Notwithstanding the Asian crisis, the Asia Pacific region is expected to accelerate the growth of smart cards with countries like Singapore who have been early adopters of smart card technology for various applications from cash cards to payphone cards. We expect our customers to take advantage of our investment as this means that we will be able to produce cards in Asia, at a much faster and effective pace. This is very much in line with our long term vision of building on the strengths of our global presence with local expertise to meet best our customers requirements. This investment is strategically aimed in making Singapore a hub for Gemplus to provide a complete manufacturing centre to support both the Singapore and regional market. The company has manufacturing facilities in China and Singapore.
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