SINGAPORE - Trade associations help drive business innovation and productivity, and this support is particularly important as Singapore undergoes economic restructuring, said Minister of State for Trade and Industry Teo Ser Luck.

He underlined the crucial role of trade associations in helping businesses move up the value chain in his opening speech at the Singapore Chinese Chamber of Commerce and Industry's 3rd Trade Association Congress on Saturday morning. Addressing some 400 event participants from more than 60 trade associations, Mr Teo urged cooperation between the Chamber's members - who number about 150 today - and advised them to actively review strategies and operations to ensure relevancy.

Echoing his ministry's restructuring plans outlined in an addenda to the President's Address released earlier this week, Mr Teo pledged the Government's support through several programmes such as the Local Enterprise and Association Development.

More than $300 million has been set aside through various initiatives over the next three years to help small and medium-sized enterprises. One key focus will be the creation of good jobs for the 40,000 to 45,000 young Singaporeans entering the job market every year for the next three years.