Mr Lee Yi Shyan at The Singapore Turkey Business Association Annual Dinner

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SPEECH BY MR LEE YI SHYAN SENIOR MINISTER OF STATE FOR TRADE & INDUSTRY AND NATIONAL DEVELOPMENT AT THE SINGAPORE TURKEY BUSINESS ASSOCIATION ANNUAL DINNER ON THURSDAY 10 OCTOBER 2013, 1900 HRS AT THE  MARINA MANDARIN HOTEL VANDA BALLROOM, SINGAPORE

Your Excellency Ambassador Taner Seben

Senior Parliamentary Secretary Mr. Hawazi Daipi,

Excellencies,

Ladies and Gentlemen,

Introduction

1           It is my pleasure to be here at the Singapore Turkey Business Association (STBA) Annual Dinner. Before we commence the evening, let me first extend, in advance, my warmest congratulations to the Government and the people of Turkey on the 90th Anniversary of the Proclamation of the Republic of Turkey.

2           I am happy to see many Singapore companies and business leaders here today. Some of you have existing businesses in Turkey, while others are keen to explore business links and opportunities with the Turkish business community here in Singapore. I encourage you to make the most of this evening and to exchange contacts with our Turkish friends here today.

Singapore-Turkey Relations Continue to be Strong

3           Relations between Singapore and Turkey continue to grow from strength to strength. There has been greater interaction between our two countries in recent years. Our Deputy Prime Ministers exchanged visits – Turkish Deputy Prime Minister Ali Babacan visited Singapore in March 2012, while DPM and Minister for Finance Tharman Shanmugaratnam and I visited Turkey in May 2012 in conjunction with the opening of IE Singapore’s overseas centre in Istanbul. Turkey’s Minister of Economy Zafer Cağlayan visited Singapore in July 2012. And recently in July 2013, Turkey’s Foreign Minister Ahmet Davutoglu visited Singapore. The opening of our Singapore Embassy in Ankara in July 2012 has also helped to broaden and deepen our interactions. We look forward to welcoming Turkey’s Prime Minister Recep Tayyip Erdoğan to Singapore in 2014.

4           But it is not just at the political level that interactions are increasing. Many of us may have noticed that Turkey is becoming a popular holiday destination with many Singaporeans. Last year, more than 20,000 tourists from Singapore visited Turkey. I also had the good fortune last year of touring some of Istanbul’s most famous historical sites – the Topkapi Palace and the Sultan Ahmed Mosque. Turkey’s long and rich history has long fascinated travellers, including travellers from Singapore like me. Today, Singapore Airlines operates a direct route to Istanbul, and Turkish Airlines flies daily to Singapore. This enhanced air transport connectivity will continue to facilitate greater exchanges between our countries.

Singapore-Turkey Trade Opportunities

5    Today, both Singapore and Turkey possess similar advantages as we combine the best of the East and the West. As the trading hubs of our respective regions, Turkey and Singapore have flourished because we welcome foreign investment and international trade. Turkey is an important gateway to the markets of the Middle East and Central Asia, while Singapore, given our strategic location and networks, is a gateway to Asia, including Southeast Asia.

6    In the current context of sluggish growth and weak demand in advanced economies, it is increasingly vital to seek growth opportunities in new markets. And in that respect, the geographic location of our two countries allows us to capitalise on these emerging economic opportunities.  

7    The relationship between Turkey and Singapore has evolved and flourished over the years. Singapore's trade with Turkey has been increasing, with total trade consistently crossing S$1 billion since 2007. It reached a high of S$2.2 billion in 2011. In 2012, total bilateral trade came down to S$1.46 billion, which says that we must do more if we want to grow our trade. In this regard, Singapore looks forward to greater economic cooperation with Turkey through a comprehensive Free Trade Agreement. Preliminary discussions have already taken place and I hope that negotiations will begin soon.

8    For Singapore, one of our important areas of bilateral trade with Turkey is in food products. There are many Singaporeans who enjoy Turkish food today, especially those who have visited Turkey before - like me! Today, NTUC FairPrice offers more than 150 food products from Turkey like olive oils, cheeses, fruits, poultry, chocolates, and a selection of Turkish wines and beers. In fact, Singapore also has over 20 Turkish restaurants here today. I would like to encourage more of such trade and business interactions between our countries.

9    For those of us Singaporeans who have not yet been to Turkey, I would like to share with you that Turkey's long-term growth potential remains positive. The private sector in particular, has grown rapidly as a result of the Turkish government's pro-business policies. Turkey’s policy fundamentals are sound, and it has a young, growing and increasingly well-educated population. Turkey’s large domestic market of more than 70 million people will also generate demand for many products and services that Singaporean companies are in a good position to provide.

Conclusion

10  With the changing global economic landscape, I would like to encourage businesses to look beyond the traditional markets of the US and EU. Now is a good time to tap on the extensive economic linkages of Singapore and Turkey. Therefore, STBA plays an important role in fostering greater cooperation and business connectivity between our two countries.

11  I would like to wish all Turkish and Singaporean business leaders and representatives fruitful and productive conversations this evening. Bon appétit, and to our Turkish friends, Afiyet Olsun! I wish all of you a very pleasant evening. Thank you.