Mr Lee Yi Shyan at the Gala Dinner “La Piste Aux Etoiles” of the French Chamber of Commerce

SPEECH BY MR LEE YI SHYAN, SENIOR MINISTER OF STATE FOR TRADE & INDUSTRY AND NATIONAL DEVELOPMENT, AT THE GALA DINNER “LA PISTE AUX ETOILES” OF THE FRENCH CHAMBER OF COMMERCE, ON SATURDAY, 13 APRIL 2013 AT 8.00PM, IN THE RITZ CARLTON MILLENIA GRAND BALLROOM

Your Excellency Olivier Caron, Ambassador of France to Singapore,

Mr Pierre Verdière, President of the French Chamber of Commerce in Singapore,

Distinguished guests,

Ladies and gentlemen,

Bonsoir.

It is my pleasure to be here at the Gala Dinner of the French Chamber of Commerce in Singapore this evening.

Tonight’s event presents a great opportunity for us to experience the different facets of French culture and heritage. It is also an important platform to further strengthen the close ties between France and Singapore.

Strengthening Economic Relations between Singapore and France

Singapore and France share a long-standing and robust relationship that is underpinned by our strong economic ties. Our bilateral trade has almost tripled to reach S$19.2 billion over the past decade. France is our second largest trading partner in the EU, while Singapore is France’s leading trading partner in Southeast Asia. Singapore is also the most popular Southeast Asian destination for French investors, with French investment in Singapore doubling over the past decade to over S$10 billion at end-2011.

Singapore’s conducive and positive economic conditions have also encouraged an increasing number of French companies to establish their presence in Singapore. We are a Global-Asia hub that provides a pro-business environment with excellent regional connectivity, first-rate infrastructure, and a competent workforce. These are the reasons why there are more than 1,000 French companies in Singapore today. They are involved in a wide range of industries including petrochemicals, electronics, telecommunications, aerospace, biomedical sciences, education, and luxury goods.

I am happy to see that many French companies have established their regional headquarters in Singapore, and I would like to encourage more French companies to use Singapore as a springboard to tap into the vast opportunities for growth and success in the region.

Joint Declaration on Strategic Partnership between France and Singapore

While our economic partnership continues to grow, we are also committed to further strengthening our bilateral relations. France and Singapore signed the Joint Declaration on Strategic Partnership on 18th of October 2012, during the official visit of Prime Minister of France Jean-Marc Ayrault to Singapore. Besides enhancing our economic relations, the Joint Declaration will also broaden and deepen our bilateral cooperation in the political, defence and security, cultural, academic and scientific spheres.

Cultural collaboration between Singapore and France

I am also glad to note the continued cultural collaboration between Singapore and France as outlined by a government-to-government framework agreement signed in 2009. In 2015, to celebrate the 50th year of the Republic of Singapore, and our friendship, major cities in France will host Festiv’Art: a showcase of Singapore culture.

EU-Singapore FTA

Beyond our relations with France, Singapore’s economic ties with the EU are also enhanced through the EU-Singapore FTA. The agreement, which was concluded in December last year, is the first bilateral FTA concluded between the EU and an ASEAN country. It marks a significant milestone in our bilateral relations indeed.

When entered into force, the EU-Singapore FTA will provide for greater market access and commercial opportunities for EU and Singapore businesses. For instance, companies from both sides can look forward to enhanced access to government procurement. The agreement will provide good opportunities for many EU companies, including the French businesses, present in Singapore.

Conclusion

In conclusion, I would like to thank the French Chamber of Commerce for your strong support and efforts in advancing the economic ties between France and Singapore. I look forward to greater collaboration between the companies from both countries as we continue to strengthen our bilateral relations.

I wish you all a memorable and enjoyable evening.

Merci.