Speech by Mr Lee Yi Shyan, Minister of State for Trade and Industry at the Opening Ceremony of Bike Asia 2008 at Hall 3, Singapore Expo on Thursday, 10 April 08 at 11:15am
Dr. Guidalberto Guidi, President of Confinudstria ANCMA
Mr. Roberto Fabbri, Managing Director, Bike Asia
Ms. Sophia Loren,
Distinguished guests,
Ladies and gentlemen,
Introduction
It is my pleasure to be at the opening of Bike Asia 2008. I am happy to see many friends from Italy, USA and Japan here with us today. I warmly welcome all of you to Singapore, and I hope you will have time to take in the sights and culinary delights of Singapore.
Potential of the Asia Market
The global demand for motorcycles is estimated at nearly US$39 billion[1] and Asia accounts for over 80 per cent[2] of the global demand and over 90 per cent[3] of the global supply of motorcycles. This demand is growing rapidly, with a trend towards higher value motorcycles. In fact, the demand for motorcycles in Asia has been growing at a Compounded Annual Growth Rate (CAGR) of 9.5 per cent, faster than the global rate of 8.4 per cent. Similarly, the demand for bicycles is also growing, reaching a global market size of US$2.8 billion[4]. Rising fuel prices, concerns about air pollution, and traffic congestion have also generated renewed interest in bicycles as a form of urban transport.
In this region, we are observing the rise of the affluent Asian. As people in developing countries get richer, naturally they aspire towards owning cars. But as we can see here today, with the many high-end bike exhibits, two-wheelers can no longer be seen as just a cheaper alternative to four. The two-wheeler lifestyle is a lifestyle statement and I know this is the case for Singapore. With Asians being the nouveau riche, I believe that bike companies here will see great potential in an increasingly sophisticated Asian market.
Singapore as BTMICE destination
Bike Asia 2008 is the first international trade show for motorcycles, bicycles, components and accessories in South East Asia. Singapore is proud to host this inaugural show. The decision to hold the show in this part of the world couldn’t be more appropriate, given that Singapore is centrally located in Asia, where the action is!
Hosting events such as Bike Asia is part of the Singapore Tourism Board’s long-term development plan. The intent is to attract, bid for, anchor and grow an exciting pipeline of business events that will inject momentum to Singapore’s key economic sectors such as the transport engineering cluster.
Bike Asia 2008 is expected to attract 30,000 visitors, including exhibitors and trade visitors from around the world. The event strengthens Singapore’s exhibitions calendar, and reinforces our position as Asia's leading destination for Business Travel, meetings, incentive travel, convention and exhibitions, also known as BTMICE.
Last year, 28% of Singapore’s visitors were BTMICE travellers. They contributed about 35% or $4 billion of total tourism receipts to the Singapore economy. In line with our Tourism 2015 strategic roadmap, the STB aims to grow the BTMICE contribution to $10.5 billion by the year 2015.
Besides the tourism benefits associated with BTMICE, technology-based exhibitions like Bike Asia also bring other spin-offs. Behind every successful two-wheeler is inspired design and engineering excellence. These values are also what Singapore considers important. Those of you who are in Singapore for the first time, may not realize that fully a quarter of our economy is dependent on design, manufacturing and engineering. Many companies choose to locate in Singapore because we place great emphasis on engineering education, R&D and overall cost competitiveness.
Equally important, our cosmopolitan city boasts a vibrant modern lifestyle, but is also culturally attuned to the diversity of Asia because of our multicultural society. This makes us a suitable base from which to reach Asian markets. So we hope that through events like Bike Asia, more businesses and entrepreneurs will have the opportunity to visit us and experience Singapore for themselves. Indeed, I would like to invite the companies here to explore exciting new business opportunities in Singapore. The Singapore Economic Development Board will be glad to provide you the necessary support.
Conclusion
There are certainly many aspects of motorcycles and bicycles that are interesting to Singapore - be it a form of sports or as a means of urban mobility. I hope that Bike Asia will serve as an effective means to increase awareness of the developments in this industry and likewise, the industry can learn more about what Singapore has to offer.
On this note, let me congratulate everyone associated with Bike Asia on the launch of this inaugural event. I wish all a fruitful and enjoyable time at the exhibition.
Thank you.
[1]Source: Data monitor, 2006 figures
[2]Source: Data monitor, 2006 figures
[3]Source: Institute of Developing Economies, Japan External Trade Organization, 2005
[4]Source: The 2006 World Outlook for Complete Bicycles, INSEAD