I encourage SICC members to attend the 10th edition of SWITCH taking place this October.
And Chambers like SICC, with your diverse membership and networks, also play a role in strengthening Singapore’s position as a Global-Asia node.
In this regard, let me make a suggestion to SICC – to consider introducing a new, sixth category to your awards to recognise collaborations that are “Best Cross-Border Innovations”.
So in conclusion, let me sum up the three main points I wish to leave you with this evening.
First, Singapore must continue to stay open and continue to find new complementarities with partners in the global economy to preserve and enhance our value proposition going forward. In a world that is more contested, more fragmented, that will be our value.
Our success has been built on being an open and interconnected place to do business, going back to when SICC was founded. And our prosperity will continue to be intertwined with our active engagement with the global economy.
Second, science, technology and innovation will be critical drivers of economic growth in the years ahead, and we must learn to harness these optimally. I say this with some bias, of course, because I am also Chairman of our National Research Foundation.
And third, by working together among Government, academia and businesses, we can serve as a Global-Asia node catalysing collaborative innovation in impactful ways.
I commend SICC once again for your dedicated effort to recognise and encourage collaborative innovation.
Let me thank the panel of judges for your contributions and service.
And I also join Dawn in encouraging more SICC member companies to take part and submit nominations for future rounds of these awards.
As we celebrate 60 years of Singapore’s independence, let us all work together to build further on the good work of those who came before us – to leave a better, brighter Singapore for the generations who follow.
I mentioned to some of the finalists earlier that when I was Finance Minister during the COVID pandemic, I was glad to be able to support our people and our businesses with five Budgets.
As part of this, I had to see our President and seek her approval to draw on our past reserves.
Almost every country in the world ended up spending considerable resources on COVID support, and I dare say that I was probably the only Finance Minister who did not have to borrow a single cent.
I always tell young people that this is legacy of our founding generation, who saved and invested wisely for a rainy day. It was this prudence and discipline that allowed us to draw on our reserves during a period of crisis, without burdening future generations with debt.
This spirit – of thinking long-term and acting in a way to save future generations rather than to burden them – is something I hope we maintain.
In the spirit of building on the work of those before us, let me also recognise former SICC Chief Executive Victor Mills.
Victor, who completes his last day with the Chamber today, gave many years of distinguished leadership and service to the Chamber. So thank you very much Victor!
And I wish incoming Chief Executive Bita Seow and your team all the very best. Victor has set a high standard – so your challenge is to climb even higher! And heartiest congratulations to all finalists and winners.
And I wish everyone a pleasant evening of celebration and exchanges.
Thank you.
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