Deputy Prime Minister Heng Swee Keat highlights the importance of trade, technology, and partnerships at the Singapore International Chamber of Commerce (SICC) Awards 2025.
Deputy Prime Minister Heng Swee Keat delivered a keynote speech at the Singapore International Chamber of Commerce (SICC) Awards 2025 on March 21, 2025, celebrating business innovation and emphasizing the need for global collaboration, technological advancements, and sustainable growth.
Heng congratulated the finalists, calling their efforts inspiring and exemplary. He highlighted how the SICC Awards, first introduced in 2015, have expanded from two to five categories, reflecting the evolving role of technology, sustainability, and business collaboration. He also praised the continued promotion of award-winning businesses through Channel NewsAsia, which helps showcase their innovations to a broader audience.
Addressing Singapore’s economic future, Heng stressed the country’s reliance on global trade and connectivity. He pointed out that despite the proven benefits of free trade, rising protectionism and trade wars threaten global markets. Singapore’s 27 Free Trade Agreements (FTAs) remain crucial in helping local enterprises expand internationally, particularly small and medium enterprises (SMEs) that can integrate into global supply chains.
Heng also discussed how demographic shifts, rapid technological advancements, and climate change will impact businesses in the coming years. With aging populations shrinking the global workforce and AI transforming industries, companies must embrace innovation and digital transformation to stay competitive. He commended SICC for recognizing forward-thinking businesses through new award categories such as Best Technological Collaboration, Most Sustainable Collaboration, and Most Scalable Collaboration.
To further strengthen cross-border innovation, Heng proposed a new award category: “Best Cross-Border Innovations”. He encouraged businesses to leverage Singapore’s research and development ecosystem, including the Corporate Labs program, which fosters partnerships between industry and research institutions, and Enterprise Singapore’s Open Innovation platform, which connects SMEs with larger corporations to co-develop new solutions.
Heng also highlighted the Global Innovation Alliance (GIA), which has already helped over 600 startups gain access to international markets. He invited businesses to take part in SWITCH 2025 (Singapore Week of Innovation and Technology) in October, an event focused on emerging technologies like AI, clean energy, and advanced manufacturing.
Source – PMO
