Mr Lim Hng Kiang at the Singapore-Turkey Investment Guarantee Agreement Signing Ceremony

OPENING REMARKS BY LIM HNG KIANG, MINISTER FOR TRADE & INDUSTRY, AT THE SINGAPORE-TURKEY INVESTMENT GUARANTEE AGREEMENT SIGNING CEREMONY AT 5.30 PM, 19 FEBRUARY 2008, THE TREASURY, 9TH FLOOR BOARD ROOM

Your Excellency Binali Yildirim,

Minister of Transport and Communications

Distinguished Guests

Ladies and Gentlemen

Good afternoon.

It gives me great pleasure to extend a warm welcome to Minister Yildirim and our friends from Turkey, who have come to Singapore to attend the Singapore Airshow.

Turkey and Singapore have enjoyed friendly and growing relations.On the economic front, bilateral trade grew 32% last year, reaching S$1.04 billion.The Investment Guarantee Agreement, or IGA, which is being signed today, marks another step in our developing ties. The IGA sets out an investment framework, thereby increasing investor confidence.Though this, we hope to encourage companies from Singapore and Turkey to venture into each other’s countries.

There is potential for further trade and investment collaboration.Turkey has a large domestic market and has built up relations with the nearby markets of Europe, Central Asia and Middle East.The Turkish government is undertaking long-term market-oriented reforms to build an open investment environment; this bodes well for the economy and for interested foreign investors.Some of our companies, such as hospitality player Banyan Tree and footwear retailer Charles & Keith, have found success venturing into the Turkish market.

Singapore can act as a gateway for businesses from Turkey to anchor their Asian expansion.Our cultural knowledge and established ties within Asia present a partnership proposition for Turkish companies interested in engaging the fast-growing regional economies. As a business hub, Singapore’s strengths include high trade connectivity, high value-added manufacturing and service industry capabilities, a pro-enterprise regulatory environment and a vibrant business ecosystem. Indeed, 7,000 multinational corporations have set up presence in Singapore.We welcome more Turkish companies to base key activities such as R&D and marketing here to tap opportunities in the region.

Today, the IGA signing serves to enhance the foundation of our economic relations.I encourage businesses on both sides to further explore and evaluate collaborative opportunities.I believe that there is much potential for our bilateral trade and investment links to continue growing. I wish our Turkish friends an enjoyable stay in Singapore.Thank you.