Mr Chan Soo Sen at the Chief Financial Officer Summit Asia Pacific 2006

SPEECH BY MR CHAN SOO SEN, MINISTER OF STATE FOR EDUCATION & TRADE AND INDUSTRY, AT THE Chief Financial Officer Summit Asia Pacific 2006 on MONDAY, 22 MAY 2006 AT 3.00 PM AT PAN PACIFIC HOTEL, PACIFIC BALLROOM 1&2

Distinguished Guests,

Ladies and Gentlemen

Good afternoon.

Introduction

I am delighted to join all of you today for the opening of the “Chief Financial Officer Summit Asia Pacific 2006” organized by the World Trade Group. Business events like this Summit are important platforms for businesses to enhance their intellectual capital and global networks to advance their business agendas.

Singapore is ranked the third most competitive economy by the World Competitiveness Yearbook 2005 and the sixth most competitive economy by the Global Competitiveness Report 2005-2006. Singapore provides an ideal environment for companies to establish their presence. Many MNCs have benefited from Singapore's highly-skilled workforce, favorable tax regime and ample test bedding opportunities and have set up their headquarters here to manage their regional, and often global, operations. An increasingly vibrant lifestyle and a high standard of living also make it attractive for many expatriates and their families to relocate to Singapore. Hence, it is most appropriate for The World Trade to hold the Summit here in Singapore.

Singapore as a Financial Hub

The financial services sector currently constitutes 11% of Singapore’s GDP and provides jobs to 5% of the workforce. A large and diversified group of more than 600 local and foreign financial institutions including banks, insurance companies, insurance brokers, stock-broking firms and fund managers are currently based in Singapore. Singapore’s strengths as an international financial center have been widely recognized by financial institutions and analysts. In December 2005, The Banker, a British based financial magazine named Singapore as the “Financial Centre of the Future” in its inaugural ranking of international financial centers.

Singapore’s commitment towards the international financial community and our reputation as a global financial node have also enabled us to attract strategic business events to develop knowledge as well as foster networking and business exchange opportunities. This September, Singapore will host the Annual Meetings of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group. This event is the largest gathering of financial representatives in the world and it is expected to attract about 16,000 delegates and observers. This event will showcase Singapore’s position as a prime financial center in Asia.

Prior to the IMF/World Bank meetings, Singapore will also be hosting the Forbes CEO Conference and the Global Entrepolis in September. The Global Entrepolis is an international marketplace connecting enterprises to funds, markets, partners, and technology. It is a dynamic platform for networking opportunities, where large enterprises, technopreneurial start-ups and the venture capital community can meet, interact and transact.

Echoing the themes of the conference

I want to take this opportunity today to highlight how the main themes of this Summit also apply to Singapore as a country. Firstly, like Singapore, each company represented here has its own particular qualities that set it apart from its competitors, be it in technology, pricing, customer service or even brand image. The one common thing is that a country or a company is only as successful as its people. And it is through leaders such as yourselves that changes can be made, and the enthusiasm for knowledge and progress that has brought you here today is the same quality that will influence those whom you work and deal with.

The second main theme of the Summit is growth. Not just growth unfettered and unrestrained, but growth coupled with responsibility, accountability and flexibility to respond to environmental changes. These are the challenges facing finance professionals the world over, but in particular those working in the ever-changing markets of the Asia Pacific.

While you harness the energy and creativity of those around you to ensure the progress of your companies in the global market, your skills can also be applied for the good of all your stakeholders, be it your colleagues or your management teams, your shareholders or your customers, and more importantly, the people your work touches.

Conclusion

It is my hope that you will benefit from the exchange and flow of ideas at the CFO Summit Asia Pacific 2006. Even though this Summit will keep you very mentally and physically occupied over the next three days, I would like to encourage you to take time to enjoy yourself at our various attractions, especially our nightlife at entertainment districts such as Boat Quay and Clarke Quay. I hope you would extend your stay in Singapore so as not to miss the exciting deals at the Great Singapore Sale, which will start just two days after this Summit. In its 13th year, the Great Singapore Sale is one of Asia’s most anticipated shopping events.

On this note, I wish you all a fruitful and rewarding Summit.

Thank you.