New SBF Chairman Lee Kien Hing: Focus on Enterprise Resilience and Innovation

Sing Lun Holdings President Lee Kien Hing has been elected the new chairman of the Singapore Business Federation (SBF), succeeding former chairman S.S. Teo who earlier announced he would step down and not seek re-election.

The SBF held its 24th Annual General Meeting on Wednesday (June 24) and elected the 13th Council, with a two-year term until 2028.

In a statement, the SBF said the new council comprises 24 members, including 12 elected councilors, 11 representatives from trade associations and chambers, and one co-opted councilor.

The new council includes six new members: Adam Click, Chairman of AmCham Singapore; Moses Mok, President of the Restaurant Association of Singapore; Lee Teck Ming, Chairman of SGTech; and Suhaimi Zainul-Abidin, CEO of hedge fund Quantedge Capital.

During the AGM, the SBF also held its fifth Future Ready Business Dialogue, with guest of honour Chan Chun Sing, Minister for Public Service and Defence.

The dialogue, themed 'Whole-of-System Readiness: What Must Government and Businesses Change,' brought together business leaders and policymakers to discuss how companies can enhance resilience, build future-ready capabilities, and navigate growing uncertainties.

Lee Kien Hing: Ensuring Businesses Remain Competitive and Resilient for the Future

New chairman Lee Kien Hing, who is also a Nominated Member of Parliament, said in the statement that geopolitical tensions, rapid advancements in AI, and shifting trade patterns are reshaping the global economy, presenting both challenges and opportunities for businesses.

'My priority is to ensure that businesses remain competitive, resilient, and future-ready. We will work closely with companies, government, and industry partners to develop practical solutions, create a business-friendly environment, and help companies build the capabilities needed for innovation, internationalisation, and sustainable growth,' Lee said.

He also noted that Singapore will chair ASEAN next year, providing an excellent opportunity to deepen regional economic integration and strengthen ASEAN as a key engine of global growth. 'SBF will collaborate with regional partners to turn these opportunities into tangible business outcomes and drive a more connected, innovative, and sustainable ASEAN,' he added.

Lee previously served as Deputy Chairman and Treasurer of SBF. He also acted as Chairman while S.S. Teo was on temporary leave.

S.S. Teo, aged 71, issued a statement in May saying he would not seek re-election after his term as SBF chairman ended on June 24. He had previously temporarily stepped down from his roles as SBF chairman, Executive Chairman and Director of Pacific International Lines to deal with charges filed by the US Department of Justice. Earlier, Lianhe Zaobao reported that US authorities accused him of involvement in manipulating dry container prices.