Lauding the co-operative movement: a force for social good in Singapore

Mr Chan Tee Seng, Chairman, SNCF
Executive Council Members
Distinguished Guests
Ladies and Gentlemen

1. A very good evening to all of you.
   

2. It's very good to join you tonight for your anniversary dinner. Let me start by congratulating SNCF for its 35th anniversary. It is a meaningful event this year because it's not just SNCF's 35th anniversary but it is also SG50.
   

3. SNCF is 35 years old but in fact the co-op movement is far older. The co-op movement is 90 years old. It started all the way back in 1925, when we had several government employees, their wages were so low they had difficulty borrowing from banks, so they started a co-op together then. Since then the co-ops have started to grow. We have co-ops from public sector employees, we have co-ops from the private sector, we have co-ops from individuals, we have co-ops everywhere. In fact, over the past 90 years, the co-op movement has grown to such a large extent; it now has 1.3 million members. That's probably one of the largest grassroots movements in Singapore.
   

4. That's something we should be proud of and we should applaud. All of you are part of this large grassroots ground up movement. If you think about the kinds of co-op we have today: if you are a child, you can find a co-op; if you are a worker, you can find a co-op; if you are an elderly, you can find a co-op. You have a co-op for everything in life, from childhood to the elderly.
   

5. First of all, let's give a big round of applause to all our co-op pioneers, for all the hard work they have put in over the past 90 years, thank you for all the your contributions and sacrifices. Let's give a big round of applause to all of you, all our co-op members, all of you have been part of this movement as well. Thank you for being part of the co-op movement, an important movement for Singapore that is also as part of the broader international co-op movement.
   

6. The co-op movement may be 90 years in Singapore, but it remains evergreen. It's strong and relevant today. You see young people coming forward, you see our co-op scholars who are here. You see many young people participating in co-ops, even setting up co-ops; we have co-op societies in schools, in universities where many youths are involved as well. So the co-op movement is an exciting one.
   

7. So I'm glad that the SNCF, with support from the Central Co-operative Fund, has now documented this co-op history in the commemorative book. So please take a look at it, read it, go through it, you will recognise some pictures. Maybe some you don't recognise because they look different when they are young but now you can see how they have changed over the years. It's an interesting story; it's a fascinating story of how our co-ops have developed over the past 90 years. It's a long history that all of you in the co-op movement, that all of us Singaporeans should be proud of.
   

8. It's a history of growth first of all. We have co-ops which are practically like national institutions. Co-ops like NTUC Fairprice, for example, it's a household name, we all shop there, and we all know where to go. It started from very humble beginnings and now it's the largest retailer in Singapore. It continues to focus on its mission of keeping prices affordable and giving back to society.
   

9. It is also a history of overcoming challenges. We have had to overcome many difficulties together, whether it is the Asian financial crisis in 1997, SARS in 20O3, and then we have more recently the global recession in 2008. Throughout these challenges, co-ops have continued to serve its members well, to safeguard its members' interests. Each time we overcome a challenge, the co-ops gets stronger, and we continue to move the co-op movement forward.
   

10. It is also a history of improving lives, through all the services that the co-ops provide. Families in Singapore enjoy affordable groceries and also accessible healthcare and other important services. The co-ops give many Singaporean families a peace of mind to know that they will always have something they can turn to for their basic needs. Many of the co-ops also have Common Good Funds that provide help for your members who are in need and facing hardships.
    

11. So the co-ops have a proud history of growing, of overcoming challenges and of improving lives of all Singaporeans for all these past 90 years. I'm sure you can continue to play a very special role in Singapore, because the co-ops are a force for good in Singapore. You remind us that the co-operative value of self help is a real and empowering one. So it's not always the case that if you need help, you must go to the government for a solution. There are many different ways we can solve our problems together. The co-operative value of self help, self responsibility is a real and empowering value. You show us that it's possible to balance both economics and profits with social responsibility. That you can operate a sustainable business that also serves the needs of your members and benefit our broader society.
    

12. I want to thank all of you for being part of this important co-op movement. I call on our co-ops to continue to grow, to adapt to the needs of our society and the needs of your members; to innovate and think creatively of new ways to provide services, new business models, new opportunities for enterprises that serve real needs in society and also make a positive difference in Singapore. Congratulations once again to SNCF on its 35th Anniversary. I thank all of you for your contributions to the co-op movement, let us work together, and strengthen the co-op movement in Singapore, to build a better Singapore. Then we can have many more anniversaries to come.