ADDRESS BY MR S ISWARAN, MINISTER FOR TRADE AND INDUSTRY (INDUSTRY) AT THE QATAR-SINGAPORE ECONOMIC FORUM ON 17 OCTOBER 2017, 1535 HRS, ISLAND BALLROOM, SHANGRI-LA HOTEL SINGAPORE
His Excellency Sheikh Ahmed bin Jassim bin Mohammed Al Thani, Minister of Economy and Commerce of the State of Qatar,
Ambassador of the state of Qatar to Singapore, His Excellency Abdulla Ibrahim Abdulrahman S. Al-Hamar,
His Excellency Sheikh Khalifa bin Jassim bin Mohammed Al Thani, Chairman of the Qatar Chamber of Commerce and Industry,
Mr S.S. Teo, Chairman of the Singapore Business Federation,
Ladies and Gentlemen.
1. Good Afternoon. I am happy to be here today at the Qatar-Singapore Economic Forum jointly organised by the Qatar Chamber of Commerce and Industry and the Singapore Business Federation.
Economic relations between Qatar and Singapore
2. Qatar is an important partner for Singapore in our engagement of the Gulf region. Our bilateral economic relations have grown steadily over the years and Qatar has cemented its position as a key trade and investment partner for Singapore. In 2016, total trade between Qatar and Singapore amounted to SGD$4.3 billion. Singapore and Qatar are also partners in the GCC-Singapore Free Trade Agreement (GSFTA), which entered into force on 1 September 2013.
Singapore companies in Qatar
3. Singapore’s business community and enterprises have been active in exploring economic opportunities with their Qatari counterparts. Singapore companies are involved in several major projects in Qatar. This includes Keppel’s Domestic Solid Waste Management Centre in Mesaieed, the Keppel-Nakilat shipyard at Ras Laffan, Surbana Jurong’s masterplanning of Doha’s two satellite towns in Al-Khor and Al-Wakra, as well as CrimsonLogic’s e-customs clearance system for the Qatar Ports and Customs Authority.
4. In the coming years, as Qatar gears up to host World Cup 2022, there will be increasing interest amongst Singapore companies to explore the growing opportunities in Qatar, in sectors as diverse as urban solutions, information communications technology, architecture, engineering, facilities management, construction and transport.
5. I am glad to note that Qatar and Singapore companies have already identified new areas for collaboration through the signing of Memoranda of Understanding (MoUs) this afternoon. These agreements will help to further broaden and deepen our bilateral economic relations.
Signing of the Qatar-Singapore BIT
6. Improving the trade and investment infrastructure between our countries is an important enabler of enhanced bilateral economic flows. It would be to the mutual benefit of our businesses if we further strengthen our connection, by concluding agreements that will encourage more business investments and economic linkages.
7. In this regard, I am happy to announce that earlier today Qatar and Singapore signed a Bilateral Investment Treaty (BIT). This marks yet another significant milestone in the bilateral economic relations between Qatar and Singapore. The BIT will open up more opportunities and boost trade and investment by providing companies with better protection thereby boosting investor confidence. I am confident that the BIT will add further impetus to the growth of our bilateral economic ties and partnerships between Qatari and Singapore companies.
Qatar’s presence in Singapore
8. I am also encouraged to see Qatar’s increasing business interest in Singapore. Prominent Qatari companies such as Qatar Petroleum Company and Qatar Telecommunications already have a presence in Singapore. The Qatar Investment Authority and Qatari Diar have also been active in Singapore’s commercial real estate and hospitality scene. I would like to encourage more Qatari companies to actively explore opportunities in Singapore, and also to consider using our city state as a springboard to engage the greater Asian region.
Closing
9. The programme for today’s Economic Forum serves as a timely update on the economic developments in Qatar, and also identifies areas for deeper cooperation. I would like to encourage Singapore companies to take this opportunity to gain a deeper and more nuanced appreciation of Qatar’s potential, and identify areas for collaboration and partnership. I wish you all a fruitful session.
10. Thank you.