SBF represented the Singapore Business Community in B20
- The Federation strongly supported the G20 push to boost economic growth by 2% and the setup of a global infrastructure hub in Sydney
14 - 15 November 2014 [Brisbane] - Mr Ho Meng Kit, CEO of SBF, represented the Singapore business community at the recently concluded B20 Event held in Brisbane, Australia, from 14 to 15 November. B20 is the forum through which businesses produce policy recommendations for the G20 government leaders. Singapore was invited to participate in the forum as Singapore is a key member of the global economic system. Collectively, G20 represents about two-thirds of the world's population, 85% of global gross domestic product and more than 75% of global trade.
At the B20 Event, SBF strongly supported the push for G20 economies to implement structural reforms to boost their collective economic growth by 2% above the trajectory implied by current policies over the next five years and create millions of new jobs. The Singapore economy and the Singapore business community will strongly benefit from this growth, as we are closely intertwined with the performance of the global economy.
At the same time, SBF strongly supported the G20 initiative for a Global Infrastructure Hub that will be located in Sydney. The hub will act as a knowledge centre, enabling leading infrastructure practices to be shared on a global basis. It will also help match investors to projects. The hub will complement the work of other international organisations in infrastructure development such as the recently set up World Bank Global Infrastructure Facility. Singapore potentially benefits from the setting up of this hub as "Australia, which led the initiative as this year's G20 host, is open to including non-member countries - such as Singapore - in the hub" said Mr Ho.
Mr Ho added "Australia recognises Singapore's position as a key financial centre in Southeast Asia, and it is quite prepared to work with Singapore. Apart from Singapore's expertise in infrastructure project financing, home-grown companies such as SMRT, Surbana and Keppel Corporation also have relevant urban development knowledge that can ride on the hub to tap onto global infrastructure project opportunities." It is estimated that the hub can facilitate about $2 trillion in additional infrastructure capacity and drive an additional $600 billion of economic activity and 10 million jobs per annum by 2030.
Turkey will be hosting next year's G20 Summit and SBF has been invited to participate in its B20 process.