By JESSICA YEO

THE Singapore Chinese Chamber of Commerce & Industry (SCCCI) has made helping small and medium-sized enterprises (SMEs) and the local business community its top priority amid the downturn.

Incoming president Teo Siong Seng said that the 55th council would do its best in assisting local businesses overcome problems arising from the crisis.

The greatest challenges facing members are plummeting market demand, higher costs, and difficulties with cash flow, Mr Teo noted.

This will be addressed by supporting and assisting member companies, especially SMEs, in upgrading management skills and growing their business during the downturn.

'We will organise a wide range of activities to promote cooperation among local enterprises, and forge deeper links with the overseas business community.'

He added that the chamber would try to cater to members' suggestions of dialogues with government agencies and help in applying for loans. 'The chamber will work in close cooperation with related government agencies to actively promote the various assistance measures and financial schemes, and gather timely business feedback.'

Mr Teo also encouraged companies to capitalise on the downturn to restructure businesses, review strategies, and create new products. 'It is always important to remember that opportunities can and do emerge from crisis situations,' he said.

A group has also been formed to review the chamber's constitution, so more business leaders and professionals can become members.

Deputy Prime Minister Wong Kan Seng, the guest of honour at yesterday's installation of the 55th council, stressed that the chamber should work in tandem with the government, NTUC and other business communities.

He added that companies should be given help in seizing new business opportunities both locally and overseas, especially in China which is maintaining economic growth even in the global crisis.

'This presents opportunities for SCCCI members who are active in China, and also for those who have yet to venture into this market. They should work hard to seize these opportunities,' said Mr Wong, who is also Minister for Home Affairs.

This article was first published in The Business Times.