SBF calls for closer partnerships between Trade Associations and Chambers (TACs) to deepen regional integration at the 7th Asian Business Summit
- SBF calls on TACs in the region to urge their respective governments to facilitate regional integration for an open trade and investment environment
- The 7th Asian Business Summit reflects the expectations and aspirations of the Asian business community in sustaining Asia's economic dynamism
At the Summit, participants discussed the promotion of economic partnership, regional infrastructure development and the resolution of global environmental problems among other issues, summarising the discussion outcomes in a joint statement. In the statement, the business community called for increased collaboration among Asian economies for sustained and robust growth in the region. The participating TACs agreed to play an active role in providing actionable inputs to their respective governments and policy-makers.
The representatives at the Summit also advocated collaboration in the areas of infrastructure development, innovation and technology capabilities, as well as energy and environmental protection.
During the Summit, SBF Chairman Mr SS Teo said “TACs in Asia must develop closer collaboration and partnerships, taking the lead in urging their respective governments to promote a conducive environment for free trade and investments. These are important pre-requisites for businesses to flourish. There is room for improvement in furthering the dialogue between the Government and private sector and to better integrate businesses into regional initiatives.”
Mr Teo added “Fostering private sector growth is important in building a strong economy, where businesses are able to provide the government with constructive feedback based on their experience in the market.
Analyzing the feedback will in turn enable governments to introduce effective pro-business schemes, allowing active and open dialogue with the private sector to encourage sustainable growth in the long run.”
Next year, the 8th Asian Business Summit will be hosted by Korea.
Opening Address by SBF Chairman Mr SS Teo
Speech by EDB Managing Director Mr Yeo Keat Chuan