Dr Tony Tan, Chairman, Singapore Press Holdings (SPH),
Mr Dan McHugh, CEO, DHL Express Asia Pacific,
Mr Alvin Tay, Editor of The Business Times,
Distinguished guests,
Ladies and gentlemen,
Thank you for the privilege to be at this award ceremony to honour some of the best business leaders and pioneers from Singapore.
Singapore Economy
2 The Singapore economy has enjoyed some good years. Real GDP grew by a cumulative 36.3% from 2003 to 2007. Nearly 600,000 jobs were created. From 2004 to 2007, about two thirds of new jobs taken up by Singapore citizens were in the professional/ managerial/executive/technician category (PMET) of occupations. Wages have grown by a total of 17.4% during this period. Consumer prices, on the other hand, have increased by 5.3%, though the main increase took place in the second half of 2007.
3 We are now living in volatile times, and the crystal ball is hazy. Nevertheless, MTI’s outlook for Singapore is for slower but still healthy growth in 2008. Its forecast for the Singapore economy for 2008 is 4 to 6%.
Corporate Citizenry
4 The real objective of having such business award ceremonies is to inspire our people to succeed. Our winners tonight have succeeded brilliantly, and I don’t think our accolades tonight can add or subtract from their achievements. Nevertheless, it is always inspiring to read of their successes and personal struggles, because it shows that there are Singaporeans who have what it takes to succeed on a grand scale.
5 Globalisation will present many more opportunities and challenges to people like our award winners tonight. If we get things right, there will be many winners, and even bigger successes in the future. I cannot offer any business advice or insight. However, I would like to make a call for your business success to extend to corporate social responsibility – the so called triple bottom line.
6 The way a company integrates basic social values with everyday business practices, operations and policies has gained prominence as a mark of a truly successful company. Such a company takes into account its impact on all stakeholders – employees, customers, communities, suppliers and the environment. This is what good corporate citizenry or corporate social responsibility is all about.
7 I hope you will contribute to meaningful causes which help prepare the future generations of Singaporeans for success or support major initiatives to Singapore into a vibrant global city.
Global city of the arts
8 In the recent Committee of Supply debate, MICA unveiled details of the Renaissance City Plan 3 to develop Singapore into a global city of the arts. We are building a more diverse cultural sector and landscape through People, Private and Public Sector Partnerships. There will be more opportunities for arts and cultural businesses, private corporations and foundations, community groups, artists and creative professionals. You can take the lead in shaping and supporting the development of Singapore’s cultural scene and identity.
9 We are heartened by the growing tide of corporate support for the arts. Total corporate sponsorship grew from $32.7 million in 2005 to $37 million in 2006. There is a strong trend of more individuals and corporations wishing to contribute to the cultural sector. The ExxonMobil Concert in the Park, HSBC Youth Excellence Initiative, The Business Times Budding Artists Fund, and the Asia Pacific Breweries Foundation Signature Art Prize Series are examples of companies stepping forward in support of the arts. Credit Suisse recently entered into a three-year partnership with the Singapore Art Museum to present the “Innovation in Art” series of programmes from late last year to 2010.
10 Private individuals who have invested their time and resources to build up collections of artworks and artefacts have also stepped forward to share their collections with the public. In the last three years, NHB’s museums received valuable donations and loans of artefacts and artworks worth more than $118 million from private individuals.
11 The Government also bolsters corporate support for the arts through several schemes, such as the Public Art Tax Incentive (PATIS), Arts Incentive Scheme, Patron of the Arts / Heritage Awards and the Arts Adoption Scheme. PATIS allows organisations to claim double-tax deduction off the value of the artwork while the Patron of the Arts and Heritage Awards recognise individuals and organisations who make significant contributions to the arts or heritage.
Youth Olympic Games
12 Now, let me talk about sports. At the risk of being immodest, let me say that we are transforming Singapore’s sporting landscape in new and exciting ways. The new Sports Hub, the Formula One Race, the Volvo Ocean Race, Standard Chartered Singapore Marathon, OSIM Triathlon (triathlon), Aviva Singapore Open (badminton), Barclays Singapore Open (golf) and the most recent event, HSBC Women’s Champion (golf) are examples of the massive upsurge in interest and investments by both locals and foreigners in our sports scene. Our selection as the host site for the inaugural Youth Olympic Games (YOG) in 2010 is just the latest feather in our cap (although it is a very heavy cap!). We won because of the tremendous show of support by Singaporeans from all walks of life, including especially the business sector. Companies have lent instrumental support for our bid in many ways, such as carrying “I support Singapore 2010” on corporate collaterals, websites, banners, T-shirts and car decals. They joined us in collecting signatures and gave strong pledges in support of Singapore 2010. That has made the difference.
13 Increasingly, companies see sports as a catalyst, and as a marketing and branding platform. There will be many opportunities for local companies to leverage promotions, sponsorships and naming rights to build their brands. The SSC will continue to create more opportunities for the business community to tap on.
Conclusion
14 In conclusion, we invite more Singaporeans, resident individuals, corporations and foundations to expand business success into the arts and sports sectors.
15 I would like to congratulate all winners on your inspiring success stories, and wish you even greater success in the future.
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