Iconomy Participates in NTUC U SME Post-Budget Dialogue

23 March 2018

Iconomy was honoured to be invited to participate in a by-invitation-only NTUC U SME post-Budget dialogue held at the NTUC Auditorium on 23 March 2018.

Iconomy Group Chief Executive Officer Mr Boo Kok Chuon attended the dialogue on behalf of the Group, joining approximately 80 U SME partners in a discussion on the challenges facing Singapore’s small and medium-sized enterprises and the measures available to support their continued transformation.

The dialogue featured Mr Chee Hong Tat, then Senior Minister of State for Communications and Information and Health and Adviser to NTUC U SME, and was facilitated by Mr Yeo Guat Kwang, then NTUC Assistant Director-General and Director of NTUC U SME.

Transforming Singapore’s SMEs

According to NTUC’s record of the dialogue, one of the central themes was the transformation of Singapore’s SME sector following Budget 2018.

Mr Chee explained that the Government’s Budget measures and Industry Transformation Maps (ITMs) should be understood as broad roadmaps rather than rigid templates for individual businesses. SMEs would need to consider their particular circumstances and undertake their own transformation, including through greater adoption of technology. Government support could in turn respond to the differing needs of individual enterprises.

The discussion reflected a broader challenge familiar to many business owners: transformation could not simply be prescribed at an industry level. Individual enterprises had to identify where change was required and determine how technology, capabilities and available support could be applied within their own businesses.

Internationalisation and Singapore’s Competitive Edge

Internationalisation was another significant subject raised during the dialogue.

Businesses venturing overseas could encounter legislative, cultural and communication barriers. Rather than attempting to compete directly with economies possessing structural advantages such as substantially cheaper labour or greater land resources, participants were encouraged to consider areas in which Singapore businesses possessed different competitive strengths.

These included Singapore’s reputation for quality and security, physical and digital connectivity, and access to skilled talent.

The discussion therefore placed internationalisation within a wider question of competitive positioning: Singapore enterprises seeking opportunities abroad would need to identify capabilities and attributes through which they could differentiate themselves rather than competing principally on cost.

Creating a More Pro-Business Environment

The dialogue also considered whether transformation should extend beyond businesses themselves to the public sector and regulatory environment.

In response to questions concerning public-sector transformation, Mr Chee said that efforts were underway to reshape processes and encourage a more pro-business mindset within the public service.

Businesses encountering regulatory obstacles were encouraged to raise their concerns through the Pro-Enterprise Panel, including requests for the review of existing rules and access to government technological infrastructure.

The session concluded with Mr Yeo reiterating the shared objective of the Government and Labour Movement to support stronger SMEs, better SME jobs and better outcomes for SME workers. NTUC U SME was also exploring ready-to-adopt solutions through which different sectors could progressively undertake business transformation.

Participating in the SME Conversation

For Iconomy, the dialogue provided an opportunity to participate in a wider exchange between the SME community, policymakers and the Labour Movement on issues directly affecting Singapore enterprises.

The subjects discussed, including business transformation, technology adoption, internationalisation, competitiveness and the regulatory environment, remain fundamental considerations for SMEs seeking to build sustainable businesses in an evolving economy.

Iconomy was grateful for the invitation and the opportunity to participate in the dialogue alongside fellow members of Singapore’s SME community.

Read NTUC’s contemporary report, “Helping SMEs Move Forward”