Kelvin Loh’s Post

Singapore Budget Dialogue 2024 As the Chairman of the SSACCI - Singapore South Asia Chamber Of Commerce And Industry, I had the distinct privilege of hosting the illustrious Singapore Budget Dialogue event this year. Over the span of three hours, we delved into pivotal discussions, surrounded by some of the most forward-thinking business minds from Singapore. Our dialogue was rich and comprehensive, covering a wide array of topics essential for nurturing a conducive environment for businesses and industries to thrive, not just in Singapore but across the South Asia region. We unveiled robust initiatives like the Enterprise Support Package, SkillsFuture Level-Up Programme, and the Energy Efficient Grant, each designed to bolster our economy, foster innovation, and support our workforce in unprecedented ways. We also tackled the critical areas of sustainability through the National AI Strategy 2.0 and investments in Research, Innovation, and Enterprise, ensuring Singapore remains a global beacon of growth, innovation, and sustainability. I am particularly excited about the Refundable Investment Credit and the Financial Sector Development Fund, both of which are poised to propel our economic sectors to new heights and secure Singapore's position as a global financial hub. Our commitment to reducing wage gaps, supporting the involuntarily unemployed, and enhancing retirement adequacy speaks volumes of our dedication to inclusivity and social welfare. The energy and insights shared by all participants were inspiring, reflecting our collective resolve to navigate the complexities of our time with boldness and innovation. I extend my heartfelt thanks to all board members and participants for their invaluable contributions. To Vice Chairman Dr Balakrishnan Ramanathan, Vice Chairman Mr. Krishnamani Kannan, Hon. Secretary Ms. Vithya Raj, Assistant Hon. Secretary Dr. Viveka Kalidasan, PhD, CEO Sathya Priya Chidambaram and Board member Ms. Deepalakshmi Ravichandran, your expertise, vision, and commitment have been instrumental in our journey. Follow and connect with Dr Chinnu Palanivelu FCA for a wealth of industry knowledge, insightful discussions, and updates on the latest developments in my endeavors. 💼📚📰 #SingaporeBudget2024 #BudgetDialogue #TaxImplications #GovernmentSupport #FutureReadiness #BusinessGrowth #EconomicDevelopment #FinanceProfessionals #StrategicPlanning #PublicAccounting

So what has Singapore Business Federation proposed for Singapore's Businesses?

Budget 2024: Investing in Singapore's Future & Business Growth☀️ The Singapore Business Federation (SBF) is excited about Budget 2024, and we are hopeful that this forward-looking budget positions Singapore businesses for greater success. 1️⃣ Restoring Singapore’s Competitiveness The new $1.3 Billion SGD Enterprise Support Package provides immediate relief on rising costs and cash flow while promoting long-term competitiveness. This, coupled with the strong show of support for green transition and AI adoption, was a great move that our local businesses welcomed 2️⃣ Deepening Capabilities With the boost in R&D Funding, setting up of A.I. Centres of Excellence, and the SkillsFuture enhancements, the workforce is empowered to establish a robust obust national infrastructure that facilitates innovation, digitalisation, sustainability, and enterprise development 3️⃣ Fostering Collaboration The current Partnerships for Capability Transformation (PACT) scheme will be expanded to support partnerships in more areas, particularly capability training, internationalisation and corporate venturing. 4️⃣ Strengthening Social Compact Businesses appreciate the government's focus on strengthening the social compact and supporting vulnerable groups such as lower wage workers, mature workers, and unemployed job seekers. They appreciate the government's efforts to mitigate costs through the Progressive Wage Credit Scheme, which fosters economic growth and prosperity. Following Budget 2024, SBF will be organising the Singapore Budget Symposium on 8 March 2024 from 9.30am to 12.00pm at Shangri-La Singapore. Minister for Manpower and Second Minister for Trade and Industry, Dr Tan See Leng and Minister for Transport and Second Minister for Finance, Mr Hong Tat Chee will be gracing the event as guests of honour as we take a deep dive into the more business-related announcements from Budget 2024. Gain insights directly from Ministry of Finance (Singapore) (MOF), Ministry of Trade and Industry (Singapore) & Ministry of Manpower, along with our strategic partners DBS Bank and KPMG Singapore by registering here: https://lnkd.in/g5RAxTbA Read the full press release here: https://lnkd.in/geMmTZkw #SBF #SBF2024 #SGBusinesses #SGBudget2024 #ScaledInternationally #SkillsEmpowered #SustainabilityCentric

📣 Singapore Budget 2024 is out! "Building Our Shared Future Together", the #SGBudget2024 aims to support Singaporeans and businesses in addressing immediate challenges while preparing for long-term sustained growth. Key priorities include investments in cost-of-living relief, workforce development & skills training, and promoting AI and sustainability for the future. Check out our takeaways for a comprehensive understanding of how these developments could impact your business, including the challenges and opportunities that lie ahead. 👇 https://lnkd.in/gA7EeN3J For more information on Budget 2024, visit: www.singaporebudget.gov.sg #Singapore #SGBudget2024 #MBiA #MyBusinessInAsia

Making announcements on projected FDI is great! But now the real work begins. Anything you believe the Government can do better? Under leadership Prime Minister Anwar Ibrahim Anwar Ibrahim , Malaysia has been making remarkable strides on the global stage. Recently, Prime Minister Anwar Ibrahim concluded a highly successful trip to New York, where he engaged in fruitful meetings with several Global Fortune 500 companies. These meetings hold immense promise for the Malaysian economy, job creation, and investment opportunities. #MalaysiaLeadership The impact of these investments on Malaysia cannot be understated. They are poised to stimulate economic growth, create employment opportunities, and foster technological advancements. It's crucial to acknowledge the complexities surrounding the realization of these investments. A myriad of regulatory, legal, and logistical issues must be navigated to convert these opportunities into tangible economic gains. #InvestmentChallenges Several government agencies play a pivotal role in this process. The Malaysian Investment Development Authority (MIDA) Malaysian Investment Development Authority (Arham Abdul Rahman, SIVASURIYAMOORTHY SUNDARA RAJA) Malaysia Digital Economy Corporation (MDEC) Ts. Mahadhir Aziz, PMP Gopi Ganesalingam Raymond Siva and the Ministry of Finance will be instrumental in facilitating and overseeing these investments. Coordination and collaboration among these agencies will be essential. #GovernmentAgencies To successfully realize these investments, the Malaysian government must implement a comprehensive strategy. This strategy should encompass regulatory reforms, streamlined administrative processes, and incentives for foreign investors. Strengthening intellectual property protection and ensuring a skilled workforce are also vital components. #InvestmentStrategy Additionally, a robust public-private partnership framework should be established to foster collaboration between the government and businesses. This will ensure that the investments align with Malaysia's long-term economic objectives. #PublicPrivatePartnerships #MalaysiaInvests and #EconomicProsperity highlight the significance of these investments. The journey to realizing these opportunities will require dedication, diligence, and close cooperation between government bodies and the private sector. #InvestInMalaysia Malaysia, under the exceptional leadership of Prime Minister Anwar Ibrahim, has been making significant strides in attracting investments and fostering economic growth. Prime Minister Anwar Ibrahim's successful meetings with Global Fortune 500 companies in New York offer a beacon of hope for Malaysia's economic future. By implementing a well-thought-out strategy, fostering collaboration, and addressing regulatory hurdles, Malaysia can harness the potential of these investments for the betterment of its economy and its people. #MalaysiaLeadership #InvestInMalaysia EPS Consultants Dato Idzham Mohd Hashim

🇲🇾 Explore Investment Opportunities in Malaysia! 🌟 From real estate to technology, Malaysia is a thriving destination for investors. Learn more about the vibrant investment landscape and get answers to your FAQs. 💼💰 #InvestInMalaysia #BusinessOpportunities - Real Estate 🏡: Malaysia's property market is booming, with initiatives like MM2H making it attractive for foreign investors. - Manufacturing 🏭: Malaysia is a manufacturing hub offering incentives for sectors like electronics and automotive. - Tourism and Hospitality 🌴: Invest in Malaysia's natural beauty and world-class infrastructure with government-backed initiatives. - Islamic Finance 🕌: Explore Shariah-compliant investment opportunities in a global leader in Islamic finance. - Technology and Innovation 💡: Malaysia is on a path to becoming a tech-driven economy with initiatives like DFTZ and NFCP. Got Questions? We've Got Answers! - Foreign Investment 🌏: Yes, foreigners can invest in Malaysia, but some sectors have restrictions. - Visa Requirements 🛂: Minimum investment varies for different visas, like the MM2H program. - Tax Incentives 📊: Malaysia offers tax benefits for foreign investors under specific acts. - Business Setup ⏳: It takes around 5-10 working days to register a company in Malaysia. - Political Stability 🏛️: Malaysia is politically stable, with a transparent regulatory system. - Repatriation 🌍: No restrictions on repatriating profits and capital from Malaysia. - Financing Options 💳: A wide range of financing options, including government grants, is available. - Green Investments 🌿: Incentives like tax exemptions and soft loans are there for green investments. - Intellectual Property 📝: Strong protection for intellectual property rights in Malaysia. - Land Ownership 🏞️: Foreigners can own certain types of land, with restrictions. - Government Agencies 🏢: MIDA and MIDA facilitate investments and provide assistance. - Business Culture 🤝: Malaysian business culture values relationships and trust. Invest in Malaysia's dynamic and diverse economy! 🇲🇾💼  https://lnkd.in/eBb3aiJz #InvestmentDestination #MalaysianEconomy

Spoke in support of #SGBudget2024 during the Budget Debate in Parliament today. Growing our economy is a key focus of this year’s Budget, and a perennial preoccupation for Singapore. We are a small and open economy that depends on our connections to the region and the world to thrive.   This is why we have been working hard to transform the economy and secure our next bound of growth through:   - Strong co-ownership and leadership by all stakeholders – businesses, unions, trade associations and chambers; workers – for our transformation movement; - Strengthening our innovation ecosystem; and - Fostering greater collaboration to deepen our position as a Global-Asia node for technology, innovation and enterprise.   Transformation takes time, but our collective hard work so far has translated into productivity gains and real income growth for Singaporeans. Let us press on and continue to work together to seize new opportunities, keep our economy vibrant, and create opportunities for all!  You can read my full speech here: https://lnkd.in/gGWS4w_z 

Ministry of Finance (Singapore) - Singapore Budget 2024 Source: https://lnkd.in/gfJUZJrT #singapore #budget #2024 #wellthought #inclusive Highlights: 2023 was a challenging year. Geopolitical tensions weighed heavily on the global economy. The difficult external environment resulted in lower economic growth for us. While we avoided a recession, income growth was not as strong for many Singaporeans, and cost-of-living concerns remain. Businesses also faced rising costs. In Budget 2024, we have taken steps to address Singaporeans’ concerns with cost of living and provide support for businesses. This Budget also sets out specific steps to realise our vision for a better Singapore under Forward Singapore. We will keep our economy innovative and vibrant, to create more opportunities and a better quality of life for our people. We will provide more assurance for families and seniors, and make Singapore an endearing home for all. We will ensure that all Singaporeans have opportunities to realise their fullest potential, and build a fairer, more equal, and more inclusive society. I look forward to partnering you to chart our way forward. Together, we will build our shared future for a better Singapore.

Paint the Dragon, dot the eyes. 🐉 Singapore Budget 2024 underscores a committed push for #global competitiveness, balancing between incentives for businesses and fostering #workforce development. Analysts suggest refinements to the refundable investment credit (RIC) scheme, advocating broader eligibility criteria, particularly for tech-centric enterprises. With a substantial $1 billion injection into #AI and a $3 billion boost for Research Innovation and Enterprise 2025, the goal is to solidify #Singapore's position as a premier global #innovation hub. While industry leaders welcome these funding injections, they stress the importance of ensuring that benefits cascade down to #SMEs. The Partnerships for Capability Transformation (PACT) scheme supports productivity improvements, knowledge transfer, and test-bedding of innovative solutions through strategic #partnerships between large multinational enterprises (MNEs) and SMEs for their mutual growth. As mentioned in the Budget statement, the scheme will be enhanced to support partnerships in more areas, particularly capability training, internationalisation, and corporate venturing. Observers applaud this move and look forward to the finer details as MNEs offer resources that SMEs typically lack, like market access, technology, expertise, and financial support; and in return, SMEs can contribute local insights, agility, and creativity. How can your #business leverage enhancements announced in the new Budget? Book a complimentary 1-to-1 business advisory session here: https://lnkd.in/g_5tassX and let SME Centre@SMF (Singapore Manufacturing Federation) guide you through tailored strategies, ensuring you maximise the benefits of support schemes and seize every #growth opportunity. 🚀📈 #sme #Budget2024 #smallbusiness #smesupport #support #businessgrowth #sgbusiness #businessadvisory #consulting #business #businessstrategy #refundableinvestmentcredit #globalcompetitiveness #transformation #digitaltransformation #artificialintelligence #investment #economicgrowth #strategicpartnerships #greenadoption

Foreign investors say they are pausing to make sure the Nusantara plans go ahead after the election. "Nusantara is an incredibly wonderful opportunity," said Lee Kang Hyun, chairman of Indonesia's Korean Chamber of Commerce and Industry (Kocham). In his other role as chief operating officer of Hyundai Motor's Asia-Pacific Headquarters, however, Lee is nonetheless cautious about investing in the capital. "We still don't know who the next president will be. Their methods can change," he stressed. Lee also told Nikkei Asia that "Korean investors' wait-and-see stance [could] linger further, depending on the result of the election." Indeed, many are concerned that Nusantara could share the fate of similar projects by Southeast Asian neighbors who have moved their capitals in the post-colonial era. In 1999, for example, Malaysia began relocating federal ministries and government agencies to a new administrative capital, Putrajaya, 25 kilometers south of Kuala Lumpur. But Kuala Lumpur remains the country's financial and commercial capital today. Only one foreign diplomatic mission, Brunei's, has so far relocated. Likewise, Myanmar in 2005 began shifting its administrative capital from Yangon to Naypyidaw, but most major embassies have stayed in Yangon. "I doubt that Nusantara will quickly replace Jakarta as the financial hub," Melinda Martinus, lead researcher at the ISEAS-Yusof Ishak Institute in Singapore told Nikkei, based on the population of Nusantara as compared to Jakarta, a city of 10 million. https://lnkd.in/gVrkb54z