SPEECH BY MR S ISWARAN, MINISTER OF STATE FOR TRADE AND INDUSTRY, AT THE CHEMICAL INDUSTRIES EMPLOYEES’ UNION NATIONAL DAY OBSERVANCE CEREMONY 2007, ON 24 AUGUST 2007, 10.00AM AT CRODA SINGAPORE PTE LTD
Mr Chris Nottingham, Managing Director of Croda Singapore Pte Ltd,
Mr Frank Loke, Deputy Executive Secretary of Chemical Industries Employees’ Union
Executive Council Members of the Chemical Industries Employees’ Union
The Croda Branch Union Committee
Comrades, Friends, Ladies and Gentlemen
Introduction
I am very happy to join all of you at your National Day Observance Ceremony to celebrate our Nation’s 42nd year of Independence.
Growth in the Economy and Chemical Industry
This year, we have much cause for celebration as the Singapore economy has performed well and strong economic growth has supported job creation. The Singapore economy grew by 7.6 per cent in the first half of this year. Employment also grew strongly, with 111,300 jobs created.As such, the Government has revised its GDP forecast to 7 to 8 per cent growth for this year, up from the previous forecast of 5 to 7 per cent.
The manufacturing sector has done well too, growing by 8.3 per cent in the second quarter of this year, up from 4.4 per cent in the previous quarter. The chemical cluster, in particular, grew by 1.4 per cent in the second quarter of this year and saw an overall growth of 1.3 per cent for the first half of 2007.
The economic fundamentals, especially in Asia, remain strong despite choppiness in financial market. The Japanese and European Union economies continue to recover on the back of strong domestic demand and firm business sentiment. Prospects in Asia remain robust, with the Chinese and Indian economies growing at a rapid pace. This improved outlook is reflected in higher growth in the financial and business services, manufacturing and construction. These will in turn spell positive spin-offs for the chemical industries and its employees like you.
However, to stay relevant in your jobs, there is a need to build your capabilities to meet the new challenges. In this regard, the Chemical Process Technology Centre and the Institute of Chemical & Engineering Science play a critical role to train and equip employees with the right skills and expertise to stay ahead in the chemical industry. I urge all workers to seize these opportunities and continue to upgrade your skills.
The Tripartite Partnership in Labour Management
In addition to training and skills upgrading in the workforce, good labour management relations are essential if operations are to run smoothly. In Singapore, we have enjoyed harmonious industrial relations over the past three decades. The foundation of this success is a strong tripartite partnership between the government, unions and the employers. The strong nexus among the three partners has been established based on trust, mutual respect and open communications. Our unique model of tripartitism is one of the critical contributory factors in our economic development. This strategic partnership must continue to be nurtured and should not be taken for granted.
Moving forward, I urge CIEU to continue working closely with the industry’s management for higher productivity and value creation, and to raise the standard of occupational safety and health at the workplace. This will give the industry the competitive edge to attract investments, which in turn will benefit employees in the form of better company welfare and benefits.
Conclusion
2007 marks 42 years of independence for Singapore. Incidentally, it is the milestone 20th anniversary of Croda Singapore. Let me take this opportunity to congratulate Croda on your success.Your parent company’s (Croda International Plc’s) decision to acquire Uniqema in June last year will further position you as a world leader in specialty chemical, and bring Croda Singapore to new heights in terms of technology and capability
On this note, I wish one and all good health, success and many more good years ahead.Happy National Day.Thank you.