Mr Lim Hng Kiang at the Business Seminar in Honour of Mr Danilo Astori, Vice-President of the Oriental Republic of Uruguay

​OPENING REMARKS BY MR LIM HNG KIANG, MINISTER FOR TRADE & INDUSTRY, AT THE BUSINESS SEMINAR IN HONOUR OF MR DANILO ASTORI, VICE-PRESIDENT OF THE ORIENTAL REPUBLIC OF URUGUAY ON FRIDAY 9 NOVEMBER 2012, 3.30PM AT INTERCONTINENTAL HOTEL, BALLROOM 1

Your Excellency, Vice-President Danilo Astori,

Excellencies,

Distinguished Guests,

Ladies and Gentlemen.

Good afternoon. It is my pleasure to welcome Your Excellency Danilo Astori and your distinguished delegation to Singapore. Your visit is testament to the growing ties between our two countries, and I look forward to more such visits and platforms for Singapore-Uruguay bilateral engagement.

Singapore-Uruguay Economic and Political Ties

Today’s seminar is a useful and important avenue for our companies to learn more about new trade and investment opportunities in Uruguay. Even though Singapore and Uruguay are at different sides of the globe and have different cultures, histories and languages, our ties are strengthening. Trade between Singapore and Uruguay tripled from US$32 million (S$40 million) in 2007 to US$96 million (S$121 million) last year. While this figure is still relatively modest, it also means that our economic relations have much potential to grow.

Uruguay and Singapore also share certain similarities. We are both small countries surrounded by bigger neighbours. Given our small domestic markets, we are outward-looking, trade-friendly and constantly on the lookout for new growth opportunities. We are also part of bigger communities: Uruguay is a member of MERCOSUR (the Common Market of the South), and Singapore is a member of ASEAN (Association of Southeast Asian Nations). Singapore companies can use Uruguay as a base to enter the bigger markets in Latin America. Likewise, I encourage Uruguayan companies to use Singapore as a base for doing business in Southeast Asia and beyond.

Some Singapore companies like CWT and Olam International have operations in Uruguay and are doing well. I hope the success of these pioneers will encourage other Singapore companies to venture into Uruguay. International Enterprise (IE) Singapore will continue to support Singapore companies in exploring these opportunities, in sectors such as ICT, education, e-government, port development, and food trading.

Strengthening Our Ties

Beyond our economic ties, we should continue to foster and facilitate more people-to-people exchanges. I am pleased to note that Uruguayans and Singaporeans can now travel freely to each other’s countries without the need for visas. With this in place, we can look forward to a greater flow of tourists and businesses both ways.

Earlier this year, Singapore’s Ministry of Education announced that our students can now choose to learn Spanish as a foreign language. Picking up Spanish will enable young Singaporeans to better appreciate the rich and diverse cultures of Spanish-speaking countries like Uruguay and, in time, equip our future businessmen and women to tap into the fast-growing Latin American market.

Conclusion

In conclusion, it is without doubt that Asia and Latin America are starting to look towards greater partnerships in the years to come. I hope that this seminar will be but one of many initiatives to bridge Singapore and Uruguay, and draw us closer together. I wish His Excellency and our Uruguayan partners a pleasant stay in Singapore, and a very fruitful afternoon to one and all. Thank you.