SINGAPORE – The role of trade associations and chambers (TACs) in helping their members ride out current geopolitical and economic challenges was in the spotlight as two initiatives were launched on April 9.
The first initiative is the TAC Measurement Framework, developed by Enterprise Singapore (EnterpriseSG). It comprises a self-diagnostic tool and a step-by-step guidebook that enables TACs to assess their capabilities across a variety of functions and organisational practices.
The second initiative, the Qualified TAC Director Badge, was developed with the Singapore Institute of Directors as part of efforts to recognise TAC leaders who have completed governance training.
Speaking at the launch of the initiatives, Ms Low Yen Ling, Senior Minister of State for Trade and Industry, said: “During this challenging period, the role of TACs is more vital than ever. As a rallying force, TACs are well-placed to forge deep partnerships within members and across sectors.”
Given the ongoing Middle East conflict, Singapore faces the prospect of slower growth and higher inflation as global supplies have been disrupted, said Ms Low, who is also Senior Minister of State for Culture, Community and Youth.
“Beyond energy, the supply of other key products such as fertilisers, aluminium and helium is also affected. Taken together, these developments will drive up fuel, raw material and shipping costs, and in turn, raise overall living and business costs,” she said.
On its part, the Government will continue monitoring the Middle East situation and work with TACs, she added.
“(This is to) ensure our businesses get through the crisis and emerge stronger.”
Ms Low was speaking at the second TAC Summit, which took place at Grand Copthorne Waterfront Hotel Singapore, where the two new initiatives were announced together with the refreshed TAC Alliance 2.0.
TAC Alliance 2.0 is an enhanced execution-focused platform to deepen TAC capabilities, strengthen coordination across TACs, and drive economy-wide transformation.
Singapore Business Federation, which formed the alliance in 2017, said the refreshed alliance aims to strengthen the TAC sector by shaping government-TAC partnerships, fostering collaboration across TACs, and building capabilities in line with the TAC Measurement Framework.
Overseeing the alliance is a steering committee composed of experienced TAC leaders and co-chaired by EnterpriseSG chairman Lee Chuan Teck and his SBF counterpart Teo Siong Seng.
According to SBF’s National Business Survey 2025, only 47 per cent of businesses plan to enter or further expand overseas, down from 59 per cent in 2024, pointing to a clear softening in expansion appetite.
“The survey findings show that businesses are operating in a more volatile environment – expansion momentum has moderated, and firms are calling for practical support such as regulatory guidance, business matching and sharper market understanding,” said SBF CEO Kok Ping Soon.
He added that TAC Alliance 2.0 responds to these needs as part of its objectives to foster cross-sectoral collaborations.
“When businesses are ready to go beyond Singapore, the same coordinated ecosystem can help them navigate overseas complexity and scale with greater confidence,” said Mr Kok.
Key concerns among internationalising firms are uncertainty of demand (43 per cent), cost of overseas expansion (34 per cent), unpredictable operating environments (31 per cent) and geopolitical tensions (30 per cent).
In terms of support, businesses prioritise financial and salary support for overseas expansion (54 per cent), cross-border regulatory and compliance advisory (49 per cent), business matching (48 per cent), and market advisory (43 per cent).
“I look forward to the TACs working collectively through this refreshed alliance,” said Ms Low.
“When TACs pool resources, knowledge and expertise, they create a multiplier effect that benefits individual companies, associations, and the entire business ecosystem.”
