Mr Lim Hng Kiang at the luncheon with the Canadian Minister of International Trade and Minister for the Asia Pacific Gateway, 24 July 2009

REMARKS BY MR LIM HNG KIANG, MINISTER FOR TRADE AND INDUSTRY, AT THE LUNCHEON WITH THE CANADIAN MINISTER OF INTERNATIONAL TRADE AND MINISTER FOR THE ASIA PACIFIC GATEWAY,FRIDAY, 24 JULY 2009, 12.30 PM, SOPHIA ROOM, LEVEL 4, RAFFLES CITY CONVENTION CENTRE, SINGAPORE

Minister of International Trade and Minister for the Asia Pacific Gateway, The Honourable Stockwell Day

His Excellency, David Sevigny, High Commissioner of Canada to the Republic of Singapore

His Excellency, Koh Yong Guan, High Commissioner of Singapore to Canada

Ms Marlene Han, President of the Canadian Chamber of Commerce in Singapore

Distinguished guests

Ladies and Gentlemen

Good afternoon.

Thank you for inviting me to join you for this lunch today. I am glad to have the opportunity to meet with the larger Canadian business community in Singapore.

Singapore-Canada Economic Relations

The recent years have seen Canada-Singapore economic relations grow from strength to strength.

Between 2003 and 2007, the number of Canadian companies in Singapore almost doubled to more than 400 companies and with total investments reaching S$3 billion. Much of this investment was in the form of regional offices and manufacturing facilities, primarily in financial & insurance services, aerospace, and info-communications technology (ICT) sectors.[1]Total trade flows between Canada and Singapore also went from S$2.8 billion to S$4.4 billion, from 2006 to 2008, an increase of almost 60%.[2]

Singapore and Canada’s bilateral relations are reinforced through cooperation in multilateral platforms such as WTO, APEC, as well as ASEAN forums, where Canada is an ASEAN dialogue partner.

Singapore as a Springboard to Asia

The growing presence of Canadian companies here in Singapore reflects their assessment of the value of Singapore as a springboard for them to Asia, particularly S E Asia and China.For Singapore, we are continuing with efforts to improve our competiveness and facilitate business growth.Singapore’s strong governance and transparent rules, along with our well-planned infrastructure, have allowed us to be ranked the most competitive Asian country[3] and the world’s easiest place to do business.[4]

Canada is at the cutting edge of several emerging sectors such as Interactive Digital Media, Clean Energy, Biomedical Sciences, Educationand Aviation, to name a few.In the more traditional sectors such as Resources & Mining, Oil & Gas, and Chemicals, Canadian companies are known to be technologically innovative, having to deal with tough environmental challenges.Singapore is keen to partner with Canada to bring this capability to Asia and tap the market potential here.

Similarly, our companies in the Electronics & Precision Engineering, Info-Communications Technology, Food & Beverage, to name a few, are also keen to explore the Canadian market for new opportunities.

It is my hope to see our bilateral relations continue to grow, with increasing business and people flows between our two countries. Canadian companies should take advantage of Singapore’s unique position to set up or expand their operations here. Just to name a few, with companies like Research in Motion (RIM), Bombardier and Manulife setting up operations in Singapore, those who join them will be in good company.

On this note, let me wish all of you an enjoyable and fruitful afternoon.

Thank you.

[1] Source: DOS

[2] Source: Statlink

[3] Source: Global Competitiveness Report 2008

[4] Source: Doing Business 2009 report