Mr Lee Yi Shyan at the Wincor Nixdorf 25th Anniversary Event

SPEECH BY MR LEE YI SHYAN MINISTER OF STATE FOR TRADE AND INDUSTRY AT THE WINCOR NIXDORF 25TH ANNIVERSARY EVENT AT WINCOR NIXDORF BUILDING, KALLANG SECTOR ON 14 SEPTEMBER 2007, 4.30PM

Mr Eckard Heidloff, President and CEO, Wincor Nixdorf AG,

Ms Christiana Markert, Deputy Chief of Mission

Embassy of the Federal Republic of Germany, Singapore

Distinguished Guests

Ladies and Gentlemen

Good afternoon

Introduction

I am pleased to join you this afternoon to mark Wincor Nixdorf’s 25th anniversary in Singapore. A quarter of a century is a significant milestone especially in the world of Internet time. It is therefore heartening to note that Wincor Nixdorf’s partnership with Singapore has not only lasted all these years but has also grown to what it is today. As the Asia Pacific headquarters and a key manufacturing site for Wincor Nixdorf, the Singapore operation today has responsibilities across the entire value chain.

Manufacturing – key pillar of the Singapore economy

Manufacturing remains a key pillar of Singapore’s economy, contributing about 28 per cent to our GDP last year. It is also estimated that Singapore made almost 50 per cent of the world’s point-of-sales systems in 2005. Wincor Nixdorf, being one of the world’s top three point-of-sales systems companies, contributes significantly to this favourable statistic.

We recognise that in the manufacturing of high-mix products such as point-of-sales systems, logistics connectivity is a key value proposition. Suppliers need to be able to respond quickly to customised orders. Logistics providers are required to handle increased volumes with shorter turnaround times. Singapore is able to meet these challenges.

Companies, like Wincor Nixdorf, capitalise on Singapore’s robust logistics infrastructure to enhance their production efficiencies. Singapore’s manufacturing know-how, coupled with a highly-skilled workforce, allows companies to streamline their production lines and optimise their inventories.This, in turn, translates into cost and time savings for the companies.

Besides point-of-sales systems, Singapore also commands global leadership positions in the manufacture of a number of other products such as hard disk drives, inkjet cartridges and jack-up rigs. We will continue to leverage on our strengths to maintain manufacturing at around a quarter of our GDP.

Singapore – a trusted e-transaction hub

Wincor Nixdorf is a significant player in Singapore’s thriving e-transaction sector.The sector encompasses industries such as Point-of Sales systems, Automated Teller Machines, Self-service terminals and Smart Payment Cards.

Besides Wincor Nixdorf, many of the world’s leading companies such as Gemalto and VeriFone have set up bases in Singapore to carry out strategic functions. Together, the e-transaction sector employs approximately 3,500 people here. Many of the companies are drawn here by Singapore’s reputation as a trusted hub. Indeed, trust provides the basis for our continued competitiveness.

We recognise the need to constantly enhance our long-term competitiveness. To this end, the EDB will continue to develop education and manpower training programs to ensure a highly skilled workforce with strong engineering competence. Examples of manpower programs include the Company Training Scheme and the Specialist Manpower Program. These programs help companies train engineers and professionals in new technologies and capabilities, in anticipation of future demand. By constantly upgrading our pool of expertise, we position Singapore for the future.

Conclusion

Wincor Nixdorf’s continued investments and expansion in Singapore is a strong vote of confidence in Singapore. We are proud of this partnership.

In conclusion, may I express my heartfelt thanks to Wincor Nixdorf for their commitment to Singapore and our heartiest congratulations to their outstanding achievements in the past 25 years.

Thank you and all the best to your next 25 years.