Joint public-private sector task force launches its report with 27 recommendations after nine-month review involving extensive industry consultation

The Alliance for Action (AfA) on Business Competitiveness – jointly established by the Ministry of Trade and Industry (MTI) and Singapore Business Federation (SBF)in February 2024 to address key challenges in manpower, land and regulations – has released its report today after a nine-month review. The report was unveiled by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong at a launch event at KH Roberts.

First mooted by SBF as part of its recommendations for Budget 2024 to look into how businesses can remain competitive amid a more uncertain business environment, the AfA comprised 19 public and private sector representatives. It was co-chaired by Senior Minister of State for Trade and Industry Low Yen Ling and SBF Vice Chairman and Honorary Treasurer and Sing Lun Holdings Chief Executive Officer Mr Mark Lee.

In their foreword to the report, SMS Low and Mr Lee shared that the establishment of the AfA was a response to a fractured global economic environment, citing heightened geopolitical contestation, technological disruptions and the challenges of transiting to a low-carbon economy. They added that in the process of engaging businesses, they were mindful of feedback on the cumulative effects of wage pressures, manpower shortages, upskilling needs, sustainability requirements and regulatory agility, noting that recommendations of the AfA were intended to “transform challenges into opportunities for growth.

Over the course of nine months, the AfA conducted 25 engagement sessions that involved over 100 business leaders, 13 Trade Associations and Chambers, and 17 public sector agencies across various sectors. In addition to in-person focus group discussions, business leaders were also invited to provide written feedback throughout the course of the AfA. Through these engagements, the AfA gathered crucial insights from both the public and private sectors that were invaluable in shaping the final set off 27 recommendations across the three pillars.

In developing the recommendations under each of these three pillars, the AfA was guided by the need for the recommendations to be significant, to include a mix of solutions with short and long-term impact, and to be inclusive in addressing the needs and pain points of a range of businesses, including the small and medium-sized enterprises (SMEs).

SBF and the Government will continue to work closely with the business community to support enterprise transformation and enhance Singapore’s long-term competitiveness. As this is an ongoing process, we welcome businesses to continue contributing ideas and sharing feedback and suggestions with SBF via policy@sbf.org.sg.

The full AfA report is available here.