SPEECH BY MR LEE YI
SHYAN MINISTER OF STATE FOR TRADE AND
INDUSTRY AT THE OPENING CEREMONY
OF TEMPUS – THE TEMPLE
OF TIME ON
5 SEP 2007, 11.30AM
AT THE
RAFFLESCITY
CONVENTION CENTRE
Ladies and Gentlemen
Introduction
I am happy to join you this morning at TEMPUS – The
Temple of Time. Speaking of time, many would agree with me that it
is a very precious commodity in today’s fast-paced life. Many
things are created to help us save time. Some of us try to buy
time. Time links the past to the future. Time brings back fond
memories, and conveys hope for tomorrow. Time is not just a unit of
measure, but often carries our emotions as we travel the journey of
life. Perhaps many of the time pieces we shall see today reflect
this philosophy of time in their design and
aspirations.
The Clock and
Watch Retail Industry
In recent time, our clock and watch industry has grown.
Last year, the total trade in clocks and watches grew by 8.5 per
cent to reach $2.6 billion. With the positive economic outlook, the
sector is likely to pick up even more. In fact, retail sales of the
watch and jewellery sector grew by 15 per cent in the second
quarter of 2007.
Last year, the
Swiss Watch Federation ranked Singapore
the
third largest luxury watch market in Asia,
after Hong
Kong and
Japan,
in terms of Swiss watch exports. Singapore
has
a very robust watch retail growth and potential. Our strength lies
in our ability to offer a diverse range of brands, as well as rare,
collector and limited edition
timepieces.
There is also
now a strong fashion statement associated with timepieces. Luxury
watches are in high demand among tourists, while
Singaporeans
are also increasingly becoming connoisseurs of
luxury watches. In 2005, the total sale of watches and clocks to
visitors amounted to $130 million, ranking seventh on their
shopping list.
Attracting High Networth
Individuals
As such, an
exhibition like TEMPUS is expected to attract thousands of
well-heeled visitors over the next five days.According to the 2007
World Wealth Report, issued by Merrill Lynch and Capgemini,
“investments of passion” have become an important portfolio
allocation for the world’s high networth individuals, (or HNIs).
The report revealed that luxury collectibles ranked first,
accounting for more than 26 per cent of all HNIs' investments of
passion in 2006. Events such as TEMPUS would certainly play a
catalytic role in anchoring Singapore
as
a top destination for HNIs for luxurious time
pieces.
To make
Singapore
an
exciting destination for visitors, we should continue to create
exclusive and unique visitor experiences throughout the year.
Signature events such as Barclays Singapore Open, World Gourmet
Summit and Singapore Fashion Festival already draw many visitors,
including HNIs, to Singapore.
Along with these events, TEMPUS as well as the Singapore Formula
One Grand Prix in September 2008 will add to the variety of
Singapore’s
lifestyle offerings. They will increase our attractiveness as a
premium destination to well-heeled visitors from the Asia Pacific
and beyond.
Opportunities from
Singapore Formula One Grand
Prix
More
specifically on the Singapore Formula One Grand Prix, informal
consultations have been initiated with business stakeholders to
look at how to leverage the opportunities created by F1. As an
industry, the luxury watch retail industry could develop strategies
to capture the attention of HNIs who will be in Singapore
for
the event. Exclusive exhibitions, auctions or workshops can be held
to showcase Singapore’s
luxury watch retail diversity and expertise, further enhancing the
buzz and excitement surrounding the F1 race. Luxury watch retailers
could also work with credit card companies and private banks to
explore potential areas of
collaboration.
Conclusion
Let me in closing congratulate our home-grown specialist
watch retailer group, The Hour Glass, on its visionary mission and
contributions towards making Singapore a premier watch hub in Asia.
I wish TEMPUS every
success.