More than 400 people from the business community in Singapore attended the National Day observance ceremony yesterday.

The event, organised by the Singapore Business Federation (SBF), included local and overseas trade associations and chambers - the first time such groups have come together to specially celebrate Singapore's golden jubilee.

In previous years, the different groups conducted separate National Day celebrations.

SBF chairman Teo Siong Seng urged the community to continue working closely and said that a continued partnership between workers, businesses and the Government will be needed for the future.

Minister for Trade and Industry Lim Hng Kiang told the gathering at Suntec convention centre that Singapore is poised to capitalise on opportunities arising from globalisation, Asia's rise and emerging technologies.

He noted that by focusing on skill- and capital-intensive activities, Singapore has developed a knowledge-based economy with investments in science and technology, but it must continue restructuring to strengthen its competitive edge.

Mr Lim also urged people to acknowledge challenges such as limited manpower and land, and competition from global cities as well as emerging economies.

Innovating and internationalising, while also investing in its people, hold the key to more economic success, he added.

Even though Singapore faces a challenging economic environment, Mr Lim said that the Government will continue to partner the business community to build on current achievements and secure future success from "a position of strength".