Your Excellency, Vice-Premier Wu Yi
Distinguished Guests leaders
Ladies and Gentlemen
It is a great pleasure for me to be here in Zhengzhou to attend the 2nd Expo Central China. On behalf of the Singapore delegation, I thank the Chinese government for its kind invitation to this significant event.
Importance of "Rise of Central China" Strategy
2 China is a large and diverse country. Development cannot take place across the entire country at the same pace and at the same time. In the initial years, China's development has necessarily been unbalanced. But over time, this imbalance has to be corrected which is what the Chinese Government has been doing. The "Rise of Central China" strategy is a relatively new and important thrust to spread out China's development. It will be a new source of growth for China's economy and bring about balanced development across the regions. Economic development in the past three decades has raised the standard of living of millions of ordinary Chinese. Never before in human history have we seen such a large scale uplifting of the lives of millions in so short a time. I am confident that the "Rise of Central China" strategy will prove yet another success.
3 I am therefore very pleased to be here in Zhengzhou to show Singapore's support for this regional development strategy. I can also see first-hand the economic potential and opportunities in Central China through the Expo. Regrettably, my stay in Zhengzhou is short as I have to inaugurate the Global Action Forum for Arab and Asian Dialogue in Singapore tomorrow morning. However, I have with me the Minister of State for Trade and Industry, Mr Lee Yi Shyan. He is leading a business delegation organised by the Singapore Business Federation to explore commercial opportunities here. Expanding our co-operation in Central China will further strengthen our two countries' close economic ties.
Singapore's Support for China's Regional Development
4 Singapore enjoys a long and abiding friendship with China. We cooperate in many areas. A key pillar of this cooperation is Singapore's support for China's regional developmental strategy.
5 This started with Singapore's active involvement in the development of Suzhou Industrial Park or SIP in 1994. This flagship project remains a hallmark of our bilateral cooperation. I am heartened that the SIP is today one of the role models for industrial park development in China.
6 Since then, we have sought to support China's regional development plans where we can. We have supported China's strategies to "Develop the West" and "Revitalise the Northeast". More recently, we have started economic co-operation in the Bohai Rim.
7 We are happy to explore areas where we can lend support to the "Rise of Central China" strategy. I believe that governments can play the most useful role by facilitating business exchanges and letting the private sector take the lead in pursuing business projects based on their own interests and calculations. This has worked well in the past. I am confident it will lead to similarly fruitful results in future.
Economic Potential of Central China
8 I am glad to learn that business interest in Central China has risen. From Singapore alone, the size of our business delegation attending the Central China Expo has increased from 7 companies last year to 20 this year. This shows that businessmen are becoming more aware of the economic potential of the central provinces.
9 I am told that sectors such as food and mineral processing, transport and logistics, infrastructure, tourism and heavy industries like automobiles offer good business potential. With rising wages and business costs in coastal areas, Central China should become increasingly competitive and attractive for foreign investors. Singapore will not only encourage its own businessmen to invest here but also foreign businessmen.
10 The National Development and Reform Commission also recently announced that it will set up a new office to concentrate on the "Rise of Central China" strategy. Such political support will help focus greater investor attention on the region and spur development efforts.
11 However, as with all emerging regions, the achievement of sustainable economic development depends on the overcoming of several challenges. These include creating critical success factors such as a business-friendly environment, pro-business mindset, consistency of policies, proper implementation and a ready pool of skilled labour. Given China's impressive developmental track record, I have no doubt that the central provinces will lay the firm foundation for sustainable growth.
Conclusion
12 It is timely that Central China is profiling itself through platforms like this Expo. It will create further awareness of the opportunities in the region and facilitate business exchanges.
13 I wish the Expo every success.
Thank you.