SICCI Newsletter July 2013

The

MICA (P) 182/09/2011

July 2013

Chamber Times

Highlights...

A Publication of the Singapore Indian Chamber of Commerce & Industry

Launch of the Directory of Indian Companies in Singapore 2013

Launch of the SICCI-DBS SIEA 2013

pg. 5

Opinions by: HE David I Adelman & Mr Piyush Gupta

pg. 6

Chairman’s message Greetings from SICCI! The last quarter was eventful for SICCI with the launch of two important events. The Directory of Indian Companies in Singapore 2013, and the SICCI-DBS Singapore Indian Entrepreneur Awards Launch (SIEA) 2013. In addition to these major events, other key events of the Chamber were the Seminar on India and Singapore Budget 2013 and visits by the Business Delegation from Andhra Chamber of Commerce, India and the Business Delegation from Sri Lanka. We will be hosting more delegations and organising dialogue sessions for our members to engage in more business opportunities.

I am also delighted to welcome Mr Kumaran Barathan as the new Chief Executive Officer for SICCI. His vast experience from the public sector will help to broaden and strengthen the Chamber’s initiatives and programmes.

Mr R Narayanamohan Chairman Singapore Indian Chamber of Commerce & Industry

New CEO Appointed for SICCI! I warmly welcome Mr Kumaran Barathan who has joined SICCI as the Chief Executive Officer on 12 July 2013. Mr Barathan brings with him over 30 years of experience in the EDB and A*Star.

With his strong and relevant credentials, I am sure that he will be able to explore new markets and business opportunities for our members.

He has the capacity to take charge and lead the SICCI Secretariat team in all its future plans and initiatives.

As consultant to SICCI, I have prepared a survey for members to provide feedback on improving the Chamber’s services. A copy of the survey has been included with this edition of The Chamber Times.

I look forward to your positive response to this survey which will help the new CEO and his team in their efforts to serve you better.

Mr George Abraham Consultant Singapore Indian Chamber of Commerce & Industry

contents Editor's note.............................................. 3 cover story................................................. 4 opinions.......................................................... 6 WELCOME ABOARD................................ 10 news update............................................. 10 recent EVENTS......................................... 11 upcoming Events................................. 14 Editorial Information The Chamber Times is a newsletter of the Singapore Indian Chamber of Commerce & Industry. You may send your comments to:

The Editor Singapore Indian Chamber of Commerce & Industry SICCI Building 31 Stanley Street Singapore 068740 Tel : (65) 6222 2855 Fax : (65) 6223 1707 Email : publications@sicci.com Website : www.sicci.com

Editorial Team S Reavathi Photography and Design by Artnexus Design Pte Ltd No part of this newsletter should be published without the consent of the Editor.

SICCI s Board of Directors [2012-14] Chairman

Directors

Mr R Narayanamohan

Mr Bagaria Rajan

Natarajan & Swaminathan Vice-Chairmen

Mr K V Aiyappan

Arthi International Pte Ltd

Mr A Dinakaran

Madras New Woodlands Restaurant Pte Ltd Honorary Treasurer

Mr S Malaiappan V P Kumaran & Co

Chief Executive Officer

Mr Kumaran Barathan (By Appointment)

Arvee International Pte Ltd

Mr C Sankaranathan Kitchen Solutions Pte Ltd

Mr Chilappagari Srikanth

Trident International Investments Pte Ltd

Mr Deepak S Singapuri New Light Enterprise

Mr Hiro J Bhojwani

Shankar’s Emporium Pte Ltd

Mr Mahendra Agarwal Gati Asia Pacific Pte Ltd

Mr Mustaq Ahmad

Mohamed Mustafa & Samsuddin Co Pte Ltd

Mr Navin Jatia

Evergreen Global Pte Ltd

Mr Neil Parekh Mr Pichumony Sundaram Pan Asia Resources Pte Ltd

Mr Prasoon Mukherjee Universal Success (S) Pte Ltd

Ms Purnima Kamath De Ideaz Pte Ltd

Mr Tushar P Doshi

Tushiv International Pte Ltd

Editor’s Note

Mr Kumaran Barathan Chief Executive Officer

It is a privilege to be introduced as the new CEO for the Chamber at the recent launch of SICCI-DBS Singapore Indian Entrepreneur Award 2013 on 18th of June. I want to thank Chairman, Mr R Narayanmohan and Vice-Chairman Mr A Dinakaran, Board members and the SICCI community for the warm reception and generosity. I am looking forward to this new role as an opportunity to contribute and build on the successes made by my predecessors. I wish to thank Mr George Abraham, SICCI’s former Executive Director, for his role in the selection Committee for the CEO and for acting as Consultant to SICCI and managing the affairs of the Chamber for the last two months in the interim.

It has been a wonderful experience having served 32 years in the public service of which 25 years were with Singapore Economic Development Board as Head of Administration. Another six years were with the Institute of Chemical and Engineering Sciences, a research institute under the Agency for Science, Technology and Research (A*STAR) as the Director of Corporate Services.

I was fortunate to have received the Glaxo-SmithKlineEDB Scholarship Award in 1993, EDB Annual Innovation Awards in 2005 and 2006 and National Day Award in 2007. In recent years, I helped the institute to receive the MTI Innovation Award in 2011 and 2012 and the Best Research Institute in 2011 for Economy Drive.

Through the EDB scholarship, I obtained my Bachelor of Arts-Psychology & Management (Monash University).

Moving to SICCI, I’m excited to make an impact in the local Indian business community and meeting its members of the organisation. It has also been my personal endeavour to impress upon the local business community as I have been actively involved in grassroots and community work since 1983.

Modern day challenges in a rapidly-changing world require innovative solutions for businesses to succeed.

By fostering a favourable climate for local entrepreneurs to engage in business, Singapore is set on becoming

a hub where tomorrow’s leading business are created and becoming brand names. Approximately 9% of the population of Singapore is of Indian origin and our city offers many attractive opportunities for Indian professionals and business entrepreneurs. In fact, leading Indian names can be found in such diverse fields as Finance, Banking, IT and Law. To date, Singapore is the second most popular destination for overseas investments from India, with over 4,000 Indian corporate and individual investors setting up companies in Singapore.

The Asia’s growth story – be it China, India or ASEAN – will increasingly shape global trade and investment flows. As manufacturing and service capacity shifts to Asia, coupled with the influx of new businesses and talent, companies increasingly turn their focus to Asia.

SICCI aims to assist business owners to engage to a wider business community where business and entrepreneurship are nurtured. Assist businesses to connect with key decision makers to spot opportunities and leverage the networks of relationships in the region.

In the new role as CEO will allow me to accelerate the momentum to strengthen the community in three ways: 1. Programmes – Key part of the international trade and industry. It is vital that businesses update their knowledge and skills on different aspects of expanding the reach of their global presence.

2. Technology – Leverage on the website to be in the know-how and expand your reach of influence.

3. Relationships – Offer innovative relationship building services to connect the dots in your business.

We can't come close to achieving these goals without you. Please consider my email, ceo@sicci.com as an open line of communication to let us know what we could do better to make SICCI the most productive network for your business. My best wishes to all and I look forward in meeting and working together with you.

Warmest Regards The

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3

Cover Story

Launch of the Directory of Indian Companies in Singapore 2013 Having successfully launched the first edition in 2006, SICCI took extensive efforts to take the lead once again for the second edition of the Directory of the Indian Companies in Singapore 2013.

This directory was launched on 10 May 2013 at the Grand Copthorne Waterfront Hotel by Minister of State, Ministry of Trade and Industry, Mr Teo Ser Luck, India’s High Commissioner to Singapore, HE Dr TCA Raghavan and ANZ CEO, Mr Vishnu Shahaney. It was attended by close to 250 guests.

Guest-of-Honour, Mr Teo Ser Luck, Minister of State, Ministry of Trade and Industry commended SICCI for this timely publication and initiative. He said, “The directory which contains 2,500 companies as compared to 950 companies in the first edition will help interested stakeholders to reach out and engage these businesses.”

the Government and businesses. “On one hand, TACs

He also emphasised that Trade associations and Chambers,

programmes more clearly to the community. This two-

or TACs play a crucial role amongst our business community. They serve as an important link between

reflect the concerns of their members, key issues that they are facing, as well as recommendations that can help us improve our strategies and policies. On the other hand, TACs help the Government to reach out to more businesses, and to communicate our policies and way interaction is crucial to good dialogue and close engagement between the Government, businesses and key stakeholders,” he said.

The directory was compiled with the aim to reach out to more Indian companies in Singapore and examine how we can engage them to contribute to SICCI and the larger business community. With Singapore’s growing market, the directory is an important source of contact for entrepreneurs to reach out to their potential customers.

SICCI Chairman, Mr R Narayanamohan, thanked the two most crucial supporting partners – The High Commission of India for accepting SICCI’s invitation to be a part of this publication and ANZ Bank, for its partnership and kind sponsorship for the publication, when he delivered his opening remarks.

4 SICCI Newsletter - July 2013

Cover Story

Launch of the SICCI-DBS Singapore Indian Entrepreneur Awards 2013 The launch of the SICCI-DBS Singapore Indian Entrepreneur Awards (SICCI-DBS SIEA) 2013 was held at Grand Copthorne Waterfront Hotel on 18 June 2013.

A media conference prior to the launch of the event was organised as well.

A networking session amongst the Guestof-Honour HE David I Adelman, Ambassador for United States of America, Mr Piyush Gupta, Chief Executive Officer, DBS Group, SICCI’s Chairman and Chairman of SICCI-DBS SIEA 2013 award Committee Mr R Narayanamohan, SICCI Board of Directors, SICCI-DBS SIEA 2013 sponsors and event partners took place before the launch ceremony.

HE David I Adelman, Ambassador for United States of America commended SICCI for the Entrepreneur Awards initiative when he delivered his speech.

He spoke about the ‘Shared Interests between United States, Singapore and South Asia’, and gave insights on the current state of US-India commercial relations.

SICCI was proud to launch the awards ceremony for the tenth year. Mr R Narayanamohan said, “I cannot emphasise more that without the sustained support of DBS Bank, as the Main Sponsor, the SICCI-DBS Singapore Indian Entrepreneur Awards would not have come to fruition or made the impact that it has for the past nine years. We are grateful to DBS Bank for its continued support since 2004. We are also delighted to have RSM Chio Lim again this year, as the Knowledge Advisor. I would also like to mention that we are honored to have the support of all our sponsors and supporting partners in ensuring that this year’s award ceremony will be a greater success.”

Mr Piyush Gupta’s presentation on ‘Building Brand Value in the Singapore Context – The DBS Experience’ was another highlight of the launch ceremony.

Following this, a dialogue session took place where His Excellency David I Adelman joined Mr Piyush Gupta.

Mr R Narayanamohan was the moderator of the insightful dialogue session which raised many thought provoking questions from the guests who had attended the ceremony.

The Chamber will continue to present the other two important awards - SICCI-DBS India Enterprise Award (SICCI-DBS IEA 2013) and SICCI-DBS Singapore-India Business Award (SICCI-DBS SIBA 2013) this year.

The winners of the SICCI-DBS SIEA 2013 and the recipients of the SICCI-DBS IEA 2013 and SICCI-DBS SIBA 2013 will be announced during SICCI’s 89th Anniversary Dinner on 25 October 2013 held at Shangri-La Hotel Singapore. The Guest-of-Honour for the presentation ceremony and dinner is the President of Republic of Singapore, His Excellency Dr Tony Tan.

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Opinions

Entrepreneurs HE David I Adelman

Ambassador for United States of America

Speech by HE David I Adelman, Ambassador for United States

company taking cargo to the International Space Station

of America at the SICCI-DBS SIEA Awards Launch 2013.

with designs on a manned mission to Mars. Corporate

I am honored to be speaking before such an esteemed group of intellectuals, analysts, businessmen – and most importantly this evening – entrepreneurs.

Thank you for the gracious invitation by SICCI to join this event to recognize Indian entrepreneurs in Singapore. I am especially thrilled to be on the same program as my good friend Piyush Gupta who so impressively leads DBS.

America and Americans have long benefitted from such risktaking immigrant entrepreneurs.

Today, Silicon Valley is the heart of America’s entrepreneurism and its first generation American community from India is one of our most active and successful groups. In fact, studies have shown Indian immigrants launch 1/3 of all tech start-ups – the highest percentage for any group by far.

Vinod Khosla who started Sun Microsystems and Sabeer

Entrepreneurs Peter Drucker said, “Innovation is the specific instrument of entrepreneurship...the act that endows resources with a new capacity to create wealth.”

Innovation is the life blood of America – and America is the most entrepreneurial society on earth. We have developed

Bhatia who invented hotmail were individuals with an idea.

And with that idea, they not only created successful products, they revolutionized their industries and changed the world.

Just last month, the White House honored 3 IndianAmerican entrepreneurs with the prestigious Champions of Change awards.

our culture of entrepreneurship by encouraging risk-taking.

The Indus Entrepreneurs (TIE) organisation in the US

Central to our encouragement of risk taking has been

has fostered budding entrepreneurs since 1992 and has

America’s diversity.

now become one of the largest global non-profits for

The U.S. Small Business Administration found that

entrepreneurship development.

entrepreneurs employ more than 50% of the private

I commend the SICCI-DBS Singapore Indian Entrepreneur

workforce in America and generate more than half of the

Awards initiative, the award recipients, and all the current

nation's gross domestic product. Indeed, entrepreneurs are

and future entrepreneurs in attendance today.

the principal source of new jobs in the U.S. economy.

70 million immigrants have come to US since the first

Shared interests

colonists arrived. They have been critical to our economic

I am proud to say that the United States has built our

development, and innovation. The stories of American

friendships in Asia based on common values including the

entrepreneurs are countless. From Benjamin Franklin and

shared belief that every person has the constructive potential

Thomas Edison in the earliest days of our Independence.

to improve the world if they are given an opportunity and

Most often, our entrepreneurs have been our newest

an environment to take risks and dream big dreams.

citizens. Through the newly immigrated, French-born founder of DuPont who started out selling gunpowder in the early 1800s to Hungarian-born Andy Grove, the co-founder of Intel. South African born Elon Musk who founded Paypal

This is how it should be for a Pacific nation such as the United States. Our geography, our history, our economy and our culture are inextricably linked to Asia.

and is now leading Tesla the most innovative manufacturer

Before I conclude, I’d like to update you on the state of US-

of electric powered vehicles and SpaceX which is a private

India commercial relations.

6 SICCI Newsletter - July 2013

opinions

US-Singapore-India Trade ties:

If Raised…..

Singapore is one of the United States’ largest trading

Pakistan

partners with bilateral trade exceeding $50 billion.

Singapore was the US’ 13 largest export market with over $30 billion of US exports. India is not too far behind and

India and the United States will need to continue to engage Pakistan to make all of South Asia peaceful and prosperous.

is our 18th largest export market with over $22 billion of

Welcome initial steps that India and Pakistan have taken

US exports.

to normalize trade relations, which are crucial to Pakistani

US two way trade with India has risen tenfold since 1993, and in 2012 exceeded $62 million. With further reductions

efforts to improve its economy and counter extremism within its borders.

in trade barriers, bureaucratic red tape, and renewed

American and Pakistani troops have a common enemy

economic growth in the US and India, there is a lot of

in Al Qaida, and a shared objective in supporting

headroom and we project further growth.

Afghanistan’s security.

Relatively early in my tenure, I had the pleasure of leading – with the support of SICCI - a trade mission with many key

Bangladesh

American business representatives in Singapore to explore

Ideally geographically situated to serve as a land bridge

additional opportunities in the Indian market.

for trade between the Asia-Pacific region and South Asia,

Free trade is good for America, good for Singapore and India, and it's good for global growth.

But, for India and the US, free trade combined with our continued commitment to entrepreneurship will ensure the rising tides of our growing economies will lift all boats

especially given the reforms underway in Burma. Key to achieving Indo-ASEAN connectivity.

In May 2012, the United States and Bangladesh created a US-Bangladesh Partnership Dialogue to institutionalize the deep relationship that has developed.

not just the luxury yachts. Again, congratulations to SICCI,

Bangladesh also represents one of the largest development

DBS and the many entrepreneurs who will be honored

assistance commitments that the Obama Administration

here this evening.

has made.

Context:

Singapore-India Trade Stats:

India-Singapore’s bilateral trade reached US$ 23 billion in

2011

2012, a 15% decline from the $28 billion in 2011. Indian

% change 2012/2011

2012

Spore exports to India

17,654.00

13,592.80 SGD mn

-23.00%

Spore import from India

17,770.90

16,212.70 SGD mn

-8.77%

direct investment into Singapore sky rocketed after both countries inked the India-Singapore Comprehensive

Total trade

35,424.90

29,805.50 SGD mn

foreign direct investment (FDI) into Singapore amounted to US$ 19 billion in 2011, and India was Singapore’s eighth largest source of FDI in 2011. Indian foreign

1.2579

Economic Cooperative Agreement in 2005. The 868,963 Indian tourists accounted for about 6.6 percent of all

Total trade

28,161.94

1.2497 FX rate 23,850.12 USD mn

-15.86% -15.31%

inbound tourism into Singapore in 2011, and US$0.9 billion of spending. There are just 4 Indian companies listed in Singapore Stock Exchange, and about 4,000 Indian firms

US-India Trade Stats:

doing business in Singapore (about 200 larger companies).

Indian buyers formed the fourth largest source of buyers for Singapore private residential properties in 2011, after the Chinese, Malaysians and Indonesians. There are a total of seven Indian banks operating in Singapore, including two Qualifying Full Banks.

% change 2012/2011

2011

2012

US exports to India

21.63

22.34

USD bn

3.27%

US import from India

36.17

40.52

USD bn

12.03%

Total trade

57.80

62.85

USD bn

8.75%

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OpinionS

Building Brand Value in the Singapore Context – The DBS Experience Mr Piyush Gupta

Chief Executive Officer, DBS Group

Speech by Mr Piyush Gupta, Chief Executive Officer, DBS Group at the Launch of the SICCI-DBS SIEA 2013.

One of the things I am most proud of after helming DBS for the past four years is the fact that for the first time, DBS was rated the most valuable brand in Singapore by Brand Finance.

This is not by accident. With my senior management team, we have spent a lot of time thinking about what it takes to build a good brand. We started by asking ourselves what a brand is. To us, a brand is more than just a logo or company image. It is a promise of an experience to customers. That is the most important insight if you are thinking about what it takes to make a brand.

We considered three key questions when thinking about our brand promise. First, what do we want to stand for and what would differentiate us.

Second, how do we bring the brand to life and enable 18,000 employees in the bank to understand what we stand for and be an ambassador. Third, how do we breathe life into our brand promise and engage our customers and the community.

So what do we want to stand for? The first thing we want to establish is that our roots are “Singapore”, leveraging on its “safe, efficient, smart” connections.

The second thing we wanted to use was the Asia connection. Why Asia? It is Asia’s time; Asia is on its way to becoming an economic giant and Asian banks represent the stability, strength and future of Asia. Finally, recognising that we have a broader social purpose and contribute meaningfully to the community, we want to be known as a force for good, focused on supporting genuine business activities driving growth in the economy.

We also want to stand for a very unique brand of banking, ‘Banking the Asian Way’. Here, we nurture Asian-style relationships with customers, staff and the community.

8 SICCI Newsletter - July 2013

opinionS

We use our knowledge of how to do business in this

In summary, a brand is what connects a business with

region to provide unique Asian insights when we create

the hearts and minds of consumers. To be successful,

solutions for our customers. We deliver Asian-style service

we must walk the talk in everything that we do.

to customers characterised by the “humility to serve and

Every customer experience across every touchpoint

the confidence to lead.� We offer customers seamless

is a moment of truth. The awards and accolades that

connectivity across our network of key Asian markets.

DBS has been receiving are external validations of the

Finally, we combine innovation with an understanding of

traction we have made on building our brand.

fast-evolving customer trends and behaviors to reach out to customers.

Next, we focused on achieving internal alignment. A brand is not what you say; it is what you do. Brands are built from within. If it is a promise, we can only fulfill it through a set of actions, interaction and engagements starting with our employees. As such, we spent a lot of time capturing the brand in simple words and diagrams to ensure that every one of our 18,000 employees will embody and live the brand.

Third, we looked at building external alignment -transforming our brand promise into actual experiences for our customers and the broader community. To create a brand persona which is real and enduring, it has to reflect an experience the customer feels. To that end, we created a customer experience council, which is responsible for thinking through the customer journey.

We have implemented over 180 service improvement projects in the last three years.

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welcome aboard!

SICCI is pleased to welcome the following new members:

News update

Enhancements of Enterprise Development Centre (EDC) to SME Centre

February 2013 Darshan & Teo LLP Ess Dee Aluminium Pte Limited Jahnavi Mayal (Ms) Kamala Jewellers Pte Ltd Kenn Sylvester Pereira (Mr) KPI Cinemas Pte Ltd Lakshmi Krishnakumar (Ms) Rotomac Global Pte Ltd Sakunthala’s Holdings Pte Ltd Skanda Pte Ltd Vasi Shipping Pte Ltd

March 2013 Peakmore International Pte Ltd Gemini Personnel Pte Ltd Priyanka Ahluwalia (Ms) R B Global Pte Ltd Winspire Solutions Pte Ltd

April 2013 Glints Global Pte Ltd P.V. Trust Pte Ltd Satish Chandran (Mr) SB Commodities Pte Ltd Tamil Maran S/O Viraya (Mr)

May 2013 Aarti International Pte Ltd Baramati Agro Singapore Pte Ltd BH Safety Services Central Equity Asia Pte Ltd Netweb Pte Ltd Trace Capital Pte Ltd Virgo Overseas Pte Ltd

June 2013 Anupriya Khare (Ms) E-Nisadya Pte Ltd Life Insurance Corporation (Singapore) Pte Ltd MDIS Pte Ltd Nishant Srivastava (Mr) Polytech Instruments Asia Pte Ltd Zenith Exim Pte Ltd

10 SICCI Newsletter - July 2013

Who can help me identify the correct government assistance?

Is there support for companies to build internal capabilities?

How do I scale up my business abroad?

Is my company eligible for government assistance?

To serve as a key pillar of support and to assist and develop core business growth of SMEs, Enterprise Development Centres (EDC) have been enhanced as SME Centres.

SME Centres will provide complimentary business advisory to identify areas for improvement - leading to either reports that will chart out productivity and business growth roadmaps or suggestions on government assistance for use.

What Services Do SME Centres Offer?

SMEs can look forward to: •

Identifying areas for improvement and implementing roadmaps for growth

•

Business advisory on appropriate government assistance and application procedure

•

Workshops to educate and equip SMEs with knowledge to build capabilities in their organisation

What Government Assistance is Available?

•

Start-Up Assistance

•

Tax Savings

•

IT Adoption/Productivity Implementation

•

Capability Development Assistance

•

Obtain solutions to meet your manpower challenges

•

Internationalisation

SICCI Events

Recent events

Seminars on Singapore Budget 2013

SICCI organised two seminars on Singapore Budget 2013.

The first seminar held on 7 March 2013 was organised jointly with Institute of Chartered Accountants in India (ICAI), PricewaterhouseCoopers LLP (PwC) and Ernst & Young (E&Y). Over 60 SICCI members and guests participated in the seminar held at the Singapore Management University to discuss the India and Singapore Budgets for fiscal year 2013.

Mr Richard Ong, Director of GST from RSM Chio Lim who initially presented the salient features of the 2013 Budget.

Ms Koh and Mr Ong provided insights on the changes relevant to SMEs which were announced in the Budget.

Key points that were the focus of discussion included the Three-Year Transition Support Package including the Wage Credit Scheme, Corporate Income Tax Rebate and Productivity and Innovation Credit (PIC) Bonus.

A panel of speakers from PwC and E&Y provided their assessment of the budgets and shared their views on the impact on companies doing business in India and Singapore.

The speakers also reviewed the Property Tax Changes, changes in CPF and Medisave Contribution Rates, Vehicle-related charges, Foreign Worker Levies, Dependency Ratio Ceilings and GST.

The seminar included a panel discussion with the eminent speakers, moderated by SICCI Chairman, Mr R Narayanamohan. The audience actively participated in the session by putting forth their queries and comments.

Active audience participation followed at the end of each seminar.

The second seminar was held on 12 March 2013 at SICCI Building. In collaboration with RSM Chio Lim LLP, this seminar on ‘Singapore Budget 2013 – Highlights’, discussed the key proposals and their implications for Singapore companies.

The interactive session included distinguished speakers, Ms Koh Puay Hoon, Director of Tax Services and

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Recent EVENTS

SICCI Events Delegation from the Andhra Chamber of Commerce, India SICCI hosted a welcome reception for delegates from the Andhra Chamber of Commerce, India on 16 April 2013.

The 27-member business delegation gained a comprehensive update on the latest economic developments in Singapore and gained insight on how Indian companies can leverage on Singapore’s connectivity and networks to reach out to other parts of Asia. They were also briefed about the Chamber’s activities and initiatives during the two-hour meeting with SICCI members.

Members who attended the meeting learnt about possible investment opportunities with delegates’ companies which represent a wide range of industries such as agricultural products, engineering, information technology, logistics, metals and minerals, real estate, textiles and travel.

It was an invaluable meeting and networking opportunity for SICCI members.

Delegation from the Bombay Stock Exchange Brokers' Forum SICCI hosted a delegation from the Bombay Stock Exchange Brokers' Forum on 7 May 2013 in the SICCI Building.

The forum formed in 1993 represents the concerns of the trading members in front of the regulators and stock exchanges in India and globally.

During the meeting, there was discussion about doing business in Singapore and an overview of the Singapore economy, its changes and advancement.

Business Delegation from Sri Lanka SICCI hosted a delegation from Sri Lanka on 10 May 2013 in the SICCI Building.

The 15-member Business Delegation Team from Sri Lanka was visiting Singapore with the intention of exploring business opportunities and increasing the two way trade between Sri Lanka and Singapore.

During the breakfast meeting, members gained an opportunity to network with fellow businessmen from a wide range of industries.

Signing of the Memorandum of Understanding and Dialogue session with the Federation of Indian Export Organisations The Federation of Indian Export Organisations (FIEO) visited SICCI on 11 June 2013.

jointly by the Ministry of Commerce, Government of India and private trade and industry in the year 1965.

FIEO represents the Indian entrepreneur’s spirit of enterprise in the global market. This apex body of Indian export promotion organisations was set up

Mr Amit Goyal, Vice President and Mr Nihar Lakhia, Joint Director signed the agreement on behalf of FIEO.

12 SICCI Newsletter - July 2013

recent events

SME Centre @ SICCI Events Productivity with Automation and Innovation – 23 April 2013 At this day and age, organisations are facing fierce competition and customer’s expectation on new products and services are evolving, as they are starting to look for high quality goods with low cost value. Since the market is trending towards Social, Mobile, Analytics and Cloud (SMAC) based solutions, enterprises need to be more cognizant and innovative in developing new products or features in their existing offerings .

The seminar discussed on how companies could improve their productivity by automating their manual processes and activities with the aid of SMAC solutions, to increase their efficiency.

From Followers to Customer Evangelists: What SMEs Must Know About Social Media – 20 May 2013 This talk provided the participants with an overview about Social Media and its impact on businesses and organisations. They discovered that Social Media is not just about technology and learned how to leverage virtual relationships (tribe) in building powerful connections and alliances that directly or indirectly promote a company's business worldwide.

With the right skills and strategies, it is possible to reach out to new and distant prospects both locally and internationally.

Information session on the Personal Data Protection Act – 15 July 2013 A Talk by Competition Commission of Singapore (CCS): Understanding The Competition Act and How It Affects Your Business – 14 June 2013 Staying competitive in the current economic environment can be challenging if other companies use anti-competitive practices such as price-fixing and bid rigging to increase their business costs illegally. This session equipped SMEs to find out how the Competition Act can help their companies by stopping any anti-competitive practices which may harm them from pursuing business opportunities. Companies risk breaking the law by unknowingly engaging in anti-competitive practices in a variety of ways, which may be hidden from senior management. To avoid this, the session explained how companies can proactively take steps to comply with the provisions of the Competition Act by having an effective competition compliance program in place.

The Personal Data Protection Act 2012 (PDPA) is a baseline law that governs the collection, use and disclosure of personal data. The Do Not Call (DNC) and Data Protection (DP) provisions under the PDPA will come into operation on 2 Jan 2014 and 2 Jul 2014 respectively. Organisations will need to review their data protection policies and put in place practices to comply with the Act. To help organisations get ready, the Personal Data Protection Commission (PDPC) is supporting SMEs on personal data protection matters and this informative session provided the organisations with an overview of the Act.

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recent events

SICCI IOB Seminars Investment Strategies in Uncertain Markets by Taurus Wealth Advisors SICCI Institute of Business and Taurus Wealth Advisors organised a seminar on providing Investment opportunities to High Net Worth individuals across the Asia Pacific Region on 17 May 2013.

The objective of this seminar was to provide the best possible independent investment advice to the participants to enable them to manage their High Net Worth clients better. The team from Taurus Wealth Advisors engaged the participants on the topic of advising clients entirely in line with the investment goals and risk profiles of every individual, to achieve steady and long term wealth creation.

Dispute Resolution by Oon & Bazul LLP SICCI Institute of Business and Oon & Bazul LLP organised a seminar on dispute resolution on 28 May 2013. The seminar provided a step-bystep guide on what companies and organisations should consider vis-Ă -vis a contract at the time of entering into a transaction. Knowing how to effectively manage and resolve commercial disputes is the key to a successful business model.

It touched on important clauses when executing a cross-border contract for international trade.

These are important tools to be used to avoid disputes from the outset, rather than incurring time and costs in extended legal proceedings upon the occurrence of a dispute.

The speaker, Mr Bazul Ashhab, Managing Partner for Oon & Bazul LLP and the Head of Dispute Resolution shared insights on commercial litigation and arbitration. He is ranked by Asia Pacific Legal 500 and by Chambers Asia Pacific, as one of the leading lawyers in Singapore.

The seminar had more than 30 participants.

As more High Net Worth individuals engage the services of private bankers, having the independence and integrity of a third party investment advisor to consolidate and give counsel on all matters pertaining to management of the investment portfolio, has become more vital than ever.

IOB

upcoming events

International Shipping and Logistics Contracts 1 August 2013

Social Media by Gideon 5 August 2013

Analytics@Work 16 August 2013

Chinese Business Culture Talk by Elite Asia 29 August 2013

Beyond Chit Chat – How to Effectively Manage a Sales Team to Improve Productivity 6 September 2013

Import & Export Procedures and Practices 9 September 2013

SME Centre@SICCI Financial Literacy for SME Managers 27 July 2013 14 SICCI Newsletter - July 2013