KEYNOTE SPEECH BY MS LOW YEN LING, SENIOR PARLIAMENTARY SECRETARY FOR MINISTRY OF TRADE AND INDUSTRY AT THE LAUNCH OF TRAFIGURA’S GLOBAL COMMOD​ITY TRADING APPRENTICE PROGRAMME ON 8 NOVEMBER 2017, WEDNESDAY, 11.00AM AT TRAFIGURA SINGAPORE OFFICE, OCEAN FINANCIAL CENTRE

 

 

Distinguished Guests,

Ladies and Gentlemen,

 

Introduction

1.         Good morning. It is my pleasure to join you for the launch of Trafigura’s Global Commodity Trading Apprentice Programme.

Singapore as a global trading hub 

2.         Singapore’s commodity trading sector has come a long way since the 1960s. Today, we are home to 80% of the world’s largest commodity trading companies across the energy and chemicals, agri-commodities and metals and minerals clusters. In 2016, the sector generated close to US$900 billion in trading turnover, and contributed about S$24 billion in local business spending through activities such as finance and treasury, and logistics management. This is testament to our position as one of the world’s leading trading hubs.

3.         The commodity trading sector in Singapore would not have been able to flourish without a strong talent pool as its foundation. Today, the commodity trading sector in Singapore is supported by over 15,000 professionals. We will need to continue building up our talent pipeline to support the growth plans of our companies, especially as new and existing trading companies continue to expand their operations.

Partnerships with tertiary institutions to develop a talent pipeline

4.         To this end, the Government has been working closely with tertiary institutions to develop and groom talent with the requisite skillsets for this growing sector. Our partnership with these institutions can be traced back to 2007, when we first launched the International Trading Institute, or ITI in short, with the Singapore Management University and various industry players. Over the years, close to 400 students have graduated from this programme, with 80% of them securing employment with companies in commodities trading and related sectors.

5.         Building on the success of the ITI, IE Singapore has also partnered other Institutes of Higher Learning (IHLs), such as Nanyang Technological University and the various local polytechnics[1], to develop relevant skillsets amongst our students.

6.         One of these partnerships is the Young Talent Programme (YTP) which has been extended to our local polytechnics since the end of 2015. This provides more students with opportunities to gain global exposure and market immersion experience. Our polytechnic students can continue to obtain support for their overseas internship and attachment programmes to gear up for future global careers. To date, about 700 polytechnic students have benefited from the programme.

7.         Earlier this year, IE Singapore also signed a Memorandum of Understanding (MoU) with Ngee Ann Polytechnic to launch a new Diploma in International Trade & Business. This inaugural trading-related international diploma programme in Singapore will comprise   modules on trading, distribution, e-commerce and supply chain management with a focus on digital business solutions and analytics. The first cohort of about 120 students will begin their studies in April 2018.

The private sector is an important partner

8.         The Singapore government is committed to help grow a larger and more dynamic talent pool in the commodity trading sector. But we cannot do this alone. The private sector plays an important role in nurturing the next generation of young talent. The active participation of industry partners in the development and design of the programme curricula is crucial to ensure that students are equipped with relevant skills, and are able to contribute to the growth and success of the sector. 

9.         On this note, I am heartened to witness today’s launch of Trafigura’s Global Commodity Trading Apprentice Programme. Under the programme, polytechnic and A-level graduates will have the opportunity to join Trafigura and undergo a one-year attachment programme to gain practical experience in specific business functions.  Since it was established in Singapore in 1996, Trafigura has made Singapore the centre of its global trading, finance and treasury, and shipping functions, supported by its team of close to 200 employees. As one of the biggest employers in the commodity trading sector, we are pleased that Trafigura is taking the lead to develop a manpower programme to nurture young talents. This is testament to Trafigura’s belief in talent development, and its emphasis on real world hands-on experience and skills.

 

Conclusion

10.      Congratulations to Trafigura on the launch of the apprentice programme. We look forward to even deeper collaboration with you in the years to come. I wish everyone a fruitful day ahead. Thank you.