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Very good afternoon to all of us here.

Thank you all for joining ASME Post-Committee of Supply (COS) Dialogue. While we are having COS debates that have laid out a roadmap for domestic resilience, the global climate remains very volatile. For instance, over the weekend there have been new updates on the situation at the Strait of Hormuz.

Today, it is more than just about the policy update. It is about ensuring that all SMEs have the clarity and support to navigate a very perfect storm right now that’s happening because of external pressures, trends that’s hitting us and internally for transformation for all of us.

The US, at the beginning of the year, implemented a 15% blanket tariff that has created a lot of anxiety for all of us, across the board. Now we all know, adding to that complexity is the ongoing conflict in the Gulf region that does not seem to be resolving. In fact, it seems to be potentially getting worse. That then created a downstream spike in oil prices, insurance, shipping problems, goods being delayed, and unavailability of products and raw materials. Over the weekend, I was buying milk and I realised that the milk packaging has changed from a plastic bottle to a paper one. Fundamentally, the milk suppliers just could not get access to plastics. Some of our members were reporting a 30% increase in plastic prices.

In today’s session, we deal with a parallel issue that has actually been challenging us, which is around manpower, which to be honest, for many of us, is an ongoing challenge. In different eras, the manpower challenges are different. Right now, we have a unique era of manpower challenges and rising costs.

Today’s presentation, we really look at how we can manage the workforce in these kinds of times. After the presentations, we are privileged to have a fireside chat with Mr. Dinesh, the Minister of State (MOS) for Manpower. He also concurrently holds another portfolio, which is MOS for the Ministry of Culture, Community and Youth (MCCY). MOS Dinesh is not just here to explain a policy, but he is here to listen to our feedback around challenges and what is happening on the ground. Feel free to share and ask questions.

Of course, I think many of us will be very excited or very interested to know about the ongoing challenges around the cost of oil, transportation, and the Iran war. But I would also like everyone to think about the other parallel issues that are hitting us – which is AI, and the workforce and enterprise transformation that is required. Do use this session to be honest about your constraints, and ask tough questions that matter to your business.

In closing, I want to welcome and thank you all for coming today, and I really hope today will be one of frank exchange. I’ll be the moderator for the fireside chat, so feel free to raise your hands later when you want to ask questions and just speak up.

Thank you.