REMARKS BY MR S ISWARAN, SENIOR MINISTER OF STATE FOR TRADE & INDUSTRY AND EDUCATION, AT THE NETWORKING COCKTAIL OF THE LATIN ASIA BUSINESS FORUM AND G50 MEETING, AT THE FULLERTON BAY HOTEL, ONE ON THE BUND, ON WEDNESDAY, 22 SEPTEMBER 2010, 1730 HRS

Your Excellencies, Distinguished Guests, Ladies and Gentlemen,

Good evening.

Introduction

I am happy to join you this evening for the cocktail reception of the Latin Asia Business (LAB) Forum and Group of Fifty (G50) meeting.I would like to extend a warm welcome to all the LAB Forum and G50 delegates.

As both Latin America and Asia emerge from the recent global economic downturn, there is much to be gained from a further deepening of bilateral economic exchanges. It is, therefore, encouraging to see the strong participation of many Latin American and Singapore businesses at economic fora such as the recently concluded LAB Forum 2010. This year, Singapore is also pleased to be playing host to the G50’s XVII Annual Meeting which commences tomorrow.

Economic Recovery - The Road Ahead

The global economic outlook remains positive although there are risks that lie ahead. Regions such as Asia and Latin America, in particular, are recovering well from the global financial crisis.

And there is potential for further economic growth by exploiting the natural synergies between both regions. As Asia’s demand for resources and commodities continues to increase, Latin America’s energy and commodity producers are well poised to seize the opportunity to meet those needs. And as Asian businesses seek to expand overseas, Latin America in turn is looking towards Asia for new inbound investments and expertise for its own development. Fora such as LAB Forum and G50 therefore offer valuable opportunities for Governments, business leaders and companies to leverage on these growing economic linkages, and expand trade links and investments.

Conclusion

I would like to encourage all delegates from LAB Forum and G50 to make the most of your time here in Singapore to forge investment deals and strengthen business ties.I do hope that you will also take the opportunity to enjoy some of Singapore’s lifestyle and entertainment offerings. For example, just across the bay is the newly launched Marina Bay Sands Integrated Resort (IR). And, this weekend, we will be hosting our third Formula 1 Grand Prix. So, do take some time to relax and soak in the atmosphere.

I wish you all an enjoyable evening and a productive time in Singapore. Thank you.