Welcome remarks by Mr Chua Taik Him Acting Chief Executive Officer International Enterprise (IE) Singapore At the China-Singapore Digital Economy Forum (Tuesday), 0930Hrs Pan Pacific Hotel Mr S Iswaran, Minister for Industry, Singapore, Mr Ren Xian Liang, Vice-Minister of Cyberspace Administration of China (CAC), Distinguished guests, Ladies and Gentlemen, A very good morning to all. Introduction and Digital Economy Forum 1. Today, we have a unique gathering of digital enterprises and organisations from China and Singapore. From China, leading digital players such as Xiaomi, Tencent, Alibaba, and up-and-coming players like DiDi and ACFun are here. From Singapore, we have leading Media and Communications players like MediaCorp, SPH, Starhub, and promising digital players like NETS. 2. Importantly, we have with us in the same room, the administrations and institutions promoting the digital economy. I would like to thank Vice Minister Ren Xian Liang for taking his time to lead an important delegation to Singapore to support the event. I would also like to thank Minister Iswaran for gracing the forum. International Enterprise Singapore is the government agency driving Singapore s external economy.
3. We hope the sharing of experiences, challenges and best practices in the digital economy will help accelerate the understanding of the opportunities and threats in this arena. 4. Most important of all, it is our intention to foster closer partnerships between Singapore and Chinese enterprises in the digital space. To achieve this, we are organising five theme-specific roundtables. We will brainstorm how Chinese and Singapore companies can collectively capture the value from growth engines powered by digital technologies. The themes cover more established areas of e-commerce and online services such as e-education and online travel. They also cover areas of great growth potential, namely smart cities and the Internet of Things (IoT). 5. IE Singapore, an agency under the Singapore Ministry of Trade and Industry, has been actively helping Singapore companies expand overseas. We have also been exploring partnership opportunities with Chinese enterprises that have capabilities and leadership roles in the digital space. With the positive and enthusiastic responses from both sides, we have organised The Digital Forum today to serve your needs. Singapore enterprises need to participate in the Chinese digital economy to grow and innovate 6. China is a pioneer in the Internet economy. It has the scale and scope to motivate innovation in the field. To access the Chinese market, Singapore companies need to know the e-commerce landscape well. At the same time, they need to understand the Chinese digital players in order to leverage them effectively. 7. China is also a source of digital technology. The scope of its technologies is broadbased, ranging from hardware, software, to solutions and services. Not only products are being sold through the Internet; services are also being delivered online. 8. The diverse and increasingly sophisticated consumer demands in China makes it an important test market for companies to validate business models and drive innovation. 9. Singapore companies need to be able to plug into the Chinese digital economy seamlessly and effectively to grow, be globally innovative and competitive. Page 2 of 5
Internet Policy Environment 10. To support the growth of digital enterprises, the policy environment in China is pragmatic and conducive. Singapore can learn from this. One good example is the existence of the Cyberspace Administration of China (CAC). It adopts a holistic approach to facilitate and promote orderly growth of the cyber industries. The Internet Plus Strategy that CAC champions also serves as a timely roadmap for digital players. Singapore companies offer synergistic capabilities for Chinese digital players to scale internationally 11. Singapore companies are active and catching up quickly in the digital economy. Young start-ups are setting up rapidly, and the older generation or more established enterprises are speeding up their transformation processes to stay relevant 12. Singapore itself does not have the scale to be attractive as a cyber-market. But it has a hinterland of 600 million population in the Southeast Asia region. Furthermore, it has great connectivity and accessibility to the one billion population in South Asia, a viable critical mass. The region is not homogenous in terms of language, culture and economic development. Yet, Singapore companies possess relevant operating experiences due to our global trading and financial hub background. This enables them to thrive in connecting and integrating fragmented and diverse economies. 13. Many Singapore companies have a strong foothold in Southeast Asia and South Asia. In fact, several of them are playing critical roles in fulfilling the logistics and payment needs of international e-commerce companies in this part of the world. They are potential partners with relevant and complementary skill sets to Chinese digital companies, who seek to grow outside China, especially to this region. Page 3 of 5
Singapore and Chinese companies can co- create and innovate competitive business models 14. We have already witnessed some Singapore companies forming strategic partnerships with Chinese players. The most recent alliance among Singapore-based GrabTaxi, Didi Chuxing of China, Ola of India, and Lyft of US is a good case in point. The alliance offers a seamless transport booking service for the pan Asia-Pacific region. 15. We would like to see more of such examples. China is already Singapore s largest trading partner. Singapore is also China s largest source of foreign capital. In last year s Singles Day on 11 Nov 2015, Alibaba registered the highest sale in one day with US$14 billion turnover. Little know is that Singapore was among the top five non- Chinese countries contributing to the record. We think both countries can also develop a strong and broad-based partnership in the digital arena. 16. We hope to promote co-creation between the two digital communities. We believe that through strengthening the interconnections of the two ecosystems of digital economy, there would be a lot of room for Singapore companies and Chinese companies to jointly develop and create globally competitive businesses. Conclusion 17. Once again, I would like to take this opportunity to express our appreciation to our partners for the event, the CAC, the Ministry of Trade and Industry, and all participants for your support and making this event possible. 18. I wish all of you a fruitful forum. Thank you. --End-- Note to Editor Please use IE Singapore if an acronym for International Enterprise Singapore is required. Unless otherwise stated, the use of statistics cited in our media releases, website or Statlink, should be attributed to IE Singapore. For media enquiries and/or event photos, please contact: Ms Cassandra Wong Manager, Media Corporate Communications Group DID : (+65) 6433 4618 Page 4 of 5
Mobile : (+65) 9129 8490 Email : Cassandra_Wong@iesingapore.gov.sg About International Enterprise Singapore International Enterprise (IE) Singapore is the government agency driving Singapore s external economy. We spearhead the overseas growth of Singapore-based companies and promote international trade. Our vision is a thriving business hub in Singapore with Globally Competitive Companies and leading international traders. IE Singapore attracts global commodities traders to establish their global or Asian home base in Singapore. Today, Singapore is a thriving trading hub with a complete ecosystem for the energy, agri-commodities and metals & minerals trading clusters. Through our Global Company Partnership and Market Readiness Assistance, we also work with Singapore-based companies in their various stages of growth towards being globally competitive. Our global network of overseas centres in over 35 locations provides the necessary connections in many developed and emerging markets. Visit www.iesingapore.com for more information. Page 5 of 5