SPEECH BY MR S ISWARAN, MINISTER OF STATE FOR TRADE & INDUSTRY, AT THE GLOBAL TRADER SUMMIT 2007 NETWORKING DINNER ON 24 MAY 2007, 7.15 PM, AT SHANGRI-LA HOTEL SINGAPORE
Distinguished Guests
Ladies and Gentlemen
Good evening.
It is my pleasure to join you this evening at this Networking Dinner.
An International Trading Hub
Singapore’s international trading sector has grown steadily over the years and today, we are a thriving international trading hub. Total physical offshore trade amounted to more than US$350 billion last year. Going forward, we expect this sector to continue to be an important contributor to the economy.
International trading companies are also expanding their scope of activities in Singapore beyond traditional trading into areas such as logistics and shipping, financing and listing, and talent acquisition and management. Cargill, for instance, has based its Asian ocean transportation operations in Singapore. Another example is Chemoil, which listed on the Singapore Stock Exchange last year. It demonstrates that we are beginning to anchor a wider ecosystem of trading-related activities in Singapore. This is a positive development.
International Trading Track in SMU
To ensure that the international trading sector continues to grow and remain competitive, we need to build up our knowledge, capabilities and talent.
Recognizing this, last July, IE Singapore and the Singapore Management University (SMU) launched the International Trading Track under SMU’s Business Management Degree. This programme has garnered significant industry support from 14 companies such as Shell, ENOC, Concordia, Swiss Singapore, Noble, Olam, and Standard Chartered.The take-up rate has been good with 40 students enrolled for the programme.
International Trading Institute
Building on this good start, IE Singapore, SMU and their industry partners are now going a step further, to establish an International Trading Institute, which will be launched this evening.
The International Trading Institute will blend the training and research capacity of SMU with the industry experience and expertise of our trading partners. It has three objectives.
The first objective is to attract and groom top trading talent. The current SMU-IE Singapore International Trading Track will be placed under the purview of this institute. The Institute will also develop an executive training programme targeted at existing traders.Courses in diverse topics related to trading will be offered to traders who are keen to improve their skills and knowledge. I am told that many former traders have already come forward to offer their experience and services for this programme.
The second objective is to conduct research. The Institute will offer an Asian perspective on topics that are at the cutting edge of international trading.This will enable Singapore to build our own base of trading-related capabilities and knowledge, and distinguish ourselves from the tertiary institutions in Europe and the United States.
The third objective is to provide consultancy services. This will be particularly useful for firms that are keen to learn trading and risk management strategies.
With its three core objectives and the partnership of SMU, IE Singapore and industry partners, I am confident that the International Trading Institute will propel Singapore to the forefront of knowledge and talent creation in the international trading sector. This in turn will give the sector a sustainable competitive advantage.
I wish the International Trading Institute every success and hope that the entire trading community in Singapore will benefit from its programmes.I wish all of you a very pleasant evening. Thank you.