Public-private partnership aims to support businesses in navigating complex global trade dynamics
The Singapore Business Federation (SBF) has unveiled a new initiative aimed at helping businesses in Singapore and the region enhance their trade and investment capabilities. The Centre for the Future of Trade and Investment (CFOTI) is a public-private partnership backed by the Ministry of Trade and Industry, Enterprise Singapore, businesses, and other partners.
The announcement was made by SBF vice-chairman Andrew Kwan at the inaugural Future of Trade Forum during the Singapore Apex Business Summit on July 25, 2024. The initiative aims to build a community of trade practitioners, thought leaders, and government officials, working together to foster “inclusive, sustainable, and future-ready” global trade.
Minister for Manpower Tan See Leng emphasized the need for businesses to understand how to leverage Singapore’s trade agreements in a world marked by disruptions, including the US-China trade tensions and the reorientation of global trade along geopolitical lines.
CFOTI’s activities will include developing competency frameworks and courses on trade and investment, offering bespoke advisory services, and facilitating dialogues between the public and private sectors. These efforts are designed to help businesses understand and make the most of trade agreements, while also preparing them for the complexities of the global trade landscape.
SBF’s Kwan highlighted the importance of bridging the gap between theory and practice, ensuring that the initiative responds to the dynamic needs of businesses operating in a constantly changing global environment. A pro-tempore committee led by former SBF vice-chairman Gan Seow Kee has been established to oversee the CFOTI’s formation.
