Opening Remarks by Murali Pillai SC, Senior Minister of State for Law and Transport, at SICCI Fireside Chat
Mr Neil Parekh, Chairman of Singapore Indian Chamber of Commerce and Industry (SICCI)
Mr Rajakumar Chandra, Vice Chairman of SICCI,
Leaders and representatives of SICCI,
Distinguished guests,
A. Introduction
1. Thank you for the warm welcome, and for the invitation to join you this evening. It is a pleasure to be here with SICCI — an organisation that has, over many decades, played an important role in advancing enterprise, opportunity, and community in Singapore. Membership has risen from 477 in 2022 to 656 as at 2025. This growth reflects not only the Chamber’s steadfast commitment to its members but also its determination to serve as a dynamic platform for business collaboration and advancement. I commend SICCI Chairman, Mr Neil Parekh, and his team for this laudable achievement.
2. We meet at a time of considerable global uncertainty. Around us, geopolitical tensions are intensifying. For businesses, this translates into a more complex and less predictable operating environment. For law, these are testing times for those of us who are committed to the unwavering principles of the rule of law.
3. The rule of law is the result of logic, moral commandments and the reasoning of the best among us. It does not bend to power, nor does it yield to money. It is the highest form of public good, and our strongest bulwark in these current choppy waters.
4. The rule of law does not stand alone – it requires the foundation of all of us in this room – businesses who care about certainty of contracts, reliability of supply, projects that come in on time and on budget. Businessmen may be caricatured as cold-blooded, practical types who care not for high ideals like justice and fairness, only who wins or is vanquished in the marketplace.
5. To think this is to misunderstand the role of the market, and of the power of commerce. There would be no peace, no prosperity and certainly no progress in Singapore over these past 60 years without a strong and energetic business community. Even such high ideals of rule of law would be empty if the economy did not deliver. In my short speech, I will outline my ideas of law, business and their roles in the making of Singapore, and their continued importance in the years ahead.
6. And in the years ahead, organisations like SICCI matter even more. By helping businesses navigate uncertainty, identify opportunity, and build resilience, you are not merely supporting commercial success. You are strengthening the broader economy and society. SICCI has deepened its role as a trusted platform for business connectivity through trade missions, international delegations, and national‑level engagements, including SICCI’s centennial celebrations in 2024 and last year’s SG60 gathering.
B. Commerce, Law and the Making of Singapore
What is the Rule of Law?
7. This is a significant year in our legal history – and indeed, the history of Singapore. It marks the 200th anniversary of Singapore’s modern legal system, which we will be commemorating as “SGLaw200”, tracing back to the Second Charter of Justice of 1826.
8. The Charter introduced a common legal system for all, regardless of race, culture, or religion.
a. It created a common foundation for all in Singapore – a law which applies equally to everyone and which no person is above.
b. When society is stable and predictable, businesses have the confidence to invest, expand, and innovate. It is this safe environment that allows a logistics company to plan new distribution hubs without fear of sudden disruption, or a retail chain to open more outlets knowing that communities will remain strong and supportive.
9. Even as we define the Rule of Law, we must confront deeper questions - What is the Rule of Law for? How does the Rule of Law create a stable environment for businesses to grow and thrive? And what role does the Rule of Law play in ensuring equal opportunities for all businesses, regardless of size?
10. For the Rule of Law was not a good in itself. It always had a purpose. Without it, a logistics company could not plan its routes with confidence, a retailer could not secure its tenancy rights, and a manufacturer could not safeguard its supply agreements. The Rule of Law is the framework that gives you the certainty to grow, innovate, and pass your enterprises on to the next generation.
C. Markets, Law and the real lesson of history
11. The Charter is 200 years old. The SICCI is 100. Both are much older than Singapore. This is fitting because our country is young, but our values are old – and indeed, to some extent ageless. Our country, our national institutions (including the rule of law), our markets and economy, are all artificial creations to allow us, the people, to live, work and prosper, to find our own paths and meanings in this singular place - which we jointly build, and together, own.
12. It stands to reason therefore, that the law and markets must work together for common goals. To illustrate Singapore’s approach to the Rule of Law, let me show how it has underwritten Singapore’s economic success.
Economic Progress
13. When Singapore left the Federation of Malaysia in 1965, the Government adopted two key strategic decisions:
a. Prioritise export-led industrialisation over import-substitution; and
b. Promote foreign direct investment by attracting global multinational corporations to come to Singapore.
14. These decisions were not in line with the conventional economic thinking of that time. But Singapore, being a small undeveloped economy, really had no choice. We needed to add value to the global economy as a means of ensuring progress for our people.
15. A small, newly-independent country, in the tropics, needed to provide the owners of capital with legal certainty so that they can operate with confidence, knowing that contracts can be enforced, debts will be paid, and any disputes will be resolved quickly, impartially and on their merits.
16. We had no track record, but we did have the rule of law – this was not just a political power, which enabled us to anchor our sovereignty in a legal, moral universe, and to assert our rights and interests against those many times our size or weight, but an economic one.
Safe, stable environment for Investors
17. Our avowed commitment to the rule of law meant that investors could be assured that their assets would not be stripped from them arbitrarily. Instead, their rights, be it contractual, property or other rights – would be upheld. And if disputes arose, these investors know that the disputes would be resolved in Court impartially and efficiently.
18. For example, a property developer can move ahead with building new projects knowing planning regulations won’t suddenly change overnight. A logistics firm can expand its fleet, confident that contracts will be honoured and disputes resolved fairly.
19. Let me be concrete about what this means for your businesses today. When you sign a contract in Singapore, you know it will be enforced. When you protect your IP, you know those rights are real. When you face a commercial dispute, you have world-class independent resolution mechanisms that international partners trust.
20. This approach remains vital as we navigate today’s challenging global economy. Around the world, confidence in international cooperation and a rules‑based trading system is being tested.
21. Many are asking whether global treaties and international organisations still remain relevant and effective. International institutions that have served us well by establishing a world order based on international rule of law in the past decades are now under strain, and reforms are clearly needed. At the same time, major powers are wielding influence through tariffs and protectionist measures to maximise their interests, which often come at the expense of others. For business leaders, this creates greater unpredictability in supply chains, higher costs in cross‑border trade, and more complex investment decisions.
22. Thucydides has often been quoted on the role of power in international affairs, most recently by Canadian PM, Mr Mark Carney, in Davos just last month. Thucydides famously said: “The strong do what they can and the weak suffer what they must”. This is the boilerplate for realpolitik. But we must remember that this phrase was written as a representation of what the Athenians (the “strong”) said to the people of Melos (the “weak”). The Athenians prevailed over the Melians, but they were themselves roundly defeated by the Spartans.
23. One can be strong today, and weak tomorrow. The real lesson of history, to me, is that enduring peace is not built just on strength or power, but equally on law and commerce. Not on allies and enemies, but with partnership and cooperation. Hence, it is fitting that today, we talk not of the spoils of war but of the fruits of commerce.
- Even in an uncertain world, there are opportunities. We must actively build new bridges and expand the ones that we have already built — such as the Comprehensive Economic Cooperation Agreement with India since 2005. For example, our latest collaborations with India in the digital economy, green transition, and sustainability. Recent initiatives, such as linking Singapore’s PayNow system with India’s Unified Payments Interface, demonstrate how practical partnerships can deliver tangible benefits.
25. Today, we talk also of the victories from cooperation and fresh ideas. With India concluding a free trade agreement with the European Union last month, it is clear that nations everywhere are seeking new opportunities. Touted as the “mother of all deals”, beyond easier market access and economic gains, the deal can be seen as a strategy for risk diversification and supply chain resilience. Singapore must do the same, working with those willing to move forward together.
D Our Commitment to Business Growth within the Rule of Law
26. What is equally, if not more important, but certainly a lot more difficult, is to build the intangibles: trust, credibility, and stability. These are three essential ingredients in the market that we have in Singapore – qualities that are increasingly rare in today’s world.
27. In business, as in geopolitics, there is no enduring advantage if might makes right – if anything and everything is for sale, something is wrong with the market. In a market underpinned by the rule of law, we must ensure that some things are not for sale. In this regard, trade and business associations, along with chambers of commerce and industry, have long been vital platforms for trusted and reliable commercial collaborations—and their role will be even more significant in the future as we continue to build a moral market.
Empowering Businesses: Intellectual Property as a Growth Engine
28. Harnessing intellectual property is one of the engines that propels companies towards their next stage of growth.
29. Consider the Singapore IP Strategy 2030, our roadmap to position Singapore as a global IP powerhouse. This strategy fast-tracks patent examinations, reducing approval times from years to mere months, allowing businesses to bring inventions to market swiftly. We have also expanded our IP financing schemes, enabling SMEs to monetise patents as collateral for loans — turning ideas into capital without diluting equity.
Steering Singapore’s Economy Through Global Headwinds
30. Recent geoeconomic shifts and the rise of tariffs have reshaped the global landscape in which we operate. For Singapore, this underscores the need to anticipate change and plan strategically to safeguard our long-term economic future. We must continue to actively promote opportunities for collaboration with non‑Indian businesses in Singapore, partnering them to venture abroad to India and across the wider region. This applies equally to all our local business chambers and trade associations. By working with like‑minded partners and fostering cooperation among businesses of diverse backgrounds, we can expand Singapore’s international presence and strengthen our role in global trade networks.
31. In response to the change in the global landscape, the Government established the Economic Strategy Review (ESR) in 2025 to chart a bold, forward-looking course—ensuring that Singapore continues to thrive and reinforce its economic relevance in this new era. Even as ESR is preparing to do more for businesses, the Government is already advancing key initiatives to uplift businesses and workers. Enterprise Singapore is driving industry transformation and supporting enterprises to innovate and scale. The Infocomm Media Development Authority is leading digitalisation and AI adoption across sectors, while SkillsFuture Singapore continues to equip our workforce with future‑ready skills. Together, these efforts form a strong foundation for inclusive growth and resilience, upon which ESR’s contributions can build further momentum.
32. SICCI has always been a trusted partner in the economic remaking of Singapore. SM Lee Hsien Loong as PM writing for the 90th year commemorative publication of SICCI noted that when he chaired the Economic Committee in 1985, the SICCI submitted a paper, detailing the problems faced by SMEs. He commended the SICCI for making useful recommendations, and for helping Singaporean SMEs find opportunities in India, the Middle East and Africa. He said that the SME Centre @ SICCI is recognised as one of the best-run SME Centres in Singapore. Today, we are counting on the SICCI to help the ESR succeed. I briefly outline the five key areas.
Strengthening Global Competitiveness
33. First, we must build on our fundamentals to remain relevant and competitive. In today’s protectionist and challenging landscape, we need to strengthen our value proposition to attract and anchor new investments. At the same time, we must support our companies to grow and expand across the region, seizing opportunities from shifting production and supply chains.
Harnessing Technology and Innovation
34. Second, we must harness new engines of growth and innovation in the future economy. This means developing, deploying and diffusing new technologies, including artificial intelligence (AI), across every sector. We will continue supporting businesses to actively leverage technology and embrace AI in their daily operations to remain competitive and capture opportunities in emerging frontiers.
Fostering Entrepreneurship
35. Third, we must strengthen our ecosystem for entrepreneurs and start‑ups. Singapore has made good progress in establishing itself as a leading start‑up hub in Asia, with a supportive environment for businesses to grow. We now aim not only to attract global founders to build new ventures here, but also to nurture our own entrepreneurs.
Investing in Human Capital
36. Fourth, we must prepare our workers and enterprises for shifts in the global economy. Our people must be able to seize opportunities in the future economy, which means equipping them with the skills they need. In doing so, we will ensure a highly skilled workforce that keeps Singapore globally competitive.
Managing the Impact of Restructuring
37. Fifth, our enterprises must adapt to shifts in the economy. Some companies, particularly those in less productive sectors, will need support to restructure and transform.
38. The ESR will be a tripartite effort. These Committees will also engage widely with businesses, workers and other key stakeholders, to tap on their collective wisdom and ensure that our strategy is relevant and effective. Their first set of proposals will be released shortly, with the Government providing its response at Budget 2026.
E. The Point of Growth: Community Good
39. As fellow members of our vibrant Indian community, we share deep cultural roots that emphasise seva (service), family, and collective upliftment.
40. Yet, even as many of us prosper, we know that not all in our community are so fortunate. Lower-income families grapple with rising living costs, our youths may face greater barriers to skills and jobs, and our elders need support in an ageing society.
41. Your businesses are engines of opportunity. From the corner shop to the global technology and logistics giant, you create pathways for growth and success.
42. By tapping on the programmes and business resources administered by SME Centre @ SICCI, together with partners like SINDA and the Singapore Indian Education Trust, we can come together to uplift our community.
43. Building a better Singapore is not solely the government’s task. It requires everyone’s active involvement. By combining private sector resources with community expertise, and underpinning them with strong legal frameworks, we forge lasting partnerships capable of tackling social challenges effectively.
44. The path ahead calls on all of us—government, businesses, and community organisations like SICCI to play our part for the collective good.
F. Looking Ahead
45. I have said that the rule of law is empty without an anchor in the substance of commerce. I have also said that there would be no peace and prosperity in Singapore – or indeed anywhere - without a strong and energetic business community. Last, I have argued that the strong and the weak wax and wane in turn, and an enduring peace and prosperity must come, not from the strong doing as they wish, but from our joint respect for law, commerce and the rights of peoples in their own lives.
46. Singapore’s growth has lifted all of us; let us be reminded that success is measured not by the few at the apex, but by the many who rise together.
47. Once again, thank you Neil and his team for inviting me tonight. It is truly an honour to be here. I look forward to the fruitful discussion during the fireside chat.
Last updated on 2 February 2026