Mr Lee Yi Shyan at the Audi Red Carpet Night, 15 May 2012

SPEECH BY MINISTER OF STATE FOR TRADE & INDUSTRY AND NATIONAL DEVELOPMENT, MR LEE YI SHYAN, AT THE AUDI RED CARPET NIGHT ON 15 MAY 2012, 7.30 PM AT NGEE ANN CITY

Mr Reinhold Carl, Managing Director, Audi Singapore,

Mr Benny Pua, President, Textile & Fashion Federation (Singapore),

Partners from the retail and fashion industry,

Ladies and Gentlemen,

Good Evening.

Introduction

I am pleased to join you here today at the Audi Red Carpet Night of the Asia Fashion Exchange.

Asia Growing Prominence as a Fashion Hotspot

The Asian fashion industry is a rapidly-growing industry, with its retail sales expected to reach some S$10.5 trillion in 2015

[1]

. Strategically situated, Singapore has the potential to serve as a leading fashion hub. In recent years, we have witnessed the launch of many international and local fashion brands right here in Singapore.

Importance of Grooming New Talents for the Industry

To grow our fashion industry further, design talents are key. The Asia Fashion Exchange (or AFX) initiatives have for three years helped develop design capabilities in our designers, and profile Singapore and Asia’s fashion talent on international stage.

PARCO next NEXT

One commendable example under the Textile and Fashion Federation’s (TaFf) initiatives for talent development is “PARCO next NEXT”. Set up as a fashion design incubator, it provides an extensive, 18-month long, creative and business mentoring program to groom fashion start-ups. Since inception in 2010, the incubator saw the launch of 37 new fashion labels. Some of the graduates, such as Max Tan from the inaugural 2010 intake, have progressed onto international platforms at Berlin and Paris Fashion Weeks (2012). Max, along with another alumnus, Mae Pang, will also be headlining their own shows at the Audi Fashion Festival this year.

Audi Star Creation

On top of that, we also continue to see more success stories from the Audi Star Creation this year. The competition, spearheaded by the TaFf and title-sponsored by Audi Singapore, identifies and grooms some of the region’s most promising talents, to become the next design powerhouse of the industry.

The three winners of this year’s Audi Star Creation will embark on a year-long internship with Singapore-based international fashion retailer, FJ Benjamin. It has been an enriching experience for these young designers, who would benefit from working in the fast-paced fashion industry. As an example, one of the former winners – Ms Audrey Lim – has gone on to take up a full-time position with FJ Benjamin.

Singapore Designer Attachment Program

To help our fashion industry further, I am pleased to announce today the launch of the Singapore Designer Attachment Programme (SDAP). This initiative combines the efforts of TaFf and industry players to offer industry attachment places for talented young designers.

The SDAP will be extended to all finalists from the Audi Star Creation and graduates from “PARCO next NEXT”. The designers will be matched with local companies from the fashion industry for a minimum of 12 months, with their first year’s stipend co-funded by SPRING Singapore. TaFf hopes to be able to place up to 14 designers a year, with the first group starting work in September this year. I am pleased to know that more than 12 companies have indicated their interests so far.

Conclusion

Ladies and gentlemen, let me conclude. For Singapore to raise its productivity, and specifically in the fashion industry, having the ability to create value through design is crucial.

On this occasion, I would like to commend Audi Singapore, TaFf and its members, and SPRING for working together to strengthen the design and creative capacity of the industry. By grooming and discovering more stars, you will add sparkles to the fashion scene, and brilliance to the future of the industry.

I wish you all a wonderful evening ahead.

Thank you.

[1] PwC report ‘2012 Outlook for the retail and consumer products sector in Asia’, produced in cooperation with the Economist Intelligence Unit ( 2011)