Mr Lee Yi Shyan at the Opening Ceremony of Tempus – The Temple of Time

SPEECH BY MR LEE YI SHYAN MINISTER OF STATE FOR TRADE AND INDUSTRY AT THE OPENING CEREMONY OF TEMPUS – THE TEMPLE OF TIME ON 5 SEP 2007, 11.30AM AT THE RAFFLESCITY CONVENTION CENTRE

Ladies and Gentlemen

Introduction

I am happy to join you this morning at TEMPUS – The Temple of Time. Speaking of time, many would agree with me that it is a very precious commodity in today’s fast-paced life. Many things are created to help us save time. Some of us try to buy time. Time links the past to the future. Time brings back fond memories, and conveys hope for tomorrow. Time is not just a unit of measure, but often carries our emotions as we travel the journey of life. Perhaps many of the time pieces we shall see today reflect this philosophy of time in their design and aspirations.

The Clock and Watch Retail Industry

In recent time, our clock and watch industry has grown. Last year, the total trade in clocks and watches grew by 8.5 per cent to reach $2.6 billion. With the positive economic outlook, the sector is likely to pick up even more. In fact, retail sales of the watch and jewellery sector grew by 15 per cent in the second quarter of 2007.

Last year, the Swiss Watch Federation ranked Singapore the third largest luxury watch market in Asia, after Hong Kong and Japan, in terms of Swiss watch exports. Singapore has a very robust watch retail growth and potential. Our strength lies in our ability to offer a diverse range of brands, as well as rare, collector and limited edition timepieces.

There is also now a strong fashion statement associated with timepieces. Luxury watches are in high demand among tourists, while Singaporeans are also increasingly becoming connoisseurs of luxury watches. In 2005, the total sale of watches and clocks to visitors amounted to $130 million, ranking seventh on their shopping list.

Attracting High Networth Individuals

As such, an exhibition like TEMPUS is expected to attract thousands of well-heeled visitors over the next five days.According to the 2007 World Wealth Report, issued by Merrill Lynch and Capgemini, “investments of passion” have become an important portfolio allocation for the world’s high networth individuals, (or HNIs). The report revealed that luxury collectibles ranked first, accounting for more than 26 per cent of all HNIs' investments of passion in 2006. Events such as TEMPUS would certainly play a catalytic role in anchoring Singapore as a top destination for HNIs for luxurious time pieces.

To make Singapore an exciting destination for visitors, we should continue to create exclusive and unique visitor experiences throughout the year. Signature events such as Barclays Singapore Open, World Gourmet Summit and Singapore Fashion Festival already draw many visitors, including HNIs, to Singapore. Along with these events, TEMPUS as well as the Singapore Formula One Grand Prix in September 2008 will add to the variety of Singapore’s lifestyle offerings. They will increase our attractiveness as a premium destination to well-heeled visitors from the Asia Pacific and beyond.

Opportunities from Singapore Formula One Grand Prix

More specifically on the Singapore Formula One Grand Prix, informal consultations have been initiated with business stakeholders to look at how to leverage the opportunities created by F1. As an industry, the luxury watch retail industry could develop strategies to capture the attention of HNIs who will be in Singapore for the event. Exclusive exhibitions, auctions or workshops can be held to showcase Singapore’s luxury watch retail diversity and expertise, further enhancing the buzz and excitement surrounding the F1 race. Luxury watch retailers could also work with credit card companies and private banks to explore potential areas of collaboration.

Conclusion

Let me in closing congratulate our home-grown specialist watch retailer group, The Hour Glass, on its visionary mission and contributions towards making Singapore a premier watch hub in Asia. I wish TEMPUS every success.