Singapore Apex Business Summit Opens with the Launch of the “Transforming the Singapore Economy Report”

The 2nd Singapore Apex Business Summit (SABS) commenced yesterday at Sands Expo and Convention Center, featuring the theme “End of Business as Usual: Shaping the Future of Business.” The summit addresses significant changes affecting businesses due to external uncertainties, accelerated technological advancements, and the transition to net-zero emissions.

The three-day event, running from 23 to 25 July, began with the Future Economy Conference (FEC) held in conjunction with the Company of Good (COG) Conference, co-hosted by the Singapore Business Federation (SBF) and the National Volunteer & Philanthropy Centre. This collaboration emphasises the need for businesses to excel and contribute positively to society, ensuring they are future-ready.

Over 1,000 business leaders and senior government officials attended the conference themed “End of Business as Usual: Smart Technology and the Future of Work,” indicating strong interest in this key business event aimed at promoting innovation, sustainability, human capital development, and social responsibility in Singapore businesses.

Singapore Deputy Prime Minister Heng Swee Keat delivered the opening speech and announced the launch of the “Transforming the Singapore Economy Report,” celebrating the contributions of various stakeholders to Singapore’s economic transformation in recent years.

“Between 2016 and 2023, our economy achieved real value added growth of 2.8% per annum. Over the same period, our labor productivity, measured in terms of real value added per hour worked, also grew by 2.1% annually. For an economy at our stage of development, appropriate comparisons would be what the IMF and World Bank define as advanced economies. And on both value added growth and labor productivity, Singapore performed better in the past 7 years than many other advanced economies of comparable population sizes. So indeed, despite structural global headwinds and structural shifts, this latest chapter in our transformation has helped Singapore maintain our position among the world’s most competitive economies.” Shared Mr. Heng.

President Tharman Shanmugaratnam launched the Community Marketplace, an initiative by the SBF Foundation that connects businesses with social impact. The event showcased collaborations between corporates and community partners, highlighting the benefits of social impact programs for businesses and the economy.

SBF Chairman Lim Ming Yan introduced the “Future-Ready Businesses (FRB) Spotlights,” a new initiative where businesses can visit organisations leading in innovation and sustainability. Participants will visit Keppel Marina East Desalination Plant, Schneider Electric Innovation Hub, PSA Innovation Centre, and Mastercard Experience Center. Additional spotlight visits are scheduled in the coming months.

“Spotlight visits offer businesses unique learning opportunities from pioneering organizations that adopt innovative strategies and cutting-edge solutions. We hope these interactions will ignite their innovation journey, empowering them to explore solutions that align with their business needs.” Shared Mr. Lim.

The event also featured discussions on digital transformation, fostering a connected workplace culture, integrating sustainability across industries, and building a future of work that emphasizes environmental and social responsibility.

The United Nations Global Compact Network Singapore (GCNS) CEO Roundtable 2024, themed “Forward Faster – Guiding Companies Towards Decisive Action for 2030,” saw influential business leaders commit to the Sustainable Development Goals (SDGs) and inspire others to do the same.

The summit will continue with the Singapore Regional Business Forum (SRBF) and the Future of Trade Forum (FOTF) over the next two days. Guest-of-Honour speakers include Senior Minister Teo Chee Hean, Minister Masagos Zulkifli, Minister Alvin Tan, and Minister Dr. Tan See Leng.

Prominent industry leaders such as Mr. Dilhan Pillay Sandrasegara, CEO of Temasek Holdings, Mr. John Denton, Secretary-General of the International Chamber of Commerce, and Mr. Ho Kwon Ping, Founder of Banyan Tree Holdings, will speak at the summit.

Further announcements on new partnerships to aid businesses in global trade and a framework for measuring social impact are expected.

For more information and registration details, visit Singapore Apex Business Summit official website.