24 January 2014 - Speech by Ms Sim Ann, Minister of State for Communications and Information, and Education, at The 27th Annual 'Singapore 1000 & Singapore SME 1000 Incorporating the Singapore International 100' Awards Dinner at the Grand Ballroom, the Ritz-Carlton Millenia Singapore on 24 Jan 2014, 7.00 pm.
Speech by Ms Sim Ann, Minister of State for Communications and Information, and Education, at The 27th Annual 'Singapore 1000 & Singapore SME 1000 Incorporating the Singapore International 100' Awards Dinner at the Grand Ballroom, the Ritz-Carlton Millenia Singapore on 24 Jan 2014, 7.00 pm.
Ms Joy Griffiths, Chairperson, DP Information Group,
Mr Max Loh, Country Managing Partner, Ernst & Young,
Ladies and Gentlemen,
1. Good evening. It is my pleasure to be here to celebrate the achievements of our companies. The stories of how many of you overcame challenges and seized opportunities to achieve success, serve as inspiration to those looking to make their mark.
2. Our top Singapore companies have performed well in 2013. According to DP Information Group, the combined sales for the top 1,000 corporations this year saw a 14 per cent increase over 2012, from S$2.41 trillion to reach S$2.75 trillion in 2013. The Finance sector leads the group in terms of the best sales growth, followed by the Services sector and the Information and Communication sector.1
3. I am pleased to note that our SMEs, which contribute to the bulk of the employment of our industry, have performed well too. For the top 1,000 SMEs, there was an aggregated growth of 5.5 per cent in sales, from S$29.4 billion to S$31.1 billion in 2014.
4. Even as our companies continue to make headway, we are also looking at the challenges which lie beyond the horizon. Today's theme, 'Horizon', serves to remind us to take stock of our achievements and plan ahead. In the face of new challenges, companies are looking into ways to improve their productivity, increase revenue and reduce cost. Companies must continue to stay ahead through innovation and internationalisation.
Higher Revenue and Lower Cost Through Heightened Productivity
5. How do we do this? SMEs would need to continue to invest in productivity, innovation and capability upgrading. The Government will continue to support SMEs in these efforts as long-term solutions for businesses to grow.
6. Under the auspices of the National Productivity and Continuing Education Council (NPCEC), government agencies have come together to put in place programmes to help raise the productivity of our SMEs. An example is the Partnerships for Capability Transformation (PACT) Circle, a new initiative under the PACT programme, which is set to benefit SMEs through a collaborative knowledge sharing network among organisations. SPRING Singapore is working with organisations such as United Overseas Bank and the HDB to share best practices on productivity related initiatives with SMEs, and provide test-bed opportunities for them to develop and deploy new innovations and solutions.
7. The Infocomm Development Authority of Singapore (IDA) had launched a Software as a Service (SaaS) Call for Collaboration. Through the Call for Collaboration, IDA has brought about the development and adoption of Saas solution by enterprises to address sector-specific requirements and bring about overall productivity which include improved business processes. Apart from participation in sector projects, many SMEs have also boosted their competitiveness through the use of technology. More than 7,000 SMEs have benefitted from IDA's iSPRINT, a grant that encourages technology adoption for productivity.
8. We will continue to provide the infrastructure to support entrepreneurship. For example, businesses can benefit from “TowkayZone.com” a partnership between IDA and SPH Magazines. TowkayZone provides the SME community the platform to gain business insights from DP Information Group; take part in discussions on productivity-related initiatives with the Singapore National Employers Federation; seek advice on the personal data protection policy; and learn about technology that can help them raise productivity from the SME Infocomm Resource Centres. I hope to see more SME owners, topic experts and industry players coming on board, to tap on TowkayZone to exchange knowledge, and to generate new ideas for your company and beyond.
9. IDA is also developing IDA Labs to provide a collaborative environment for SMEs to test, assess and promote local IT products and solutions. IDA Labs will provide start-ups with the opportunities to demonstrate and showcase technology to various government bodies and industry partners. Through the IDA Labs, SMEs will be able to access new markets and customers and encourage the adoption of their products and solutions.
10. The Government will continue to work with our SMEs and industry associations to help our companies address issues that you are facing, and help you take advantage of growth opportunities. For example, the convergence of infocomm and media sectors brought about by new technological development will continue to change the media consumption patterns. This will affect the way we do business but it also presents opportunities for companies to take advantage of the trends to innovate and stay competitive.
11. The Infocomm Media Masterplan, spearheaded by a committee comprising private and public sector representatives will identify bold ideas and chart strategies for Singapore's infocomm and media sectors from now to 2025. The committee will be updating us on its work and consulting industry partners and members of the public on the ideas and strategies. We hope you will also contribute to the development of the masterplan and give the committee your valuable inputs when the time comes.
Conclusion
12. These are exciting times, and tonight is an exciting evening especially for the companies that are being recognised. I would like to extend my heartiest congratulations to all of the award recipients. I would also like to acknowledge the efforts of DP Information Group, Ernst & Young, and all supporting organisations and sponsors, for executing another successful series of the rankings.
13. Have an enjoyable evening ahead. Thank you.
Note to Editor
1 DP Information Group's Singapore 1000 Rankings (S1000) Report 2014.
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