BiZQ - SBF Download Area - Singapore Business Federation

19President Dr Tony Tan Keng Yam“Our economyis changing aswe upgrade ourselvesto find our nichein the new globaleconomy. We seekquality growth byimproving everyjob, raising theproductivity of everyworker and helpingcompanies innovate.”and innovation, as the returns oninvestments in technology andinnovation translate to profitabilityand business sustainability.In opening the 12th SingaporeParliament last year, President DrTony Tan Keng Yam said: “Oureconomy is changing as we upgradeourselves to find our niche in thenew global economy. We seekquality growth by improving everyjob, raising the productivity of everyworker and helping companiesinnovate.”Lending a helping handTrue to the Government’s plan,more than 12,000 SMEs wereassisted by business advisers fromthe five Enterprise DevelopmentCentres located at the Associationof Small and Medium Enterprises,Singapore Chinese Chamber ofCommerce and Industry, SingaporeIndian Chamber of Commerceand Industry, the SingaporeMalay Chamber of Commerceand Industry and the SingaporeManufacturers’ Federation – whichare all affiliated to the SingaporeBusiness Federation (SBF).The recent Singapore Budget2012 appears to be attuned to thisthinking, and as KPMG Headof Tax Tay Hong Beng put it toBiZQ: “As part of the Government’splans to restructure the economy,its goals continue to encouragefirms that innovate, grow, improveproductivity and design better jobs.”Emerging sectorsThe push towards innovation andproductivity growth is cuttingacross sectors, from traditionalareas like transport and logistics tonewly emerging ones such as cleantechnology, media, urban solutionsand biotechnology.Take the case of service providerHock Teoh Huat Transport (HTHTransport), a firm focused onproviding trucking transportationand logistics services to its keymarkets in Singapore, Malaysia,Thailand, Batam (Indonesia), HongKong, China and Japan.Chairman Lee Ching Hengbelieves in the need to better meetcustomers’ requirements and, hence,initiated a project to improvethroughput and productivity levelsfrom the firm’s previous operations.To achieve this, he commissionedSingapore’s Republic Polytechnic todevelop and improve its operationalprocess by mapping the flow of allgoods and information, identifyingbottlenecks and the time needed toclear them, as well as undertakingsimulation exercises.As a result of this initiative,HTH Transport was able to increasethe output per worker by 50%.Innovative economyCompanies like HTH Transportand E-Steel epitomise the longand sustained journey wheretraditional businesses have labouredon to join the ranks of innovativeand emerging sectors in the neweconomy.For example, there was a timenot too long ago when traditionalfurniture makers in Singaporewere hammering nails and boltingwooden bars to make furniture.Today, this very same industry,operating under the SingaporeFurniture Industries Council (SFIC),is collaborating with the SingaporeGreen Building Council (SGBC)to develop and support initiativestowards greening the country’sbuilt-up environment.TRUE TO THE GOVERNMENT’SPLAN, MORE THAN12,000SMEsWERE ASSISTED BY BUSINESSADVISERS FROM THE FIVEENTERPRISE DEVELOPMENTCENTRES LOCATED AT:ASMEAssociation of Small andMedium EnterprisesSCCCISingapore Chinese Chamberof Commerce and IndustrySICCISingapore Indian Chamberof Commerce and IndustrySMCCISingapore Malay Chamber ofCommerce and IndustrySMASingapore Manufacturers’ Federation“Local companies have alreadyestablished the reputation forinnovative and high-qualityfurniture, and this is a good timeto grow their eco-capabilities,”SFIC President James Goh toldBiZQ at a recent media event.“We will put our best footforward as we work withSGBC to help firms achieveglobally recognised certificationand standards needed in theinternational market of sustainablyproduced goods.”He added that such initiativeswould help the furnitureindustry grow significantly asthe international green buildingmaterials market is forecast toreach a value of US$406 billion(S$528 billion) by 2015.This is, perhaps, a good startingpoint for companies looking topush the boundaries of innovationand build resilience for the futureof the local furniture industry. •p.20SPH Library