Mr Lee Yi Shyan at the SICCI's NDOC

SPEECH BY MR LEE YI SHYAN MINISTER OF STATE FOR TRADE & INDUSTRY AT THE SINGAPORE INDIAN CHAMBER OF COMMERCE AND INDUSTRY’S NATIONAL DAY OBSERVANCE CEREMONY, FRIDAY, 4 AUGUST 2006, 6.15 PM, RAFFLES HOTEL

Mr Rajaram, Chairman, Singapore Indian Chamber of Commerce & Industry

SICCI Board of Directors and Members

Distinguished Guests,

Ladies and Gentlemen,

A very good evening to all of you. It gives me great pleasure to join you here today to celebrate Singapore’s 41st National Day.

Singapore has come a long way since we achieved independence in 1965.Few countries have had the rapid growth we have enjoyed, and even fewer have achieved this level of economic development with a multi-racial and religiously diversified population base. We have embraced free market economy principles. And by welcoming globalization and free trade, we have gone from being a developing country to a progressive and prosperous nation, all within the span of four decades.

The 21st century has thrown up not just challenges in the global economic landscape, but also many opportunities. Singapore’s ties with traditional partners like ASEAN, the US, Europe, China, India, Japan and Australia are growing from strength to strength. Relations with partners in new geographies such as the Middle East are also being forged. On a macro level, Singapore’s network of alliances and partnerships is growing as well. Our businesses need to tap on these alliances and partnerships effectively to develop and grow internationally.

The Singapore Indian Chamber of Commerce & Industry (SICCI), since its pioneer trading days in the early 1920s, has kept in tune with the pulse of the Singapore economy. It has positioned itself as a dynamic forward-looking organization with a network of partners which spans the globe. SICCI has been a partner in Singapore’s growth and, like Singapore, SICCI and its members have prospered because it engaged the world. As we look forward into the future, I hope that SICCI will continue to play a major role in nurturing our enterprises at home and in assisting its members to internationalize.

SICCI has a special role to play as a facilitator of partnerships in India and South Asia, which are familiar markets for SICCI. The South Asian region is a massive, emerging economy, and there are many opportunities for our businessmen. SICCI has two roles to play in assisting our companies seeking to internationalize into the South Asian region.

Firstly, for companies, SICCI could continue to organise networking platforms for companies to come together and connect. Your ‘Connecting India Asia Pacific Business Summit’ in April, which drew over 400 participants from India, Singapore and the rest of the region was a huge and successful effort.On a smaller and more sustained basis, your public seminars and networking sessions also help to provide fora for companies to meet, share ideas and form partnerships.

Secondly, SICCI should continue to leverage on and complement the strengths of other business chambers and associations, both in Singapore and abroad. SICCI’s collaboration with the Singapore Chinese Chamber of Commerce & Industry to jointly lead a 51-member strong business delegation to India in May this year was a good example.Many Singapore companies and associations have heard of opportunities in India, but they are not familiar with the region. SICCI is. I also hope SICCI can work with our agencies, like IE Singapore, to facilitate partnerships between companies venturing abroad.

Tonight, besides celebrating Singapore’s birthday, we will also witness the formal induction of the 65th Board of Directors of the Singapore Indian Chamber of Commerce & Industry. I would like to congratulate the members of the new Board on your appointment. The foundations are strong. I hope you will continue to build this Chamber as a key pillar of Singapore’s business community. I wish all of you the very best in your future endeavors.

With that, I wish all of you a very happy 41st National Day. Thank You.