Business

SBF chairman: Singapore firms must have courage to transform


The Singapore economy is at a tipping point, as more companies understand the need for change and with productivity on the mend, said Singapore Business Federation (SBF) chairman Teo Siong Seng.

And businesses must have "the confidence and courage to continue to transform" - or they will be left behind, he said in an interview yesterday.

"Many Singapore firms have been successful, and when we're successful, sometimes we don't have the courage to move out of our comfort zones," he noted.

Mr Teo is better known in the business community as SS Teo - managing director of home-grown shipping company Pacific International Lines.

"But you also find that the global economy is changing so fast, especially with disruptive technologies, which means businesses can get wiped out if we don't change."

RESPONSIVE

Against this backdrop, the SBF, celebrating its 15th anniversary this year, is reviewing its role to be more responsive to the evolving economic and business landscape and, in turn, the needs of its members and the wider business community.

Mr Teo said the SBF will focus on two fronts: to become more "issue-centric" by driving insights into major issues facing companies, and to deepen its partnership with the business community while raising its collaboration with trade associations and chambers.

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