Mr S Iswaran at the Official Opening of Remy Cointreau International in Singapore

SPEECH BY MR S ISWARAN, SENIOR MINISTER OF STATE FOR TRADE & INDUSTRY AND EDUCATION, AT THE OFFICIAL OPENING OF REMY COINTREAU INTERNATIONAL IN SINGAPORE ON TUESDAY 26 MAY 2009, 1915 HRS AT THE FULLERTON HOTEL BALLROOM

Madam Dominique Heriard Dubreuil,

Chairman of Remy Cointreau Group

Mr Jean-Marie Laborde,

Chief Executive Officer of Remy Cointreau Group

Mr Damien Lafaurie,

Chairman of Remy Cointreau International

Mr Olivier Guyonvarch,

Deputy Head of Mission of France

Distinguished guests,

Ladies and gentlemen,

A very good evening,

Introduction

It gives me great pleasure to join you for the official opening of Remy Cointreau International in Singapore, which will serve as the Remy Cointreau Group’s Asia Pacific Headquarters and Global Headquarters for travel retail.Beyond positioning Singapore as a business headquarters, I am pleased that Remy Cointreau has also chosen to locate its Regional Distribution Centre here.

On Remy Cointreau

This is indeed a special occasion as Singapore is now a part of the rich legacy of this distinguished group, whose roots date back more than 280 years.Over centuries, Remy Cointreau has built up an impressive portfolio of premium brands, which all of us would be very well acquainted with.Remy Cointreau’s unwavering commitment to product innovation and quality has earned its wines and spirits the well-deserved reputation of being the epitome of fine taste and perfection.

Asia’s Growth and Singapore

Asia is a resilient bright spot, as a compelling 21st Century growth story, against the backdrop of the current economic climate. Increasingly, companies are looking to Asia for their next wave of growth. The World Bank has predicted that the global middle class will grow from 430 million in 2000 to 1.15 billion in 2030 and two-thirds of that number will be from India and China.A Merrill Lynch report estimated that the number of High Net-Worth Individuals in the Asia Pacific grew by 8.7 per cent in 2007, the highest growth rate globally.It estimates that 27.8 per cent of the world’s top 10 million wealthiest individuals are from the Asia Pacific.

As Asia grows in affluence, so too will its desire and demand for luxury products and a more sophisticated lifestyle.Thus, it is imperative that lifestyle and luxury companies pro-actively tailor their marketing strategies to suit the needs of the Asian consumer, and at the same time strengthen the premium status of their brands.This can be accomplished effectively only by being inAsia, close to the customer and markets, to understand the subtleties of Asian tastes and preferences.

Singapore is particularly well-positioned to partner lifestyle and luxury companies, such as Remy Cointreau, to capture the growth of a burgeoning Asia.We play a key role in providing companies access to the Asian market.As a multi-cultural society, the diverse Asian cultures are well represented here.Companies can capitalize on our broadbased talent pool, strong intellectual property protection and cosmopolitan perspective, to develop, test-bed and launch new products, brands and concepts for the Asian market from Singapore.In other words, Singapore can be Asia’s Lifestyle Lab.

Remy Cointreau’s Singapore headquarters

I am heartened to hear that Remy Cointreau’s Singapore headquarters will engage in high-value, knowledge and innovation intensive activities.It will not only lead the formulation of branding and marketing strategies for the region, but also drive product innovation for the Asia Pacific markets.In addition, you will be consolidating your global supply and distribution network with Singapore becoming your Regional Distribution Centre.This is strong testimony to the high level of confidence that the industry has in Singapore as a key supply chain management hub for the region.Remy Cointreau is now well poised to capture the growth opportunities in Asia with Singapore as its launch pad.

Today, Singapore is home to many leading brands in the consumer products and lifestyle sectors.Remy Cointreau International’s opening this evening is a prestigious and important addition to this league of distinguished brands, which reinforces Singapore’s position as a business hub for lifestyle companies in Asia.More significantly, this opening also marks the beginning of an important and mutually beneficial partnership between Remy Cointreau and Singapore.

Conclusion

I would like to congratulate the management, staff and partners of Remy Cointreau International on your successful launch.I am indeed delighted that you have chosen Singapore as your partner.Thank you all for your continued trust and confidence in us.We look forward to a long and close partnership and wish you every success.

Thank you.