Opening Remarks by Minister Lim Hng Kiang at the Networking Event with Istanbul Chamber of Commerce at Istanbul Chambers' Function Room, Istanbul

Distinguished Guests

I am happy to join all of you at this afternoon’s networking session at the Istanbul Chamber of Commerce.

Over the past few days that I have been with my Prime Minister in Turkey, we have been very impressed by Turkey’s growth potential. Turkey is a growing economy with sound economic fundamentals. With a 77 million strong population which is young and growing, there is a strong demand for goods and services that Singapore companies could provide.

Turkey-Singapore bilateral relations have grown rapidly in recent years. Just yesterday, our Prime Ministers have elevated our bilateral relations to that of a strategic partnership. In the economic sphere, this means the Governments and business chambers on both sides would identify opportunities and facilitate collaborations to increase bilateral trade and investment flows.

One major milestone which the business communities from both countries can look forward to is the Turkey-Singapore Free Trade Agreement. The Free Trade Agreement was launched in January this year and excellent progress has been made so far. When completed, businesses will be able to make use of a high quality FTA that will see lowered tariffs and liberalisation of a whole variety of sectors.

I understand that a large number of the businesses present today are Small and Medium Enterprises, or SMEs. Many SMEs tend to be concerned that trade liberalisation could bring about increased competition. Let me encourage all SMEs to take advantage of the benefits that enhanced bilateral ties could offer. Singapore is the gateway to fast-growing East Asia and Western Pacific just like Turkey is strategically located at the crossroads of Europe, Central Asia, Middle East and North Africa. On the supply side, SMEs could locate part of their production chain in places to achieve cost savings and production efficiency. And on the demand side, the goods and services provided by the SMEs could also access a much larger market.

So let me encourage once again both Singapore and Turkish businesses to look forward, look ahead, tap on the growing economic linkages of Singapore and Turkey and seize opportunities in emerging markets in our respective regions. For Singapore, the International Enterprise Singapore as well as Singapore Business Federation are our point agency and our apex chamber in promoting bilateral trade and investment ties. International Enterprise Singapore has an office in Istanbul and I hope you will take full advantage of this office to connect you to businesses opportunities.

On this note, I wish all of you fruitful discussions at this event. Thank you.