Annual Report 2005 - Singapore Manufacturing Federation

HIGHLIGHTS
The “Financial Seminar for SMEs” was
organised on 31 May 2005 to inform and
update SMa members on the SME
ACCESS Loan Scheme. This is a new
fi nancing scheme initiated by SPRING
Singapore and International Enterprise
(IE) Singapore.
The seminar attracted 120 participants,
where they learned the features of the
loan, eligibility criteria, loan types and
application methods during the
presentation. They also benefi ted from the
two fi nancing topics presented: “Impact
on your FX and Interest Rates Exposure”
and “How to minimise cost in trade
fi nance transactions”.
The presenters also gave the audience a
better understanding of the impact of forex
and interest rates exposure on SME’s
trade fi nancing and the different types of
letters of credit and their applications.
These topics enabled the audience to
minimise the relevant risk and cost in trade
fi nance transactions.
The seminar was held at the Hainan Wok
Restaurant where all participants were
treated to a sumptuous networking lunch.
The BPCM IG held another seminar on
“Building and Construction Industry
Security of Payment (SOP) Act” on
30 August 2005. The seminar was a joint
effort between the Industry Group and the
Fire Protection, Safety and Security IG.
The seminar informed on and examined
the changes in the Act and provided
suggestions on how the various parties in
the industry can and should adapt to and
prepare for the changes. Presented by
renowned lawyers from Rajah & Tann,
Mr Edwin Lee and Ms Looi Ming Ming also
spoke on the SOP Act, payment claims,
adjudication regime of contracts and
contract administration to an audience of
110 participants.
A site tour to CSR Southeast Asia Pte Ltd
(an SMa member company) was
organised on 8 September 2005. The tour
helped the participants to better
understand the products and services
offered by CSR.
On 4 November 2005, the Singapore
Manufacturers’ Federation - The Institution
of Engineers, Singapore (SMa-IES)
Memorandum of Understanding (MOU)
was signed by SMa Acting President,
Mr Edwin Khew and IES President,
Dr Foo Say Wei. This was an initiative by
the BPCM IG and the IES. The purpose of
the MOU is to explore ways of pooling
resources to jointly organise activities for
mutual benefi ts.
47
Singapore Manufacturers’
Federation
Annual Report 2005