"SBF Launches Initiative to Boost Singapore Businesses in Cross-Border Trade"

26 Jul, 2024

"SBF Launches Initiative to Boost Singapore Businesses in Cross-Border Trade"

The Singapore Business Federation (SBF) is launching a new public-private partnership initiative to enhance cross-border trade and investment between Singaporean and regional businesses. Named the Centre for the Future of Trade and Investment (CFOTI), this initiative aims to build capabilities among local and regional firms, helping them maximize the benefits of international trade. The CFOTI will receive support from the Ministry of Trade and Industry, Enterprise Singapore, and various businesses, foundations, and partners.

During the Singapore Apex Business Summit on July 25, SBF vice-chairman Andrew Kwan announced the initiative, highlighting its goal to foster a regional community of trade and investment practitioners. Manpower Minister Tan See Leng emphasized the necessity of expanding trade competencies to navigate an increasingly complex global trade environment. He also pointed out global trends reshaping trade, including geopolitical shifts and climate change.

John Denton, secretary-general of the International Chamber of Commerce, stressed the need to strengthen the multilateral trading system amid rising protectionism. The CFOTI will focus on developing trade skills, advising businesses on agreements, and addressing the challenges of the evolving trade landscape. The initiative, guided by a committee led by Mr. Gan Seow Kee, aims to bolster Singapore’s role in global trade and investment.