Lim Hng Kiang: Trade links and business opportunities for Singapore
Congratulatory remarks by Mr Lim Hng Kiang, Deputy Chairman of the Monetary Authority of
Singapore and Minister for Trade and Industry, at the Daiwa Securities Group 35th Anniversary,
Singapore, 25 June 2007.
* * *
Your Excellency Mr Takaaki Kojima, Ambassador of Japan to Singapore,
Mr. Shigehara Suzuki, President & CEO Daiwa Securities Group Inc.,
Mr. Shin Yoshidome, President Daiwa Securities SMBC,
Distinguished Guests,
Ladies and Gentlemen.
Good Evening,
I am delighted to be here this evening for the joyous occasion of Daiwa Securities Group's 35th
anniversary in Singapore. This marks yet another important milestone for Daiwa, and your continued
commitment to Singapore.
Daiwa's growth story in Singapore
Set up in 1972, Daiwa has grown from strength to strength over the years. From the early
collaboration in 1971 with Development Bank of Singapore to issue the first Asian Dollar Bond, Daiwa
has over the years expanded to provide a full spectrum of financial services. Today, all of Daiwa's
major business units are represented in Singapore, covering securities brokerage, investment
banking, asset management and more recently, wealth management as well.
Singapore has also grown to become a key node in Daiwa's overseas network, managing your
business operations in South Asia & Oceania.
I am encouraged to hear that on the occasion of Daiwa's 35th anniversary celebrations, you have also
announced plans to boost activities in Singapore and the region. I understand these new activities
include M&A and private equity investments. These are all very positive developments and you will be
joining a vibrant community of financial institutions here in Singapore.
Japan and the region's recovery and growth
Daiwa's increased focus in South Asia attests to the dynamism of the region. Not only has the region
shown resilience, it is now powering ahead. Led by ASEAN economies such as Vietnam, which is
surging ahead strongly, India, Pakistan and the Middle East too are beckoning out to investors with
their growth prospects.
Trade and investments within the Asian region, and between Asia and the Middle East continues to
grow. Notably, Japanese foreign direct investments into ASEAN has been increasing steadily again
since 2003. In fact, it has reached more than US$6.4 billion1 which even outpaced that into China in
2006.
The Japanese economy too, continues to impress. Economic conditions in Japan have improved
remarkably and the data released suggests a continued and sustained growth. Japanese corporates
are raking in record profits and capital investments too are surging ahead. They have once again
begun to spread their wings overseas. Supporting these corporates, financial institutions like Daiwa
too have benefited from this increased business activities.
Partner to growth
Where does Singapore fit into this climate of abundant growth opportunities? Located right at the
confluence of trade links and business opportunities, Singapore has become a valuable partner to
corporates and financial institutions like Daiwa. With more than 2,500 Indian companies, 2,300
Chinese companies, and 2,000 Australian and New Zealand companies in Singapore, corporates
have made Singapore their location of choice to tap into this growth.
However, Singapore's value transcends our physical proximity to the fastest growing regions of the
world. Indeed, Daiwa's extensive commitments and new activities in Singapore is the best testament
of our successful efforts to create the best possible business environment. It highlights recognition of
our stable and trusted environment, supported by reliable infrastructure, highly educated workforce
and consistent and transparent government policies.
To further enlarge the market, Singapore has forged important linkages to the rest of the world. We
have built up a network of Free Trade Agreements with many of our key trading partners such as
Japan, the US, India and Korea. Discussions are ongoing with the Gulf region and China for greater
market access for Singapore-based entities. A Connectivity Agreement between Singapore and
Vietnam will amongst others, deepen collaboration in financial services, and promises greater
opportunities for businesses from both countries.
Conclusion
On this note, I would like to convey my heartiest congratulations to Daiwa Securities Group on your
35th anniversary in Singapore. The future of the region continues to shine bright and I encourage all to
leverage on Singapore to tap into the region's growth.
I wish everyone a wonderful evening ahead. Thank you.