SPEECH BY MR LEE YI SHYAN, SENIOR MINISTER OF STATE FOR TRADE & INDUSTRY AND NATIONAL DEVELOPMENT AT THE 7TH ABU DHABI SINGAPORE JOINT FORUM ON 26 NOVEMBER 2013, 0900 HRS MARINA BAY SANDS CONVENTION CENTRE, SINGAPORE
His Excellency, Khaldoon Al Mubarak,
Chairman of the Abu Dhabi Executive Affairs Authority,
Distinguished guests from Abu Dhabi and Singapore,
Good morning to everyone, and a warm welcome to the 7th Abu Dhabi-Singapore Joint Forum or ADSJF.
UAE-Singapore Economic Relations
1. As the co-chairman of the Forum, with His Excellency Khaldoon Al Mubarak, I am always very glad to see both old friends, as well as new faces at the Forum. Since our 1st ADSJF in 2007, we have accomplished much together in terms of strengthening our economic links and bilateral ties with each other.
2. I am heartened to see that our economic relationship is growing from strength to strength, especially in recent years. Our bilateral trade has increased, by more than 200 per cent, to more than USD$20 billion (AED$73 billion – 73 billion Dirhams) in 2012, making the UAE Singapore’s largest trading partner in the Middle East.
3. Our strong economic ties are also reflected by Singapore companies’ growing presence in the UAE, and vice versa. The number of Singapore companies in UAE increased from 90 in 2007 to about 130 in 2012. They span across sectors such as real estate development, oil & gas, infrastructure, logistics, fashion, and water.
4. Similarly, Emirati companies in Singapore rose from 50 to almost 120 during the same period, in areas like semiconductors, finance, oil & gas, petrochemicals, and retail. This is the highest concentration of commercial entities from any GCC country in Singapore. Prominent Abu Dhabi companies such as First Gulf Bank, Globalfoundries, and Al Jaber Group already have representative offices or regional headquarters in Singapore.
5. The GCC-Singapore Free Trade Agreement entered into force on 1st September 2013. This is an important milestone in our relationship, and we would like to thank Abu Dhabi for your support during the gestation period of the agreement.
6. I am confident that this Agreement will give a significant boost to our bilateral trade and investment. Our respective government agencies are already working hard to iron out domestic processes and procedural requirements. To all companies present here, I would also like to encourage you to explore how you can leverage on this FTA for your purposes.
UAE-Singapore Bilateral Relations
7. Beyond economic ties, we are also glad to note that there are also robust people-to-people exchanges between Singapore and Abu Dhabi.
8. Our leaders and officials have made it a point to regularly visit each others’ countries. In the last 5 years, then-President SR Nathan, then-Senior Minister Goh Chok Tong, Deputy Prime Minister Teo Chee Hean, as well as many other senior Singapore leaders had visited Abu Dhabi. In return, the Crown Prince of Abu Dhabi, HRH Sheikh Mohammed bin Zayed Al Nahyan, then-Deputy Prime Minister Sheikh Hamdan bin Zayed Al Nahyan, and the Ministers of Justice, Foreign Affairs, Education, and many others had made official visits to Singapore. The close relationship also extends down to the officials’ level. This year alone, Singapore officials hosted their counterparts in the Abu Dhabi Department of Municipal Affairs, Police, Education Council, Traffic Monitoring and Control Centre, and several others.
9. These regular exchanges are testament of the growing importance we place on our relationship.
Our Aspirations
10. The global economic environment for the past 5 years has not been most conducive for growth. We are fortunate that our two countries were able to weather the 2009 global financial crisis and consolidate our positions for further growth. We did not lose sight of our long term goals of creating a better and sustainable future for our people.
11. In Abu Dhabi, the Vision 2030 Framework has guided many strategic and long-term developmental projects which when completed, would lay the foundation of a diversified and knowledge-based economy. In the last 3 years alone, much progress has been made. Key projects such as the Khalifa Port and accompanying Industrial Zone, Zayed University’s new Abu Dhabi Campus, Zayed Port’s Cruise Terminal, and many more have been inaugurated. Abu Dhabi has also been able to attract world-class players such as Austria’s Borealis, US’ Sikorsky Aerospace Services and Lockheed Martin, and Italy’s Ferrari to form joint ventures with your companies.
12. This has had a marked effect on Abu Dhabi’s economy, and the UAE economy as a whole. Latest figures showed that the value of UAE’s foreign trade increased by almost 70% during 2007 to 2011. UAE’s GDP also grew from about US$260 billion (AED$950 billion) to reach an all time-high of more than US$270 billion (AED$1 trillion) in 2012.
13. Likewise, Singapore is moving towards a more sustainable economy and inclusive society. URA announced its Draft Master Plan 2013 last week, inviting members of the public to give feedback and ideas in order to refine and improve the Master Plan. The Master Plan is the statutory land use plan which guides Singapore’s development in the next 20 years and beyond. Reviewed every five years, it shows the permissible land use and density for every parcel of land in Singapore.
14. Under the Plan, important elements of our city will be enhanced. New housing estates will be set up in various locations around Singapore with greenery and a comprehensive range of amenities. A regional business hub will be developed in the North. Singapore will also allocate 60km of Green Corridors, 360 km of Park Connectors, 900 hectares of reservoirs and 100 km of waterways, for recreational activities. We look forward to making townships in Singapore to be green, healthy, connected, and inclusive for all ages, where residents can work close to home.
15. It is therefore with a strategic vision that we continue to develop our two economies and invest in our future. Our like-mindedness and sense of purpose drive us forward, and also render us great partners in search of excellence.
Closing
16. Distinguished guests, once again, I wish all of you a very fruitful and productive time at the upcoming breakout discussions with your counterparts. I’d also like to encourage you to participate actively in the panel discussion on Southeast Asia investments later on, and feel free to ask our expert panellists any questions.
17. I will now pass the time to His Excellency Khaldoon to say a few words. Thank you.