“This ‘trust premium’ is a competitive advantage that has enabled Singapore to build a vibrant financial services sector and to become a leading supply chain and logistics hub in Asia,” said Chee, who is also the second finance minister.
These steps will therefore help to reinforce Singapore’s “trust premium” and allow the Republic to seize new opportunities, as well as grow a range of high-value sectors.
He also stressed that Singapore should stay connected with the world and forge closer ties with like-minded economies and companies, regardless of any eventual shifts in global trade routes and supply chains.
For example, Singapore, which already has a network of free trade and digital economy agreements, will work towards implementing more bilateral and multilateral agreements, said Chee.
The country is also working closely with its Asean neighbours to upgrade the Asean Trade in Goods Agreement, which reduces or removes import tariffs among the member states.
These upgrades include reducing non-trade barriers and incorporating sustainable trade standards, said Chee.
“If we can do this, then the enhancements will help to increase intra-Asean trade and deepen Asean’s economic integration… and they will also enable businesses to build more secure and agile supply chains across the region to mitigate the risks from external shocks (and protectionism),” he said.
Said Chee: “Regardless of what will unfold in the months ahead, we will do our best to ensure that Singapore will remain relevant and continues to be a key node where trade can flow through freely and reliably.”
This year’s award winners were decided by a panel of 12 judges, chaired by Singapore Airlines’ former chairman Stephen Lee.
Chen Huifen, editor of joint organiser BT, said: “It has been heartening to witness the evolution and contributions of our leaders and businesses across various industries over the last 40 years, and we hope to continue to encourage this entrepreneurial spirit in Singapore for the next 40 years and beyond.”
Christopher Ong, senior vice-president and managing director of DHL Express Singapore, said: “As we reflect on our collective achievements over 40 years of SBA, we celebrate all business leaders, who exemplify the highest standards of excellence within our community.
“Their boldness, resilience, and innovative spirit are not only commendable, but pivotal to navigating the uncertainty and volatility that we face in the global business environment.”
