Mr S Iswaran at the Opening of Zak Salaam India Expo

SPEECH BY MR S ISWARAN, MINISTER OF STATE FOR TRADE AND INDUSTRY AT THE OPENING OF ZAK SALAAM INDIA EXPO, 15 AUGUST 2007, 12.15PM AT THE SINGAPORE EXPO

Your Excellency, Dr S Jaishankar, High Commissioner of India.

Mr M Rajaram, Chairman, Singapore Indian Chamber of Commerce & Industry.

Mr Syed Zakir Ahmed, Chairman & Managing Director, Zak Exhibitions (Singapore)

Distinguished guests, Ladies and Gentlemen.

Introduction

It is my pleasure to join you this morning for the official opening of the inaugural Zak Salaam India Expo.I am glad to see so many of our friends from India and the Singapore business community here today.

Zak Salaam India Expo brings together more than 250 exhibitors from over 14 Indian states. The event showcases the finest from India across a diverse spectrum of industries, including jewellery, textiles, food, property, education, tourism, biotechnology and information technology.

It is also noteworthy that the Zak Salaam India Expo is both a Business-to-Business as well as a Business-to-Consumer event. As a B-to-B event, it provides businesses and companies with a platform to forge new partnerships.There is also an interesting line-up of lectures, seminars and conferences, which will bring together industry captains, academics and government policy makers in an exchange of ideas on India’s economic potential.

As a B-to-C event, the Expo fosters a deeper understanding of India through a showcase of the best of India’s arts and cultures. The cultural and entertainment extravaganza further enhances the consumer appeal of the event.Visitors can look forward to an exciting programme conceptualised by renowned actress Ms Suhasini Mani Ratnam.Coupled with the presence of other prominent personalities from India, I am sure that this event will be very popular.

Close bilateral ties with India

India and Singapore enjoy strong economic, cultural and social ties. 2005 marked a significant step forward in economic cooperation between India and Singapore with the signing of the landmark India-Singapore Comprehensive Economic Cooperation Agreement, or CECA.

Since CECA came into force in August 2005, bilateral trade and investments between India and Singapore have grown robustly to reach record levels. In 2006, India moved up to become Singapore’s twelfth largest trading partner with bilateral trade valued at almost S$20 billion.This was an increase of20 per cent over 2005, making India one of our fastest-growing trade partners.Singapore was the fifth largest investor in India in 2006, with total investments amounting to US$578 million, up from US$321 million in 2005.I am confident that CECA and our traditional ties will continue to catalyse the flow of trade, investments, ideas and people between India and Singapore.

In terms of corporate presence, the number of Indian companies in Singapore in 2006 jumped 40% from 2005. Indian companies now form the fourth-largest foreign contingent in Singapore with more than 2,500 registered companies spanning diverse industries from IT services and education to logistics and manufacturing.I am pleased to learn that the organisers of this event, Zak Trade Fairs & Exhibitions Pte Ltd, which is one of the leading trade show and exhibition organisers in India, has also decided to open an office in Singapore, thereby further deepening the Indian corporate presence in Singapore.

On the tourism front, India has been one of Singapore’s top five visitor-generating markets since 2005. As India’s outbound travel increases, visitor arrivals from India to Singapore have increased steadily, posting double-digit growth in recent years. Singapore currently ranks as the top outbound destination for Indian travelers to Asian destinations. 659,000 Indians visited Singapore in 2006, an increase of 13% over 2005. On the other hand, drawn by India’s fascinating culture and heritage, 68,000 Singaporeans visited India in 2005, an increase of 13% over 2004. Singapore is now India’s eleventh largest visitor market.

Singapore – an ideal venue for the show

Given the strong and growing relations between our two countries, it is timely that Zak Trade Fairs & Exhibitions Pte Ltd, and the Singapore Tourism Board, have decided to hold the Zak Salaam India Expo in Singapore. This inaugural 5-day event is poised to grow from strength to strength against the backdrop of the world’s growing interest in India and India’s growing interest in the world.

Conclusion

Today is also the 60th anniversary of India’s independence. On behalf of the people of Singapore, I would like to offer our congratulations to the people of India on your remarkable achievements over the past 6 decades and wish you all the best as India takes on an increasingly prominent role in the global arena. On this note, I wish you all a fruitful and rewarding experience at the Zak Salaam India Expo.

Thank you.