Opening Remarks by Mr S Iswaran, Minister, Prime Minister's Office and Second Minister for Home Affairs and Trade & Industry, at the International Enterprise Singapore Business Luncheon for Colombian President Juan Manuel Santos and Delegation on Monday, 7 May 2012, 1245 hrs at the Ritz Carlton

His Excellency Juan Manuel Santos Calderon, President of the Republic of Colombia

Excellencies, Distinguished Guests,

Ladies and Gentlemen.

Buenos dias to our friends from Colombia, and a very good afternoon to everyone.  It is my pleasure to extend a warm welcome to His Excellency Juan Manuel Santos Calderon, the President of the Republic of Colombia, and his distinguished delegation to Singapore.  I would also like to welcome the Singaporean businessmen who have joined us here today. 

Historically, Colombia and Singapore have been separated by geography, language and culture.  Our people have had few opportunities to meet, collaborate and work towards mutual benefit.  But, today, that has all changed with globalisation, increasing connectivity, and the rise of Asia and Latin America.  Consequently, our economic ties are strengthening and bringing us closer together.  Last year, trade between our countries more than doubled to reach S$760 million.  And, both our governments are keen to work even more closely together to maintain this momentum.

For instance, last year, International Enterprise Singapore (IE Singapore), led a business mission from Singapore to explore e-Government opportunities in Colombia.  Then late last year, Colombia opened its first-ever export promotion office – ProExport Colombia – in Singapore.  The ProExport Colombia office will help more Singapore businesses explore investment opportunities in Colombia.  The signing, later today, of the MOU between IE Singapore and the National Business Association of Colombia (also referred to as “ANDI” for short), will help to foster greater cooperation and business connectivity between our two countries.  These are positive developments that will allow businesses in Colombia and Singapore to seize the many opportunities that are expected to emerge in both our countries, and in the regions around us.

Indeed, given Colombia’s fast-growing economy, opportunities will be plentiful.  Colombia has been growing strongly over the past decade, and in 2011 the economy expanded at a rate of about 6 per cent.  The growth forecast for Colombia is good, and the IMF expects the country to continue growing at about 4.5 per cent in 2012 and 2013.  According to The Economist, when the United States-Colombia FTA comes into force on 15 May this year, it is expected to further increase Colombia’s long-term economic growth rate by at least half a percentage point.  Foreign Direct Investment (FDI) has risen almost ten-fold since 2003, to US$13.2 billion in 2011 – and this is expected to rise even further this year.  The World Bank has also recently ranked Colombia as the third most business-friendly country in Latin America[1].  I, therefore, strongly encourage Singapore companies to visit the ProExport Colombia office, or even Colombia itself, to explore more of what it has to offer.

I would like to conclude by reaffirming Singapore’s commitment towards building closer economic ties with Colombia.  There is great scope for our two countries to deepen our engagement that would lead to greater opportunities for both our economies.  

The presence today of His Excellency Juan Manuel Santos Calderon, the President of the Republic of Colombia, and his distinguished delegation is a further significant catalyst to the growth of our bilateral ties.  This is a unique opportunity to hear from His Excellency his personal perspective of the scope for collaboration between our two companies and, in particular, the opportunities in Colombia. 

It is now my pleasure to invite His Excellency Juan Manuel Santos Calderon to address us.