OPENING REMARKS BY MR LEE YI SHYAN, MINISTER OF STATE FOR TRADE AND INDUSTRY, AT THE ABU DHABI-SINGAPORE BUSINESS FORUM, AT RAFFLES HOTEL AT 2.00 PM ON MONDAY, 11 JUNE 2007

Your Excellency, Khaldoun Al-Mubarak,

Distinguished Guests,

Good afternoon.

Introduction

First of all, on behalf of Singapore, I wish to extend a warm welcome to our friends from Abu Dhabi.

I am very pleased to be here today at this inaugural meeting of the Abu-Dhabi Singapore Business Forum.

The friendship between Abu Dhabi and Singapore is relatively new, but our ties have strengthened and matured in a short span of time.

This development is not surprising as we share many similarities.For example, we both have small populations and are surrounded by larger neighbours.

More importantly, Abu Dhabi has a capable and strong leadership with the vision and willingness to take bold and calculated steps to develop and grow its economy in preparation of future challenges ahead.

Bilateral Relations Have Strengthened

Senior Minister Goh Chok Tong visited Abu Dhabi earlier this year in January where he had a fruitful meeting with the Crown Prince, His Highness, Sheikh Mohammed bin Zayed Al Nahyan.

Both leaders agreed it would be useful to establish a strategic partnership to explore greater avenues of cooperation for mutual benefit.

My friend, Khaldoun, and myself, have been assigned to lead on each side and drive the development of this bilateral strategic partnership.

Given the importance of common business interests from both sides, we have agreed that one of the initiatives of immediate interests is the formation of a joint business forum.

Singapore companies have played key roles in the development of Singapore from Third World to First.We have drawn many useful lessons and accumulated vast experience in nation building and development that we could share with Abu Dhabi.

My colleagues from the Economic Development Board and the Singapore Tourism Board will share with you a condensed story of Singapore’s developmental experience over the past 40 years as well as our future plans for Singapore.

Singapore is keen to learn about the opportunities in Abu Dhabi and make a useful contribution in your nation building efforts.Likewise, Singapore is keen for Abu Dhabi to invest in Singapore and partake in our economic development.

G to G Collaborations

But strong bilateral ties are not just about business and investments.The Governments of Abu Dhabi and Singapore are also collaborating on other areas, such as in Education and Public Administration training.

For example, our Minister for Education Tharman Shanmugaratnam visited Abu Dhabi last month where Singapore agreed to provide consultancy services to the Abu Dhabi Education Council.Minister Tharman also signed an MOU on education cooperation with His Excellency, Dr Hanif Hassan Ali Al-Qassimi (UAE Minister for Education).

Conclusion

Abu Dhabi Singapore Business Forum will provide the ideal platform for business leaders from Abu Dhabi and Singapore to exchange views, build friendships and to learn more about what we have to offer each other.It will serve as a platform to strengthen the economic ties between Abu Dhabi and Singapore.

I look forward to a fruitful meeting ahead. Thank you.