Remarks by Minister S Iswaran at the South Australian Business Networking Reception in Singapore

The Honourable Martin Hamilton-Smith, Minister for Investment and Trade, Defence Industries, Small Businesses and Veteran’s Affairs, South Australia.

Your Excellency, Mr. Bruce Gosper, High Commissioner of Australia,

Distinguished Guests,

Ladies and Gentlemen,

Good Evening.

Introduction

It is my pleasure to be here this evening with you at the South Australian Business networking reception. Let me begin by thanking the Australian High Commission and the Austrade for organising this event tonight.

Singapore and Australia share strong and longstanding bilateral economic ties. In 2016, Singapore was Australia’s 7^th largest trading partner, and South Australia’s 10^th largest trading partner. We are also major investors in each other’s markets. Our people-to-people ties have grown from strength to strength. Last year, we welcomed over 1 million visitor arrivals from Australia while Australia received over 400,000 visitors from Singapore.

In 2015, Singapore and Australia celebrated our 50^th anniversary of the establishment of bilateral relations and elevated our bilateral ties to a Comprehensive Strategic Partnership. Since then, both sides have been working closely on initiatives to further deepen our ties. For example, we have concluded the upgrade of the Singapore-Australia Free Trade Agreement, and we aim to ratify it later this year. The upgraded Agreement will facilitate greater trade and investment flows.

Singapore has also forged partnerships with South Australia. The third Australia-Singapore Relationship conference held today and co-organised by the University of Adelaide’s Institute for International Trade and Ngee Ann-Adelaide Education Centre is one example.

We have also established partnerships in the medical technology and food sectors. Three Memoranda of Understanding, or MOUs, were signed today to formalise some of these partnerships. The first MOU is between Flinders University and the Nanyang Technological University on the Medical Device Partnering Programme. Through this programme, Australian companies will be able to develop prototypes, seek funding and commercialise their medical device products in Singapore. Likewise, the programme will support Singapore’s own medical devices commercialisation cycle and researchers will have the opportunity to learn from South Australia’s best practices.

South Australia is an excellent source of quality food products and Singapore has been exploring opportunities for collaboration in the food sector. I am happy to note that a business mission led by SPRING Singapore to Southern Australia and Melbourne in May has resulted in the second MoU, between SPRING Singapore and South Australia’s Department of Primary Industries and Regions, to explore partnerships in food innovation. The third MOU is between Artisan Food Selections Australia and Singapore-based Tri-Net Logistics to set up an e-commerce platform that exports South Australian food produce to Singapore and other Asian countries. These MOUs are timely as Singapore offers a strong proposition as a natural hub for South Australia to tap into the ASEAN region, in food and innovation.

Conclusion

South Australia is a region of potential and these collaborations are concrete steps in realising the opportunities that the South Australia-Singapore partnership can offer. I am confident that our relationship will continue to strengthen over time.

Last but not the least, I am also pleased to know that tonight, we have international musician Dru Chen perform for us, courtesy of Adelaide-based OzAsia Festival Entertainment. I am told that Dru is popular in Singapore, Australia and the United States and I am sure you are looking forward to his performance.

Speech by Minister S Iswaran at the LEAD Forum 2017