Mr S Iswaran at the Middle East Business Group’s Networking Lunch for Omani Businessmen

WELCOME REMARKS BY MINISTER OF STATE (T&I) S ISWARAN AT THE MIDDLE EAST BUSINESS GROUP’S NETWORKING LUNCH FOR OMANI BUSINESSMEN, FULLERTON HOTEL, 10 DECEMBER 2007 AT 1.30 PM

Your Excellency Minister Maqbool Bin Ali Sultan,

Minister of Commerce and Industry of the Sultanate of Oman

Distinguished Guests

Ladies and Gentlemen

Good Afternoon.I am delighted to join all of you today and it gives me great pleasure to extend a warm welcome to Minister Maqbool and our friends from Oman.Your presence and the strong turnout of Singaporean businessmen bear testament to the growing relations between Oman and Singapore.

Our businesses would be pleased to note the Governments of Oman and Singapore have taken concrete steps to facilitate trade and investments between Oman and Singapore.Earlier today, both governments signed an Investment Guarantee Agreement at the Istana. The signing ceremony, witnessed by Singapore Prime Minister Mr Lee Hsien Loong and Oman’s Deputy Prime Minister His Highness Sayyid Fahd Bin Mahmoud Al Said marks a milestone in our economic engagement. The Agreement lays out mechanisms to protect and promote investments in both countries and should serve to boost investor confidence.

Also, Singapore and the Gulf Cooperation Council, or GCC, are planning to hold the 4th round of FTA talks early next year.Together with the support of Oman, we are optimistic that a GCC-Singapore FTA can be concluded soon. Such agreements are important enabling tools which our businesses must make full use of.The key focus must be for businesses to get together, find partners, and to familiarise themselves with each other’s markets.

Oman has embarked on a remarkable economic diversification program. These include the development of Oman’s natural gas resources under the Oman Liquefied Natural Gas Project, the establishment of the US$12 billion SoharIndustrialPort at Al-Batinah and real estate development such as the 4,000 unit residential beachfront project “The Wave” at Muscat, utilising 6 km of Oman’s natural coastline.

Singapore companies can in turn offer services in numerous areas including e-government, construction, industrial parks, housing, township planning and transport planning.Logistics, port services, healthcare and education are other possible areas for cooperation.Many of these companies have contributed to or participated in Singapore’s transition from Third World to First.We would be happy to share our experience and know-how with Oman where relevant.

I urge Singapore’s businessmen to take today’s event as an opportunity to renew acquaintances and establish new contacts. I would also encourage the Omani business leaders gathered here today to actively explore business opportunities in collaboration with Singaporean partners.

The Singapore Business Federation through the Middle East Business Group should continue to organise events such as today’s networking lunch as they play an integral role in deepening the understanding between our business communities.

It now gives me great pleasure to introduce His Excellency Minister Maqbool bin Ali Sultan.Minister Maqbool is an accomplished leader with over 30 years of experience in government and business. He is no stranger to Singapore or our business community, having been based in Singapore when he was in the private sector.Please join me now in welcoming His Excellency Maqbool bin Ali Sultan.Minister, please.