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Opening of SME Conference at ASEAN-Australia Business Summit - YouTube
Channel: Prime Minister's Office, Singapore
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Ladies and gentlemen, it is my great pleasure to join you today
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at the ASEAN-Australia Business Summit’s SME (Small and Medium-sized Enterprises) Conference.
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The topics of this Conference, which the Prime Minister has just outlined,
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highlight our shared interest in the development of SMEs and their business networks and overseas markets.
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SMEs are an important part of the economy of many countries.
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They are an engine of growth, especially in rapidly developing economies, like in ASEAN,
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where SMEs already account for between one third to half of the GDP of the countries,
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and contribute up to a third of the exports.
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SMEs are also a source of jobs, accounting for at least half of total employment in ASEAN countries.
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But more importantly, as the Prime Minister pointed out, SMEs are engines of innovation.
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They embody the spirit of enterprise.
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Many begin life as start-ups, before scaling up into market leaders.
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Successful SMEs often venture overseas, braving new challenges in search of fresh markets and opportunities.
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That is why many governments today are focussed on helping SMEs grow.
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They support them with targeted schemes and resources.
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They provide them with the right environment, institutions and programmes.
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And they help SMEs enter new markets, and develop and adopt new technologies.
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For example, in Singapore, we have grant schemes and programmes to encourage SMEs
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to improve their productivity and capabilities, and to form partnerships, both locally and abroad.
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And we support our SMEs to internationalise and to seize opportunities overseas.
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To do so, we operate nine “Singapore Centres” in major cities around the world.
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These are points of contact for Singapore-based companies seeking to enter the specific market,
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providing them with information and plugging them into business networks there.
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Our approach is to promote entrepreneurship in Singapore.
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They can be Singapore entrepreneurs, or they can be entrepreneurs who come from other parts of the world,
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but have decided that they want to base in Singapore and take advantage of Singapore –
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our facilities, resources, opportunities, networks
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and also the support which the Government will give in order to help them to thrive and prosper.
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Australia has a similar programme, you have the Landing Pad programme,
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which has five centres in different countries, including one set up in Singapore.
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The Landing Pads bring together start-ups, research institutions, multinational corporations
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and leading technology players to create opportunities for investment, mentorship and partnership.
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The Landing Pad in Singapore has been quite successful,
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and is already incubating its fourth cohort of companies, more than a dozen in all.
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At the ASEAN level, SME development is a key focus of our economic cooperation.
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ASEAN is currently implementing a ten-year Strategic Action Plan for SME Development.
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The recent initiatives include setting up an ASEAN SME Online Academy to offer business training courses.
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Last year, together with the ASEAN Business Advisory Council,
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ASEAN established a mentorship network to help SME leaders to grow and develop.
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So it makes sense for our SMEs to thrive, prosper and extend beyond the region, including to Australia.
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And it makes sense for Australian SMEs to come and to do business in ASEAN.
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First, ASEAN’s economic fundamentals are strong, and the prospects for growth are good.
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ASEAN is a large and growing single market of more than 600 million people,
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which should become the fourth largest in the world by 2030.
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Prime Minister Turnbull said it is already the sixth largest, but relatively speaking, we will grow even larger.
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Income is also growing in ASEAN countries.
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By 2020, by the end of this decade, ASEAN’s annual consumer spending could reach US$2.3 trillion.
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According to the Asian Development Bank (ADB), by 2030, just over a decade from now,
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the middle class in Southeast Asia is expected to make up two thirds of the population.
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Secondly, ASEAN is enjoying a demographic dividend,
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with more than 60 per cent of its population under 35 years old.
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This means a steady workforce and a growing consumer market in coming years.
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And it will be an important driver of the region’s prosperity.
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Thirdly, ASEAN continues to work towards regional economic integration.
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The global mood may be moving in the opposite direction, but within ASEAN, in South East Asia,
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we are trying our best to strive forward to deepen integration, deepen interdependence, work together,
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to trade, open up markets and co-prosper together.
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Since the formation of the ASEAN Economic Community (AEC) in 2015,
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we have lowered entry barriers and reduced transaction costs for businesses.
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We also have a comprehensive, high-quality ASEAN-Australia-New Zealand Free Trade Agreement,
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which is ASEAN’s most progressive Free Trade Agreement.
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These initiatives are important and useful to businesses
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seeking to enter or grow their presence in ASEAN markets and beyond.
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One particular area of opportunity is the growing digital economy in ASEAN.
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The Prime Minister also spoke about this just now.
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It is still in its infancy, but it is rapidly becoming bigger, and it is very vibrant.
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Last year, Southeast Asian start-ups attracted a record US$8 billion from investors;
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these start-ups include Grab, Go-Jek, and Sea, which have quickly become household names.
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There is a vibrant scene of innovative start-ups, venture capital platforms and business opportunities
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in many ASEAN countries.
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Singapore itself has welcomed a number of tech accelerators such as Telstra’s Muru-D,
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Gemstar Technology and Collective Campus from Australia, which you may well be familiar with.
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This year, Singapore is chairing ASEAN.
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During our Chairmanship, ASEAN is pursuing an Agreement on E-Commerce.
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In order to streamline the different regulatory systems across ASEAN countries,
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and to make electronic transactions safer and more convenient.
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In this context, we warmly welcome the ASEAN-Australia Digital Standards Cooperation Initiative,
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which Prime Minister Turnbull has just announced.
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It is a very good first step in developing interoperable digital standards,
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which will facilitate trade and reduce costs for businesses, particularly for SMEs.
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So I would like to thank the Australian Government and particularly the Prime Minister for organising this event.
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I am confident that SMEs have a promising outlook in Australia, as in ASEAN.
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The combined efforts of businesses, industries, governments and partners
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will allow us to seize the growing opportunities in our region and make this a productive, prosperous,
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and a successful business environment for businesses and our peoples.
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I wish you all a productive and successful conference.
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Thank you very much.
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