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  • Inaugural Strategic Planning Session for Trade Associations and Chambers (TACs) to Drive Transformation and Forge Stronger Partnerships

Inaugural Strategic Planning Session for Trade Associations and Chambers (TACs) to Drive Transformation and Forge Stronger Partnerships

  • Over 70 TAC leaders engaged in a dialogue with Mr Heng Swee Keat, Deputy Prime Minister and Minister of Finance at the inaugural TACs Strategic Planning Session.
  • Pertinent issues such as internationalisation, innovation, and digitalisation were discussed, including how TACs should transform to keep pace with the evolving business landscape.
  • SBF and SMF inked a Strategic Partnership MOU for closer collaboration in the areas of research & advocacy, internationalisation, and capability building.
Saturday, 13 July 2019 [Singapore] Over 70 leaders from more than 40 Trade Associations & Chambers (TACs) met with Mr Heng Swee Keat, Deputy Prime Minister and Minister of Finance, at the inaugural Strategic Planning Session for TACs organised by the Singapore Business Federation today.

Themed “Transforming TACs, Enabling Enterprises”, the event aimed to rally the TAC community to transform so they can thrive and be stronger partners to the Government and businesses in a challenging and fast-evolving business landscape.

In an engaging dialogue session moderated by SBF CEO Mr Ho Meng Kit, DPM Heng spoke on how TACs should continue playing a bigger role in the growth and transformation of Singapore companies and industries. He also called on TACs to foster closer partnerships with one another and strengthen partnerships beyond the business community and the Government to educational institutions and labour unions, so as to build a stronger collaborative ecosystem for Singapore’s economy. This is Mr Heng’s first public engagement with the TACs in his new capacity as DPM.

During the TACs Strategic Planning Session, TACs leaders also deep-dived into pertinent issues such as internationalisation, innovation and digitalisation as well as how TACs need to transform to stay relevant for the future.

In his welcome address, SBF Chairman Mr S.S. Teo urged the TACs to think about how “we can continue to be useful and relevant to our members and the larger business community in this current economic climate.” He also encouraged his counterparts to be partners to the Government in helping to strengthen businesses and build up future-ready capabilities.

In a move to deepen inter-TAC collaborations, SBF also inked a Strategic Partnership Memorandum of Understanding (MOU) with the Singapore Manufacturing Federation (SMF) for closer cooperation in the areas of research & advocacy, internationalisation, and capability building.

Noting that the MOU will allow both Federations to be more effective and relevant to their members, Mr Teo said, “I hope to see more of such partnerships among our TACs. We can and should leverage on one another’s strengths to help build a more vibrant and sustainable business community in Singapore.”

The TACs Strategic Planning Session is the latest in SBF’s efforts to foster stronger ties and understanding between Singapore-based TACs. In September 2017, SBF announced the formation of the TAC Alliance, comprising of 31 Singapore TACs and business groups as founding members and signatories of a TAC Compact .

Mr Ho said, “TACs play an important role in facilitating debate and conversation between businesses and the Government to shape pro-enterprise and pro-innovation policies. With more complex challenges faced by our members, TACs need to change, adapt and innovate so we can better serve them. We hope today’s session will help our TACs rethink how we can all work together to support the growth of Singapore’s economy.”

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