Mr S Iswaran at the Singapore Yacht Show, 8 Apr 2011

SPEECH by Mr S Iswaran, Senior Minister of State, Ministry of Trade and Industry, at the SINGAPORE YACHT SHOW AT ONE°15 MARINA CLUB ON 8 APRIL 2011, AT 5.30pm

His Excellency Oh Joon, Ambassador of the Republic of Korea,

Mr Andy Treadwell, Managing Director, Informa Yacht Group

Mr Arthur Tay, Chairman, ONEº15 Marina Club

Distinguished Guests,

Ladies and Gentlemen,

Good afternoon.

I am delighted to join you for the opening of the inaugural Singapore Yacht Show.

This beautiful seafront location at Sentosa Cove provides an apt and ideal setting for this inaugural event. Sentosa Cove was conceived to inaugurate a new type of waterfront lifestyle and put Singapore on the map of luxury marina living. The island has hosted some of the world’s notable boating events including the Volvo Ocean Race and the Clipper Round the World Yacht Race.

The vast and idyllic cruising grounds in tropical Southeast Asia are fast becoming an attraction for superyacht owners and charterers.In 2010, the superyacht traffic to Singapore reached a high of 81 yachts. Consequently, there have been concerted efforts to develop a superyacht refit and maintenance centre here, and developers can tap on the knowledge and resources of Singapore’s reputable commercial shipyards and service providers.

Singapore has the potential to become the so-called ‘third destination’ for long-time yacht owners based in the Mediterranean.We now join Monaco and Abu Dhabi in the ranks of the few venues that host both a Formula 1 Grand Prix and a superyacht show.Yacht owners will find Singapore an ideal location to combine leisure with business.We are a key business centre in the heart of Asia, a choice venue for this yacht show, and a first-class hub for the fledgling superyacht industry in this region.With marquee events like this, and exciting leisure offerings like the two integrated resorts, Singapore is consolidating its position as a vibrant city to live, work and play in.

I extend my congratulations to the Informa Yacht Group and ONEº15 Marina Clubfor organising the very first Singapore Yacht Show. The Show will help promote the emerging yachting and waterfront lifestyle here in Singapore, and grow the largely unexplored market for superyachts in Asia. By bringing together at this event like-minded yachting enthusiasts who have a passion for a premium oceanfront and boating lifestyle, we want the world to see and experience Singapore as a choice destination for leisure and business. We look forward to many more exciting and successful editions of the Show

Thank you.