab-grown shrimp product for use in dumplings.

Mr Sekaran founded VertiVegies in 2014 to develop vertical farming. VertiVegies has been scaling up over the years. Some of you may know his other venture, Greenology, which has developed mini vertical farm systems for growing herbs, fruits and vegetables at home.

Through the efforts of innovators like Mr Sekaran and Dr Sriram, we can create new industries for Singapore’s growth.

Agri-food is just one area. Innovation will be a key driver across our entire economy. It is a key pillar for each of our Industry Transformation Maps, which SICCI is actively participating in. For example, as part of the Security Industry Digital Plan, the SME Centre@SICCI is supporting the adoption of digital technology by security companies. It is providing an integrated web-based and mobile application platform for the operational management of security services. Eleven companies have come on board so far.

SICCI is also working with the Little India Shopkeepers and Heritage Assocation, IMDA and ESG to increase the usage of digital technology among SMEs in Little India, including the adoption of e-commerce and e-payments solutions.

Jothi’s Traditional Charm, a beauty salon, is one of the SMEs that took part in this initiative. After they began accepting e-payments, their takings went up by 20%.

This is just one of many success stories, and I encourage more SMEs to explore how your business can benefit from new, innovative solutions. 

The Government is investing heavily in research and innovation. Under the Research, Innovation and Enterprise 2020 Plan, we have set aside 19 billion dollars over five years to this end.

I encourage the SICCI and the Indian business community here to be a part of this push towards innovation, to seize the opportunities ahead.

Internationalising to overcome our constraints

At the same time, we know that as the global economic weight shifts towards Asia, there will be many more opportunities in the region for our businesses. 

Our Bicentennial has taught us that openness is one of our enduring values, and an important strength for a small country like Singapore. It has helped us to transcend our small domestic market.

The SICCI and its members have an important advantage, as India is one key growing market.

PM Modi recently announced his ambition to grow India’s economy to US 5 trillion dollars by 2024.

India is a diverse market that offers opportunities for our companies in areas such as medical technology, food technology and smart cities development.

We are in a good position to grow together with India. Already, we have established many links that businesses can build upon – from people-to-people connections, to trade and investment and avoidance of double taxation agreements, to facilitate win-win cooperation for both sides. 

India is among our top 10 trading partners. Bilateral trade with India has more than doubled since 2005, to over 26 billion dollars last year.

Bilateral investments have also grown, enabling us to grow our economies and create more opportunities for our people.

I visited India last month and had good meetings with Prime Minister Modi and his ministers. Let us look ahead to continuing our cooperation, especially in these uncertain times.

To support Singapore companies looking to internationalise in India, we expanded our Global Innovation Alliance (GIA) network to Bangalore last month.

The GIA aims to encourage exchanges between businesses and start-ups from both countries.

Through our GIA partners in Bangalore, Singapore tech companies will have the chance to participate in market immersion programmes, and gain access to mentors and venture capitalists in the Indian start-up ecosystem.

India is a natural first-destination for Indian businesses in Singapore to expand to. I am glad that the SICCI has been actively supporting members to do so.

In January this year, the SICCI led a business mission of 20 companies to India in conjunction with the Vibrant Gujarat Global Summit.

In August, the SICCI organised its inaugural India 101 Conference with around 80 SME participants, to encourage them to explore the business opportunities in India.

To help more businesses looking to venture overseas, the SICCI plans to set up an International Business Division. Working closely with ESG and the Singapore Business Federation, this new division aims to provide market outreach and advisory, with a focus primarily on India.

Beyond India, there are many growing markets that our businesses can venture into.

I encourage our businesses to leverage on our Free Trade Agreements to internationalise to more countries, including the EU-Singapore Free Trade Agreement, which will come into force on 21 November.

The SICCI can also play a part in this, by organising more networking and advisory sessions in Singapore, and by organising more business missions overseas.

Growing the Indian Business Community in Singapore

Finally, besides seeking new opportunities locally and abroad, I would like to encourage the SICCI and its members to continue giving back to society.

The SICCI was founded on a shared understanding that we are stronger when we work together.

It started out in 1924 as the Indian Merchants’ Association, to assist Indian businessmen in their trade between India and Southeast Asia.

Because of the good work of the Indian Merchants’ Association, membership grew and it has become today’s SICCI.

Over the last 95 years, it has become a pillar of our Indian business community.

SICCI has also played a part in our wider society. This spirit of giving back to the community has always been strong among Indian business leaders in Singapore.

One of the Indian pioneers of Singapore, Naraina Pillai first came to Singapore in 1819. Later on, he established a brick company and became the first Indian building contractor here. His business soon expanded to textile and cotton goods. Pillai was keen to serve the growing Indian community here, and spearheaded efforts to build a Hindu temple here. 

This led to the construction of the Sri Mariamman Temple on South Bridge Road in 1827, which now stands as one of our National Monuments. 

I am glad this spirit of giving back to the community is still very much alive today. 

The SICCI held its inaugural Golf Charity Tournament in May this year, and raised more than $100,000 for the Children’s Cancer Foundation. 

This is in fact the spirit of our Singapore Together Movement –  for our people to work with each other and the Government, in an expanded democracy of deeds, to taking concrete action to improve the lives of those around us.

I hope that the Indian business community, will continue to embrace this spirit of partnership and service, and work with each other and across communities to build a better Singapore

Conclusion

In these uncertain times, our ability to stay united and help one another will help us overcome new challenges and seek new opportunities

By building a stronger community, and looking for new paths to innovate and internationalise together, the Indian business community will continue to be an important part of our Singapore story

Let me once again congratulate the SICCI on your 95th anniversary and the winners of the Singapore Indian Entrepreneur Awards that will be announced later. 

I look forward to building our future Singapore Together with you, so that we can continue to progress as a nation in the years to come. 

Thank you.