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The Straits Times (Singapore)

More help for businesses

THE head of the main Chinese business chamber wants the upcoming Budget to include measures to help firms in what could be a tough year ahead.

Mr Teo Siong Seng, president of the Singapore Chinese Chamber of Commerce and Industry (SCCCI), said on Monday: 'We are hopeful that the Government would earnestly consider the current economic uncertainties in pushing through more timely assistance schemes based on each industry's specific needs.'

He also urged companies to emulate the exceptional characteristics of the dragon in girding themselves for the many challenges in the new year.

'In a business survey recently concluded by the chamber, results showed that 54 per cent of respondents did not have an optimistic outlook for the economy for the year 2012,' noted Mr Teo, speaking at the SCCCI's annual Chinese New Year gathering, which included guest of honour Tony Tan Keng Yam and his wife Mary.

In his speech, President Tan said Singapore was well-placed to cope with an expected global slowdown given its skilled workforce and having one of the world's most business friendly environments.

'As a small and open economy, Singapore will be affected by the global slowdown. Singapore's economic growth in 2012 is projected to moderate to 1 to 3 per cent. Should the European sovereign debt problems turn into a financial crisis, the situation could deteriorate quickly and we could then face a recession,' he said.

He also said: 'Unlike countries with high sovereign debt, fiscal prudence over the years has enabled the Singapore Government to build up our reserves, providing us with the resources to intervene when necessary to support our businesses and households.'

Mr Teo also highlighted the SCCCI's work in promoting community integration. 'Apart from active involvement in community development and charity projects, the chamber will enhance its efforts to help new immigrants integrate into mainstream society,' he said.

Its immigration liaison group, the Singapore Chinese Chamber Institute of Business and the Enterprise Development Centre @ SCCCI have held regular programmes catering to new immigrants.

These range from customised business courses to guidance on local business procedures and practices and advice on the various government assistance schemes.

The Singapore Chinese Chamber Institute of Business (SCCIOB) will roll out a course on English next month aimed at improving English proficiency among new immigrants.

The Singapore Chinese Chamber of Commerce Foundation (SCCCF) will provide a 50 per cent subsidy to citizens and permanent residents who enrol for the course. SCCIOB and SCCCF are subsidiaries of SCCCI.

Mr Teo said: 'SCCCI fully supports the Government's drive towards integrating new immigrants. We will continue to leverage our strength in grooming bilingual talent, and provide excellent bilingual training services for the community, government and the private sector.'

SINGAPORE ABLE TO COPE

'Unlike countries with high sovereign debt, fiscal prudence over the years has enabled the Singapore Government to build up our reserves, providing us with the resources to intervene when necessary to support our businesses and households.'

Singapore President Tony Tan Keng Yam

PRAYERS TO RING IN THE NEW YEAR: Worshippers at the Kew Ong Yah Temple jostling to place joss sticks in an urn on Sunday, the eve of Chinese New Year. The temple in Yishun Ring Road hosted a Chinese New Year countdown for all Nee Soon GRC residents, to promote and enhance racial and religious harmony, during which red packets and oranges were given out.

Lennard Ong