Speech by MOS Teo Ser Luck at opening of Essilor’s new headquarters campus at Kallang Bahru

Mr Hubert Sagnieres, Chairman and Chief Executive Officer, Essilor International,

Mr Patrick Cherrier, President, Essilor AMERA,

Distinguished Guests,

Ladies and Gentlemen,

Introduction

1.              Good evening. I would like to congratulate Essilor on the opening of its new headquarters campus. This occasion marks an important milestone in the Essilor-Singapore partnership.

Growth in Asia presents tremendous growth opportunities for companies

2.              Asia is becoming an increasingly important market. According to the World Bank, middle class in Asia is projected to rapidly expand six-fold from the current 500 million to 3 billion by 2030.  Besides the rapidly expanding middle class, longer life expectancies will also result in ageing populations in many Asian nations, in turn driving rapid growth in demand for healthcare services. Clearstate, a market intelligence firm under the Economist Intelligence Unit, estimates that healthcare spending in Asia will rise to US$2.1 trillion by 2017. This represents an annual growth rate of 7.1 per cent, which is much higher than the expected global average growth rate of 4.6 per cent.

3.              These developments present tremendous growth opportunities for companies, especially those in the biomedical sector.

Global leading companies can leverage Singapore as a Home to drive Business, Innovation and Talent objectives

4.              As companies look to strengthen their presence in Asia to capture these opportunities, many global leaders such as Essilor have chosen to leverage Singapore as a Home to drive their Business, Innovation and Talent objectives in Asia and globally.

Business

5.              Today, Singapore is home to the regional headquarters for 8 of the top 10 pharmaceutical companies, and more than half of the top 30 medical device companies. With its pro-business environment and strong connectivity to major markets in Asia, Singapore is a prime location for companies to locate their key decision makers as well as strategic functions to drive and support business in the region.

6.              For example, Singapore currently serves as Essilor’s headquarters covering the key growth markets in Asia, Middle East, Russia and Africa (AMERA). As part of the headquarters’ expansion, Essilor has established its treasury centre, IT services hub, as well as virtual production hub to manage the production and distribution of lenses in the region. Essilor has also established new global functions in Singapore, such as its Corporate Mission which oversees Essilor’s corporate sustainability, philanthropic efforts, as well as inclusive business initiatives to address Base-of-the-Pyramid markets.

Innovation

7.              As the Asia Market grows, there will be an increasing demand for products that meet the specific needs of the consumers in Asia. Companies can leverage Singapore’s capabilities in areas such as consumer insights and clinical excellence to support their innovation activities.

8.              Again, using Essilor as an example, Essilor has established one of its three Centres for Innovation and Technology in Singapore to drive product development for the AMERA region. This team has worked closely with the Institute on Asian Consumer Insight

(ACI) to understand pan-Asian consumer behaviour and preferences.

9.              Essilor’s Singapore team has also partnered the Singapore Eye Research Institute (SERI), the largest eye research institute in Asia Pacific, to obtain clinical insights to support Essilor’s product development efforts.

10.          Through the partnerships with ACI and SERI, Essilor’s Singapore team was able to develop and commercialise the Essilor Azio, which was designed with the reading habits and physiology of Asian consumers in mind.

Talent

11.          Apart from business and innovation, companies such as Sony, Samsung P&G and Unilever are also tapping on Singapore’s growing talent ecosystem to support their talent and leadership development efforts.

12.          For example, Samsung Electronics’ Global Leadership Academy will harness Singapore’s network of leading higher education institutions, including Singapore Management University (SMU), National University of Singapore (NUS), INSEAD and Harvard Business School, to help develop and deliver courses, for more than 5,000 Samsung employees, partners and key clients annually.

13.          Another example is Essilor’s new campus, which houses a state-of-the-art regional learning academy. This academy in Singapore will support new Learning & Development initiatives and groom operational and managerial talent. In addition, Essilor will also hold regular courses for Eye Care Practitioners (ECPs) at the academy, covering the technical and retail aspects of optometry. This effort would benefit the ECPs, many of whom are local Small and Medium Enterprises.

14.          I am confident that Essilor’s business, innovation and talent initiatives in Singapore will enable the company to accelerate its growth in the region.

Essilor Vision Foundation

15.          I am also pleased to learn that Essilor has been actively involved in improving the standard of vision care for the less privileged in Singapore through the Essilor Vision Foundation. In partnership with Singapore Polytechnic and the Singapore Indian Development Association, the Foundation has provided free eye screenings and corrective lenses for 300 primary and secondary school students from low-income households.

Conclusion

16.          In closing, I would like to thank Mr Sagnieres, Mr Cherrier and your team at Essilor for your continued confidence in Singapore to drive its Business, Innovation and Talent objectives for the AMERA region and beyond.  I extend my heartiest congratulations to you on this important occasion and wish you every success.