Mr S Iswaran at the Official Opening of PSA / HVAC Asia / BSFA / FTHA 2006

SPEECH BY MR S. ISWARAN, MINISTER OF STATE FOR TRADE AND INDUSTRY, AT THE OFFICIAL OPENING OF PSA / HVAC Asia / BSFA / FTHA 2006, ON 4 JULY 2006, 10:15 AM, AT SINGAPORE EXPO

Distinguished Guests,

Ladies and Gentlemen

Introduction

I am pleased to be here this morning at the Joint Opening of PSA, HVAC Asia, BSFA and FTHA 2006[1].

The large number of exhibitors and trade visitors at this event reflects the strong optimism that businesses have in the industrial, engineering, manufacturing and environmental technology industries.

Growth of PSA and HVAC Asia

Of the four concurrent events, BSFA and FTHA 2006 are new events, while PSA and HVAC Asia have been held in Singapore on a biennial basis, since 1992 and 1996 respectively.PSA has grown over the years to become Asia’s most established international exhibition featuring technologies on rotating equipment; fluid, air and gas handling systems; as well as control systems and instrumentation. HVAC Asia showcases the latest technologies related to heating, ventilation, air-conditioning, refrigeration, air filtration and purification, and building control systems.

Held in conjunction with Watertech & Envirotech Asia 2006, these events provide exhibiting companies with an excellent platform for extensive business networking opportunities. Companies are also well-placed to use Singapore as a launch-pad to tap the rapidly growing markets in the Asia-Pacific. Let me elaborate on this.

Singapore as Springboard to the Region

Major shows like PSA and HVAC Asia reflect Singapore’s efforts to incubate and develop a vibrant ecosystem of local and international players in the industrial, engineering, manufacturing and environmental technology clusters. More importantly, they demonstrate the role that Singapore can play in the growth of these clusters in the region.

For international companies seeking opportunities in the region, Singapore offers a safe and secure environment, sound infrastructure as well as a strong focus on innovation, R&D and Intellectual Property management. With a growing number of research institutes and a pool of over 7,000 international companies based here, Singapore is a hub of technological excellence and a leading centre for the exchange of business opportunities, products and ideas. These attributes are complemented by a disciplined, highly-skilled and educated workforce.

In addition, Singapore has signed Free Trade Agreements with a number of economic partners, including leading economies like Japan, India and the United States. This facilitates the entry of companies into global markets and enables suppliers in Asia to grow their market presence overseas.

Creating value and Business Opportunities

Moving forward, Singapore aims to attract more business events and activities within our key economic sectors. We see strong potential for new value creation. For example, new networks and business opportunities will be created over the next four days, as participants exchange ideas and perspectives on a wide range of topics, from test-bedding and commercialization of water and waste management technologies, to building services and facilities.

I am happy to note that in 2004, PSA and HVAC Asia generated contracts and sales worth an estimated $200 million and $195 million respectively.Both events attracted over 6,000 quality trade visitors from more than 50 countries who benefited from the opportunity to interact with industry players worldwide.

This year, with their strong track record of meeting both exhibitors and visitors’ business needs, both shows are expected to set a new attendance record by attracting over 8,000 trade visitors and exhibitors. I am pleased to learn that this year’s event will also set new benchmarks through the soft launch of a new platform – Asia’s and the World’s Maiden Product Launch – which showcases and introduces to Asia the latest innovations by exhibitors.

Conclusion

I would like to conclude by wishing all of you success at this exhibition.To our overseas friends, I wish you an enriching, rewarding and memorable stay in Singapore. I encourage you to enjoy our unique blend of tourism offerings including our vibrant attractions, exciting nightlife and colourful ethnic districts.

On this note, I now declare PSA and HVAC Asia, BSFA and FTHA 2006 open.Thank you.

[1]PSA: Process Systems Asia; HVAC Asia: Heating, Ventilation and Air-Conditioning Asia; BSFA: Building Services and Facilities Asia; FTHA: Fastener, Tools and Hardware Asia.