Mr Lee Yi Shyan at the Bahrain-Singapore Business Conference, 26 Oct 2010

OPENING REMARKS BY MR LEE YI SHYAN, MINISTER OF STATE FOR TRADE & INDUSTRY AND MANPOWER AT THE BAHRAIN-SINGAPORE BUSINESS CONFERENCE ON 26th OCTOBER 2010 AT BAHRAIN AT 3:45PM

H.E. Dr Essam Fakhro (Chairman of the Bahrain Chambers of Commerce and Industry),

Distinguished members of the Bahrain Chambers of Commerce and Industry,

Ladies and Gentlemen,

Assalammualaikum! (Peace be with you)

Introduction

Earlier this year, I accompanied Senior Minister Goh Chok Tong to Bahrain at the kind invitation of your Crown Prince Salman bin Hamad Al Khalifa. I am pleased to be visiting Bahrain again, this time to lead a business delegation from the Singapore Business Federation. As you may know, the Singapore Business Federation is Singapore’s apex business chamber, consisting of more than 15,000 companies doing business in our country. This is the Federation’s first visit to Manama, capital of Bahrain in a long time. Yet, our businessmen have not felt like strangers. In fact, they have been touched by the warm hospitality accorded to them.

Indeed, the warm relationship between Bahrain and Singapore is reflected in the numerous exchanges that occur at different levels between our two countries. I am the third Singaporean Minister to visit Bahrain this year, and next month, the President of Singapore, S. R. Nathan, will be making an official visit to Bahrain. At the business level, Singapore was honored to host Dr Essam Fakhro, and members of a Bahrain Chamber of Commerce (or BCCI) business delegation in May this year.

Bahrain and Singapore’s relationship is slated to grow even closer and stronger. We reached a milestone in our relationship last year in February when Bahrain ratified the GCC-Singapore Free Trade Agreement (“GSFTA”).This is the first-ever FTA to be signed by the GCC, and also Singapore’s second FTA with the Middle East. I am pleased to note that despite the global economic crisis, our bilateral trade still grew by 18%, reaching $557 million last year.

There are also other significant economic linkages between our two countries. For example, Bahraini companies represent the largest portion of all Middle-Eastern Financial Institutions in Singapore. In fact, in August this year, we were happy to learn that Al Salam Bank had set up its Asia-Pacific headquarters in Singapore. And earlier in March, Fraser Suites, a Singaporean company specializing in serviced apartments, opened the Fraser Suites Seef which was developed by Seef Properties, one of Bahrain’s largest real estate companies.

I am confident that we can do even more to grow this relationship. With the world still recovering from the global financial crisis, the ability to stay ahead of the competition and ready to seize opportunities that emerge is crucial. It is therefore important for companies with complementary capabilities to work together. This will help us to effectively leverage on each other’s strengths.

Our Singapore delegation members today have strengths in varied areas such as process design, construction, engineering and maintenance services. Similarly, I believe the members of the Bahrain Chamber of Commerce bring with them their own business strengths and capabilities. We can learn from each other and work together. In so doing, we can better meet the challenges of today and prepare to make the most of business opportunities that lie ahead.

Today’s conference is a good opportunity for both sides to have productive exchanges, gather useful insights and even discuss business propositions. The friendships and partnerships forged today will pave the way for even more economic collaborations between Singapore and Bahrain! I wish everyone a fruitful session ahead.

Thank you.