Mission Updates

REMARKS BY H.E. TAN HUNG SENG AMBASSADOR OF SINGAPORE AT LUNCH FOR THE EGYPTIAN COMMERCIAL SERVICE PARTICIPANTS OF SCPTA COURSE TRADE AND INVESTMENT PROMOTION: THE SINGAPORE EXPERIENCE ON 10 OCTOBER 2010, 2 PM AT TURQUOISE ROOM, FAIRMONT HELIOPOLIS

Mr Mamdouh Mostafa, First Undersecretary and Head of the Egyptian Commercial Service (ECS)

Ambassador Salwa Mufeed, Deputy Assistant Foreign Minister for Southeast Asian Affairs

Distinguished guests, ladies and gentlemen,

Thank you for accepting my lunch invitation today. I know that I stand in the way between you and your lunch! Please bear with me as I would like to make just three brief points.

2 First, I am particularly delighted to welcome the fifteen ECS officials who will be visiting Singapore from 18 to 29 October to attend a course on "Trade and Investment Promotion: The Singapore Experience" conducted by the Civil Service College. This course is sponsored by the Singapore Cooperation Programme (SCP), which is the technical assistance programme administered by the Singapore Foreign Ministry. Since its inception in 1992, the SCP has helped trained over 70,000 officials from 169 countries, with 250 officials from Egypt. As Singapore has learned from other countries in our journey as a young nation, we are happy to share our developmental experiences in areas which we have the relevant expertise, especially with friends like Egypt.

3 Second, trade has been key in connecting Singapore with Egypt since historical times. Singapore was established by Stamford Raffles of the East Indian Company as a trading port in 1819 to support trade between India and China. However, it was only after the Suez Canal opened in 1869, that Singapore's position as a key trading port realised its full potential. Trade between Europe and China boomed and Singapore became a key port-of-call, a status which we still enjoy today. I believe that trade will continue to play a key role in developing Singapore-Egypt relations.

4 Third, there is potential to grow the broader economic linkages between our two regions. The IMF's latest world outlook report estimated that Asia's GDP will grow by 7% in 2010 and 2011, higher than many other regions. ASEAN, with its combined population of 592 million and rapidly developing economies, have become attractive markets for many foreign companies, including potentially from Egypt. I am pleased to note that the public and private sectors are working hand-in-hand to re-establish the historical trading links between Asia and the Middle East. At the government level, Singapore and Egypt are currently negotiating a Comprehensive Economic Cooperation Agreement (CECA). I believe the CECA, when concluded, will send a strong signal to the business community and help expand the economic linkages between our two countries. On the private sector front, a number of business leaders have agreed to establish an ASEAN-Egyptian Business Association or AEBA to promote networking and awareness of the business opportunities in ASEAN and Egypt. The AEBA has the strong support of the ASEAN Ambassadors in Cairo. I am happy that the two co-chairs of the pro-tem committee, Mr Ted Muttiah of American President Lines Egypt and Mr Mohamed Hashish of the Egyptian International Shipping Line, are present. It is apt that the AEBA initiative is being spearheaded by two shippers!

5 On that note, let me close by wishing the ECS delegation an enjoyable and rewarding time in Singapore. I hope that your visit to Singapore will provide you with a fresh perspective and ideas on how our two countries can work together for mutual benefit. Thank you and bon appetit.

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