Mr Lee Yi Shyan at the Official Opening Of Accra Overseas Centre

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SPEECH BY MR LEE YI SHYAN, SENIOR MINISTER OF STATE FOR TRADE & INDUSTRY AND NATIONAL DEVELOPMENT, AT THE OFFICIAL OPENING OF ACCRA OVERSEAS CENTRE,

ON 23 JULY 2013, AT MOVENPICK AMBASSADOR HOTEL, ACCRA, GHANA

The Honourable Hannah Tetteh, Minister for Foreign Affairs;

The Honourable Haruna Idrissu, Minister for Trade & Industry,

Excellencies,

Members of the Singapore and Ghana business community,

Good morning.

INTRODUCTION: GROWING BILATERAL TIES

1. In the five years that I have been visiting the continent, I have witnessed a growing friendship between Singapore and many African countries. In January earlier this year, we officially opened our first trade office in Johannesburg. Today, we are opening our second trade office in this continent. I am happy that my first visit to Ghana is to mark the occasion of the opening of the International Enterprise Singapore Overseas Centre here.

2. Singapore and Ghana relations go beyond the business interest we see today. We share a common history, both being former British colonies. Ghana gained independence in 1957 while Singapore gained independence in 1965. Even though we are situated in two very different geographies of Africa and Asia, today's globalised economy offers us great opportunities to work closely for mutual benefit.

3. In recent years, our bilateral engagements have gained momentum. Singapore-Ghana trade grew at a compound annual growth rate of nearly 200% over the past three years. In 2012 itself, bilateral trade reached a new high of US$922 million. While this is a fraction of Singapore's total trade with the world of US$800 billion, we see great potential in expanding our bilateral trade multiple fold.

4. Towards this goal, the Singapore Business Federation, who is represented here today, has led 2 business missions to Ghana, in 2009 and 2012. Beyond our economic engagement, we have also received over 500 Ghanaian participants in Singapore under our technical assistance programme, the Singapore Cooperation Programme. I am confident that our engagement will continue under the guidance of Singapore’s appointed High Commissioner to Ghana, Mr Dileep Nair.

SHARING SINGAPORE’S DEVELOPMENT EXPERIENCE

5. My last visit to West Africa was in 2009. Then, it struck me how well endowed with natural resources the region was. Our visit to Ghana this time also confirms again the vast potential you have in this country for industrialisation, economic development and poverty reduction.

6. Singapore is a small country with limited resources. After five decades of hard work and development, we have transitioned from third world to first world, with per capita GDP in excess of US$50,000. Singapore is also the 14th largest trading nation in the world and we house 85% of our population in well designed public housing. Singapore has one of the world's highest longevity and lowest infant mortality rates. It is one of the most livable cities in the world.

7. Like many Asian countries, Singapore’s population is still growing and we are faced with the challenge of achieving sustainable development with resource bottlenecks. But at the same time, we are also exporting our knowhow in helping many Asian cities as they expand their cities. Building a work, live, play environment sounds simple but it is a common challenge for all of us in urbanisation.

8. Today, our companies have vast experience in industrial development, urban solutions and master-planning. Many have successfully exported such services overseas. Hyflux is building the world’s largest membrane-based seawater desalination plant in Algeria; Sembcorp Industries operates the world’s largest hybrid desalination plant in the Middle East; and CrimsonLogic is working with the Namibian government to develop an e-platform for their judiciary.

9. Ghana is well endowed with oil and gas. In comparison, Singapore has none. But this has not stopped us from developing a world class petroleum and petrochemical industry. We have a refining capacity of 1.3 million barrels per day and 4 million tonnes of ethylene capacity. In addition, Keppel Corporation and Sembcorp Marine manufacture over 70% of the world’s jack up rigs and semi-submersible rigs.

10. Just as how Ghana is a gateway into ECOWAS, Singapore is also a transportation and logistics hub for Southeast Asia. Our seaport processed 30 million TEUs in 2012. Our Airport handled more than 50 million passengers last year. Our experience in developing an efficient and reliable airport and seaport has been exported to countries such as Brazil, China, India, Panama and Russia. Beyond physical connectivity, Singapore’s network of 19 Free Trade Agreements also provides seamless market access to our FTA partners.

HOW SINGAPORE CAN CONTRIBUTE TO GHANA’S DEVELOPMENT

11. The opening of this office is but a first step towards greater links between Singapore and Ghana and eventually, agreements such as Avoidance of Double Taxation Agreements and Air Services Agreements will further open up trade links between our two countries.

12. I am pleased to see that both Singapore and Ghana are beginning to explore new partnerships. The four agreements to be signed today between our public and private sectors with their Ghanaian counterparts will pave the way for deeper cooperation, especially in consumer services and urban infrastructure. These partnerships will strengthen Ghana's infrastructure, job creation and capacity building.

CONCLUSION

13. On this happy note, let me congratulate the CEO and his team in IE Singapore on this momentous occasion. I would also like to express our deepest appreciation to the Government of Ghana for your strong support. Thank you.