SBF helped more firms in 2024 to navigate geopolitical, economic uncertainties

SINGAPORE – The Singapore Business Federation (SBF) stepped up efforts in 2024 to help local companies navigate geopolitical uncertainties and economic headwinds.

These initiatives included assisting companies to internationalise, upskill their workforce and kick-start decarbonisation efforts, the SBF noted in its annual review on Feb 7.

In all, it worked with more than 15,600 companies in 2024 – an 18 per cent increase from the previous year.

It also expanded its base to around 32,000 statutory and associate members in 2024, adding 2,000 from 2023, while its network of partners grew from 150 to 180.

The SBF organised nine overseas market workshops and around 1,500 advisory sessions on international market entry and free trade agreements over the 12 months.

It partnered HSBC to help local companies expand overseas, focusing on key trade corridors such as the Greater Bay Area – covering Guangdong, Hong Kong and Macau – India and the Middle East, through business missions and workshops.

The SBF also organised the 8th Asean Conference in August 2024 to support local companies’ regional expansion and the 7th Singapore-China Trade and Investment forum, where 15 agreements worth more than $60 million were signed across sectors such as healthcare and logistics.

The SBF set up a working group in February 2024 to gather feedback from businesses on the challenges of operating in the Johor-Singapore Special Economic Zone.

It also added that it supported around 4,200 companies through its workforce initiatives, including the Jobs Development Partner, Mid-Career Pathways and Career Conversion programmes.

These initiatives led to about 1,000 mid-career individuals getting attachments in host organisations or being reskilled for new roles in sustainability, internationalisation and wholesale trade, as well as in jobs at small and medium-sized enterprises.

The SBF Business Institute upskilled more than 3,600 companies through 260 courses, with over 3,000 of them obtaining the Progressive Wage Mark accreditation.

The accreditation, administered on behalf of tripartite partners, recognises employers who pay progressive wages to lower-wage workers.

The SBF and SBF Foundation also supported about 1,300 companies through socially impactful programmes, ranging from those helping vulnerable individuals re-enter the workforce to initiatives that benefited 12,500 migrant workers with care services.

The review noted that SBF facilitated the participation of over 500 companies in the Infocomm Media Development Authority’s Chief Technology Officer-as-a-Service programme for digital advisory and implementation support.

SBF’s newly launched Singapore Emission Factors Registry, meanwhile, helps businesses track their carbon footprints.

SBF also unveiled a new tagline: Mobilising Business, Magnifying Opportunities.

It is aimed at reflecting SBF’s commitment to creating value for members, partners and the wider business community.

The rebranding aligns with SBF’s 2030 vision, which focuses on key priorities: international expansion, skills development, digital transformation, sustainability, social impact and stronger industry partnerships.

Chief executive Kok Ping Soon said SBF is “uniquely positioned” to help Singapore’s businesses address challenges and be future-ready.

“Our goal is to mobilise businesses and magnify opportunities, ensuring that Singapore’s business community remains resilient, competitive and poised for sustainable growth in the years to come,” he said.

All companies with paid-up capital of $500,000 or more are statutory members of the SBF. Firms with paid-up capital of less than $500,000 can join as associate members.