PM Wong calls for transformation, overseas expansion and generational renewal to strengthen Singapore’s business future.
Singapore Prime Minister and Minister for Finance Lawrence Wong called on businesses to embrace transformation, expand international networks and prepare future generations of leaders as the Singapore Chinese Chamber of Commerce & Industry (SCCCI) celebrated its 120th anniversary on 30 October 2026.
Speaking at the Chamber’s anniversary dinner, Mr Wong highlighted SCCCI’s contributions to Singapore’s economic development since its establishment in 1906. He recognised its longstanding role in supporting the country’s early nation-building efforts, promoting trade and building overseas connections.
He noted that the Chamber had continued to evolve through changing times while maintaining its pioneering spirit and commitment to Singapore.
Mr Wong outlined three priorities for Singapore and its business community: continuing transformation, building wider international connections and planning deliberately for leadership renewal.
On transformation, he highlighted the growing influence of artificial intelligence (AI) and digital technologies on business operations and competition. He encouraged companies to go beyond adopting new tools and reconsider their processes, job structures and business models to achieve meaningful improvements.
He also acknowledged SCCCI’s support for small and medium-sized enterprises (SMEs) in adopting AI and digital solutions, implementing sustainable practices and helping workers acquire new skills.
“We must build on yesterday’s success, without being held back by it,” Mr Wong said, emphasising the importance of maintaining established strengths while remaining open to change.
Turning to internationalisation, Mr Wong said Singapore’s limited domestic market made overseas engagement essential for businesses. While China remained an important market, he encouraged companies to explore opportunities in ASEAN, India, the Middle East, Africa and Latin America.
He welcomed SCCCI’s establishment of a new International Advisory Panel, with Minister for Transport and Second Minister for Finance Mr Chee Hong Tat as Patron, to support companies in their internationalisation efforts.
The third priority concerned succession planning and generational renewal, particularly among family-owned enterprises. Mr Wong encouraged senior business leaders to mentor successors and gradually give younger leaders greater responsibility, while urging the next generation to remain open to learning from their predecessors.
He said SCCCI could help connect business leaders of different generations and create opportunities for emerging leaders to contribute.
Reflecting on the Chamber’s 120-year history, Mr Wong highlighted its enduring spirit of enterprise, willingness to look beyond immediate interests and commitment to Singapore’s progress. He expressed his hope for SCCCI to continue its partnership with the Government as the country prepares for its next chapter.
Source: PMO
