Major overhaul to supercharge Singapore’s trade associations and chambers
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The strategy involves around 20 or so initiatives to be rolled out over the next three years as part of the Sector Transformation Map launched by the Singapore Business Federation on Jan 22.
PHOTO: ST FILE
SINGAPORE – A major overhaul is looming for Singapore’s trade associations and chambers (TACs) that will sharpen their skills, boost efficiency and expand their ability to drive economic growth.
The strategy involves around 20 or so initiatives to be rolled out over the next three years as part of the Sector Transformation Map (STM) launched by the Singapore Business Federation (SBF) on Jan 22.
They fall into four main areas: sector value proposition, human capital development, operational excellence and governance.
The plan was unveiled at the inaugural TAC Summit by Ms Low Yen Ling, Senior Minister of State for Trade and Industry, as well as Culture, Community and Youth.
The road map aims to help TACs improve how they collaborate with one another, acquire necessary skills and embrace innovation. This, in turn, should make them better placed to assist businesses, particularly small and medium-size enterprises (SMEs), navigate challenges and seize opportunities.
Ms Low noted: “Even as we launch the hard copy, I think you can be sure that we will continue to future-proof the soft copy, based on the evolving landscape.”
She hopes that the inaugural TAC Summit will eventually grow into a platform where association leaders from the region or parts of the world farther afield “will join us”.
Ms Low said this will not only provide opportunities “to connect, to share ideas and best practices”, but may also “open doors for market access”.
Senior Minister of State for Trade and Industry Low Yen Ling launching SBF’s Sector Transformation Map at the inaugural TAC Summit on Jan 22.
PHOTO: SINGAPORE BUSINESS FEDERATION
SBF chairman Lim Ming Yan added: “Besides local partnerships, we should also explore partnerships with foreign TACs to exchange knowledge, resources, strategies and solutions, as well as scale the impact and geographical reach of our initiatives.”
He said the SBF is already working with the American Society of Association Executives “to explore opportunities to leverage their extensive research, resources and relations, build an enabling ecosystem and advance collective growth of local and regional TACs beyond their respective borders”.
In addition to the 20 initiatives, several new ones were introduced at the launch of the road map, including a comprehensive tool being developed by EnterpriseSG to evaluate how each trade association and chamber can be improved.
There was also a guide to implement best practices and a leadership programme for council members that was jointly developed by the SBF and the Singapore Institute of Directors.
Another two new leadership programmes will be available later in 2025 that seek to complement what is already available by targeting different levels of leadership in TACs, filling in the gaps within the development pipeline.
The first, the Advanced Programme for EXceptional Leaders, is designed for existing heads of secretariat and staff being promoted to more senior roles.
There is also the Aspiring Leaders Programme aimed at promising mid-level professionals that will develop a pipeline of future leaders, preparing them for greater responsibilities.
Together, these leadership programmes will not only create a continuous development path that can help with talent retention, but also smooth the succession planning process.
Meanwhile, a study on human capital in the sector being undertaken by the SBF and accounting giant Ernst & Young is expected to be ready by March.
Most participants at the summit were upbeat about the opportunity to collaborate.
Singapore Malay Chamber of Commerce and Industry president Abu Bakar Mohd Nor said the collaborative aspect of the TAC framework provides a different dimension to a very competitive business environment, in which firms actually look for ways to complement one another.
Singapore Furniture Industries Council’s immediate past president Phua Boon Huat said he feels that one of the key benefits of collaborating with other TACs is risk mitigation, where companies from different industries can share their views and communicate with one another.
Singapore Manufacturing Federation president Lennon Tan said that the collaborative aspect is also what stands out for him, because it will allow for synergies and cost savings that will ultimately help every association “with SBF being the matchmaker and enabler”.
