Make room for next generation while tapping elders’ experience: PM Wong to Chinese business leaders

Younger leaders must earn that trust by bringing fresh ideas and new capabilities. While technology and artificial intelligence may give them access to knowledge at their fingertips, they should not assume they know better than their elders, he said.

Instead, they should be willing to listen and learn about what made the business successful.

PM Wong said this principle of renewal extends beyond individual companies to institutions such as SCCCI, as he urged the chamber to connect younger and older business leaders, facilitate mentorship and create opportunities for the next generation to step forward.

“Because the true test of successful leadership is not what we achieve during our lifetime,” he said. “It is whether we leave behind an organisation that is stronger, and a new generation of leaders who are ready to take it forward.”

PM Wong also highlighted two other areas the companies have to work at – transforming before circumstances force them to and building new connections outside of Singapore.

He noted that firms today face new technologies such as AI, which are changing how companies operate and compete.

These changes cannot be stopped, he said, and the task is to get ahead of them.

He noted that SCCCI has been helping small and medium-sized enterprises adopt AI and digital solutions, as well as sustainable practices. It is also helping workers acquire new skills.

He encouraged the chamber to continue its efforts, adding that the Government will keep supporting businesses and workers through these changes.

But real transformation goes beyond adopting the latest AI tool, he cautioned.

A company can introduce AI and still operate in much the same way as before, he said. The bigger gains come when firms rethink their processes, redesign jobs and even change their business models, all of which require a mindset change.

“We must be prepared to question assumptions that have served us well in the past,” he said, adding that this is often hardest when things are going well, because success breeds comfort and eventually complacency.

On building new connections, PM Wong called on companies to broaden networks and diversify markets.

Singapore’s small domestic market means its companies have always had to look abroad for customers, partners, ideas and opportunities.

SCCCI understood this from the start, he said, and has built extensive networks overseas, particularly in China, which should continue to be deepened.

With the global economy becoming more fragmented and trade and investment flows shifting, companies must seize new opportunities that are opening up, he said.

China remains an important market, but Singapore companies must venture out early, take calculated risks and establish their presence for the long term across ASEAN, India, the Middle East, Africa and Latin America, he added. This is another area that the Government will support companies in, he added.

PM Wong also welcomed SCCCI’s new International Advisory Panel, with National Development Minister Chee Hong Tat as patron, which aims to support companies in going abroad.

He said that the spirit of enterprise, the willingness to look beyond immediate interests and the commitment to contribute to Singapore’s progress have sustained SCCCI for 120 years, and will carry it foward.

Likewise, Singapore must keep adapting to a changing world, finding new opportunities, and preparing for the future, he said.

In his speech, SCCCI president Kho Choon Keng said in Mandarin that the newly established panel will bring together the insights and expertise of international business leaders, provide its members with forward-looking insights into global markets and help to create new opportunities for all.

He added: “As Singapore assumes the ASEAN chairmanship next year, we look forward to seizing this opportunity to work hand in hand with all to build a more prosperous, stable and sustainable region.”