The newly-installed president of Singapore's apex Chinese business group here has set for it the major task of helping local enterprises tide through economic restructuring.

This includes tapping on productivity centres in Japan, South Korean and Taiwan to help them adopt innovation and train up productivity managers, and promoting the Government's help schemes as they are being weaned off their reliance on foreign manpower, said Mr Thomas Chua of the Singapore Chinese Chamber of Commerce and Industry (SCCCI).

Speaking at Friday's installation of the SCCCI's 57th council, Prime Minister Lee Hsien Loong had called on the 107-year-old organisation to help businesses identify growth opportunities abroad, raise productivity and develop new capabilities, even as he praised it for working with the Government to improve policies.

Mr Lee said: "Our policies set a strong foundation for a bright future, but policies alone are insufficient. We also need a healthy economy to create good jobs and to generate resources to achieve our social and other goals.

"After all, it's businesses which create wealth, not Governments. This means that entrepreneurs and companies must break new ground, develop new businesses, and share the fruits of success with their workers."