OPENING REMARKS BY MR S ISWARAN, MINISTER (PRIME MINISTER’S OFFICE), SECOND MINISTER FOR HOME AFFAIRS AND TRADE & INDUSTRY AT THE OPENING PLENARY OF SOUTH AUSTRALIA’S BUSINESS MISSION TO SINGAPORE, MONDAY, 17 AUGUST 2015, 9.20AM, SWISSOTEL THE STAMFORD
The Honourable Jay Weatherill, Premier of
South Australia
Your Excellency, Mr Philip
Green, Australia’s High Commissioner to Singapore
Distinguished guests
Ladies and Gentlemen
1 Good morning. It gives me great pleasure to join you this
morning to address the Opening Plenary of South Australia’s Business Mission to
Singapore.
2 Let me first extend a warm welcome to Premier
Weatherill and the distinguished members of the South Australian government and
business delegation. At a
meeting earlier this year in April, South Australia’s Minister for Investment
and Trade Martin Hamilton-Smith mooted the idea of establishing regular trade
missions between South Australia and Singapore. I congratulate the Government of South
Australia on its quick work, because just a few months later, the first
business delegation is here in Singapore. This inaugural business mission will lay the
groundwork for further exchanges between companies on both sides, which will in
turn help to strengthen our trade and economic links.
Strong bilateral economic ties
3 Australia is a close friend and
partner for Singapore. Australia was the
first country to recognise Singapore’s independence in 1965. In commemorating the 50th anniversary of the
establishment of our diplomatic relations this year, our two countries have
agreed to elevate our ties to a Comprehensive Strategic Partnership (CSP). The CSP will serve as a framework for new
levels of collaboration between Singapore and Australia in many areas such as the
economy; foreign affairs; defence and security; as well as people-to-people
links. The CSP will also enable greater collaboration
with Australia at the state level.
4 Our trade and economic ties have grown
steadily in recent years, with the potential to strengthen further given the new
growth opportunities in Asia. Singapore
was South Australia’s largest trading partner within ASEAN from 2013 to 2014.[1]
Over the past decade, we have also become
the key market in Southeast Asia for Foreign Direct Investment (FDI) from South
Australia.[2]
Given Asia’s growth story – be it in China,
India or ASEAN – the region will increasingly play a larger and more
influential role in global trade and investment flows. Against this backdrop, Singapore can serve as an
ideal location from which South Australian companies and their key decision
makers can feel the pulse of the region, gain a deeper and more nuanced understanding
of its development, and leverage the network of relationships to seize
opportunities in the region.
5 Australian companies will find in Singapore
a stable, business-friendly and trusted environment, with a compatible business
culture and practices. Singapore’s
connectivity and vantage point makes it an ideal base from which Australian
companies can expand their presence in the region. I therefore urge companies in South Australia
to use Singapore’s status as a regional hub as leverage to gain a foothold in Asia.
6 On that note, I am heartened to learn
of South Australia’s keen interest in the region, which is manifest in the
release of its paper entitled “South-Australia-Southeast Asia Engagement
Strategy”. This paper sets out South
Australia’s vision to raise its profile and presence in the region and help its
businesses gain new markets. This will
enable South Australia to tap on the region’s growth potential, and establish a
firm foundation for a multifaceted relationship with Southeast Asia and
Singapore. I also note that South
Australia plans to implement this strategy through a number of specific arrangements,
including the appointment of a South Australian representative based in
Singapore. We welcome this move as it will
facilitate the process of identifying potential trade and investment
opportunities on both sides, as well as promote interactions between companies
and trade agencies. In particular, International
Enterprise Singapore and the Singapore Business Federation (SBF) are ready to
work with South Australia to deepen our economic relationship.
Opportunities for Singapore-South Australia
collaboration
7 From Singapore’s perspective, our companies
continue to seek quality business opportunities in Australia. There is therefore scope for deeper collaboration
between Singapore and South Australian companies, especially in three
areas, namely (i) food and agri-business; (ii) infrastructure; and (iii)
tourism, which I will briefly outline.
8 In the food and agri-business sector, South Australia enjoys a distinct advantage
in branding, as a reputable source of premium, high-quality food products such
as meat, seafood and dairy. With the
rise of the middle class and the disposable income of Asian consumers, there is
strong demand for quality food products from Australia. South Australia is also renowned for its quality
wine – from the Barossa Valley, Claire Valley and more. Hence, there is great potential for Singapore
companies to work with their South Australian counterparts, for quality South
Australian products to gain access to the regional market by capitalising on
Singapore’s strategic location and connectivity, as well as our companies’
well-established networks for food and agricultural trans-shipment.
9 Turning to infrastructure, logistics (such as cold-chain supply) and
transportation are important pillars that will support the food and agriculture
businesses. Singapore companies have strong
expertise and management capacities in these areas. Companies like Keppel Logistics have established
a regional distribution centre in Brisbane in 2014 which provides warehouse
management and local transportation services for the Australia and New Zealand
markets. Another good example is Singapore
company, ComfortDelGro, which has made great strides in the transport sector as
the largest private bus operator in Australia. Given these prospects, we should work together
to encourage information-sharing on possible opportunities in South Australian
infrastructure projects especially in logistics.
10 A common trait that both Singapore and
South Australia share is our relatively small population. Hence, we constantly seek creative ways to do
more with less. As South Australia seeks
to restructure its economy by enhancing innovation and moving up the value
chain, we could also explore opportunities in info-communication technology
opportunities. In line with Singapore’s
vision to be a Smart Nation, we can connect Singapore’s technology companies
with South Australia to explore how data and analytics could be used to create
smart solutions that can improve the lives of our citizens.
11 Tourism
is another area which holds significant opportunities for collaboration between
Singapore and South Australia. Australia
is ranked fourth among all outbound travel destinations for Singaporean
travellers. Visitor arrivals from
Australia into Singapore have also continued to grow after crossing the 1
million mark in 2012. We have also
welcomed four very special “visitors” from Down Under, the koalas who now have
their own Singaporean nicknames: Cantik,
Sayang, Manja, and Nila. Since their arrival at the Singapore Zoo in
May 2015, they have brought much joy to many Singaporeans who have flocked to
see these furry ambassadors from Australia.
Conclusion
13 Looking ahead, we see significant
opportunities for the partnership between Singapore and Australia to grow from
strength to strength. To do so, we will
need to work together to promote deeper and stronger trade and business ties. An added advantage is that we have very good
people-to-people links. Many
Singaporeans have studied in Adelaide, and many others live or work there. This has helped to foster strong bonds of
friendship, familiarity and trust, which in turn can encourage and facilitate
investments on both sides. I am therefore
confident that Singapore and South Australian companies can complement each
other’s strengths and work together to explore new opportunities for mutual
benefit.
14 On that note, I would like to wish
everyone a fruitful and productive session today. We look forward to substantive outcomes for
both Singapore and South Australian businesses. Thank you.