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As the apex business chamber, SBF is committed to advocating key issues that impact the Singapore business community, helping enterprises develop capabilities and venture overseas. We believe that our people are the driving force in helping the business community.
Tue, Apr 27 - Wed, Apr 28 1. The Fullerton Hotel is situated at the mouth of the bustling Singapore River and it also overlooks the Marina Bay waterfront.
This annual event is tly organised by the Pro-Enterprise Panel or PEP and the Singapore Business Federation SBF to recognise the collaborative efforts of the private and public sectors in enabling a regulatory environment that supports innovation and growth of competitive businesses. The rapid emergence of new technologies and business models has changed the way companies operate in our fast-changing global economy. Such developments require a pre-emptive and forward-looking regulatory framework to support new business ideas in the future economy.
The government takes on the critical role of providing a regulatory environment that supports innovation, yet at the same time allows no compromises on the quality and safety standards that Singapore has come to be known and valued for.
This will support the growth of new industries and businesses with the view of positioning Singapore as a compelling location to develop and commercialise innovations, disruptive technologies and new business models. As partners, we can turn the challenges in a changing economy into opportunities that will drive the economic growth of Singapore.
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Our regulatory agencies must keep abreast of the changes in the environment and stay ahead of innovation and technology to enable our businesses to reap the benefits of first-mover advantage in key growth sectors, and ultimately deliver value to Singaporeans through innovative products and services. Since its inception inthe PEP has been the advocate within the government for businesses. It has been working closely with the private sector and government regulatory agencies to review regulations to ensure that our regulatory regime facilitates the growth of businesses by minimising compliance cost and requirements.
The PEP has to-date received more than 1, suggestions. Out of these, more than 1, suggestions have been accepted and resulted in rule and process changes. The PEP is continuously looking for ways to better support businesses in this fast-changing environment.
We seek to ensure that the government is well placed to proactively review regulations, and better prepare the regulatory structures to catalyse innovation. I am therefore very pleased to announce that PEP will be embarking on three initiatives to promote a more pro-enterprise business environment. Firstly, the PEP will be seeking to expand its outreach to the business community. In addition to the PEP website, you can now reach the PEP via the websites of 28 regulatory agencies to share your suggestions on any regulatory rule review.
We hope these success stories will encourage businesses to be more forthcoming with suggestions, as well as motivate public service officers to continuously review how they can make a positive difference to companies with regulatory changes. Secondly, the PEP will work closely with Trade Associations and Chambers TACs to organise workshops with industry stakeholders to examine regulatory issues and challenges. For a start, PEP and SBF will be organising a deep dive session to look into regulatory areas related to the business community.
During these workshops, companies and relevant government agencies tly identify the regulatory pain-points in the business community; this will help the government form concrete action plans to address the needs of businesses. I hope you will actively participate in these workshops to highlight any regulatory concerns you may have.
Thirdly, the PEP will periodically call for proposals from industry stakeholders to review regulations based on specific themes. This is part of the broader push by the government to support innovation and industry development. Going out today is the first call for proposal on how regulations can be better deed for industries facing technological or business model disruptions. As many of these regulations straddle multiple sectors, PEP and PSD will take a whole-of-government approach to facilitate better inter-agency coordination.
These are just some of the many steps we are taking to ensure Singapore continues to be a conducive location for businesses and innovation to flourish. We welcome your suggestions on how PEP can continue to strengthen its processes and effectiveness. The Pro-Enterprise Best Suggestion and Pro-Enterprise Best Suggestion Supporting Agency Awards seek to recognise the efforts of businesses and individuals who have provided feedback, and the regulatory agencies that have accepted the suggestions. The collaboration between our regulatory agencies and the industries is paying off.
SFMA had highlighted how the fire-retardent compartment walls around cold stores could pose hygiene concerns. This not only resulted in space savings for businesses, but also cost savings of several thousands of dollars annually for each cold store.
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The second suggestion from SFMA was for AVA to consider putting in place other regulatory alternatives to replace conment-to-conment inspection, and testing for each shipment of export. In April this year, AVA invited companies that met certain criteria such as good compliance records to participate in a food export accreditation scheme. The companies have since benefited from the shorter time taken to obtain health certificates — from what used to be 10 to 14 working days to process the applications, it now takes only 3 working days.
Indeed, these examples show that when regulatory agencies and companies come together with an open mind to address pain-points, win-win solutions can be achieved. Regulatory agencies play an important role in the implementation of these suggestions.
The Pro-Enterprise Ranking survey, which has been conducted annually sincetrack the pro-enterprise performance of government regulatory agencies. Findings from the survey have enabled our regulatory agencies to improve on the clarity of their rules and regulations, and how they engage their business stakeholders. Congratulations to all the winning regulatory agencies and companies this year! Enabling a regulatory regime that supports innovation and is forward-looking.
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In the future economy, regulatory agencies need to facilitate the growth of businesses by helping businesses adopt and even scale up new business models. A short video will be screened later to show you how our regulatory agencies have facilitated new and innovative business models entering the market.
This will be followed by a panel discussion led by prominent leaders from the private and public sectors. They will share their insights on the challenges companies face, and how the regulatory landscape can improve with innovation, new behavioural insights and tools. To conclude, a well-balanced and nimble regulatory framework can allow innovative ideas to flourish, while balancing the associated risks.
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This requires effort and collaboration between the government and the private sector as we work together to facilitate the flow of new ideas and opportunities. To the business community out there, I encourage you to continue to share your suggestions. The PEP is here to help facilitate and link you up with the relevant government agency.
To our public sector officers, do continue to keep an open mind to new business ideas and exercise flexibility for suitable regulatory experimentation. This way, we can all facilitate the growth of competitive businesses through productivity, innovation and internationalisation. A Singapore Government Agency Website.
Future Economy. Legislation Public Consultations. Regulating for the future economy 2. Announcements for PEP initiatives 6.
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