Speech by Second Minister S Iswaran at the Opening Ceremony for The Singapore Yacht Show at ONE°15 Marina Club

Mr Andy Treadwell, Managing Director, Singapore Yacht Events,

Mr Arthur Tay, Chairman and CEO, SUTL Global,

Excellencies and distinguished guests, ladies and gentlemen,

Introduction

1.               Good afternoon. I am delighted to be here today to open the fourth annual Singapore Yacht Show. I had the pleasure of opening the inaugural edition in 2011, and it has been heartening to see the Yacht Show grow from strength to strength each year, and become regarded as a premier industry event in Asia. 

2.               I’m also happy to note that the Singapore Yacht Show has become a key signature event at Sentosa Cove. The Cove was conceptualized as a unique waterfront residential and lifestyle precinct, in line with Sentosa’s vision to be “the world’s favourite leisure and lifestyle resort destination”.  Marquee events such as the Singapore Yacht Show add vibrancy and style to the Cove, as well as Singapore, making us a city of choice in which to live, work and play. 

Opportunities in the Yachting Industry

3.               The high seas have always been a major part of Singapore’s economy.  We have a rich maritime history. Singapore has served as a leading port for international trade from the time of Sir Stamford Raffles.  We now have 2 international cruise centres, to tap into one of the fastest-growing segments in the global travel and leisure sectors.

4.               In the leisure marine sector, the Asia Pacific has become an attractive cruising option for the world’s most sophisticated vessels, including smaller day cruisers and long-range explorer superyachts. Here in Singapore, the number of yachts calling at our shores has been growing as well. Last year, we welcomed 1,175 yachts, an 18 per cent increase from the year before.

[1]

5.               Beyond direct tourism receipts from high-end tourism, the yachts have brought with them wider economic benefits – such as to the marinas, repair and maintenance facilities. Singapore Yacht Events tells me that a superyacht spends significant amounts on berthing, temporary crew to help with maintenance, marine services and so on.

6.                The sector also provides learning and career opportunities for Singaporeans. For the first time this year, Singapore Yacht Events has partnered with the Institute of Technical Education to provide 25 of their students with hands-on opportunities to learn about yachting event management, from private lounge management to exhibition stand services.

Conclusion

7.               The exhibitors and vessels that represent some of the most prestigious international brands in yachting and boating in the Yacht Show today.  Many of these companies are based in the Asia Pacific and have been avid supporters of the Singapore Yacht Show since its inception. Others, we are welcoming to Singapore for the first time. I hope your experience here this week will demonstrate that Singapore is a destination of choice to combine leisure and business, and a first-class hub for yachting in Asia. 

8.               Congratulations once again on the continued success of the Singapore Yacht Show.  Thank you.

[1]

Source: Maritime and Port Authority of Singapore.