Between France and Singapore, economic and trade ties are deep and growing. In 2008, total trade between France and Singapore stood at more than eight billion Euros, making Singapore the third largest Asian export market for France, after China and Japan. France, on the other hand, is the sixth largest European investor in Singapore. Some 800 French companies from a wide range of industries including petrochemicals, electronics, telecommunications, aerospace, biomedical sciences, education, and luxury goods are located in Singapore. BIS Review 133/2009  3  French financial institutions have a significant presence here. BNP Paribas is one of Singapore’s earlier Qualifying Full Banks. SocGen celebrated its 30th anniversary in Singapore recently. Credit Agricole would count as the oldest French bank in Singapore, through its acquisition of Indosuez which was set up more than a hundred years ago in Singapore in 1905. Natexis has been here for 27 years, while CIC just celebrated its 25th anniversary in Singapore this year. These institutions carry out significant banking and fund management activities here. There are also insurance firms like AXA with a major presence in Singapore. We appreciate the contribution of French financial institutions. Mr Claude Bebear, Honorary Chairman of AXA, was recently awarded the Public Service Star (Distinguished Friends of Singapore) Medal during our 44th National Day celebration. Mr Bebear is the first representative of the financial sector to receive such an award. This is a special award that recognizes individuals who have contributed significantly to Singapore in business, industry, technology and science.

I hope French financial institutions, with strengths in particular areas of finance, will continue to find ways to serve investors, corporates and governments in the region. Your strengths in Islamic finance, project finance, trade and structured finance are very relevant to Asia’s growing needs in building infrastructure, facilitating trade and developing enterprises. Asset managers and insurance firms can serve the growing class of Asian investors, as well as global investors who look towards Asia to grow their assets and diversify risks. We hope that Singapore will continue to serve as a useful base for you to understand and serve the region, and that you will find many valuable partners here. In this regard, the close collaboration between Singapore and France in research and education in the areas of finance and business will contribute to a deeper understanding of the region. Last year, HEC Paris and the National University of Singapore celebrated their 10th year of collaboration. Two well-known institutions – INSEAD and ESSEC Business School – have established their Asia campuses in Singapore. INSEAD has also set up the Asia-Pacific Institute of Finance in Singapore to conduct regional executive education programmes, as well as conduct Asia-specific financial research. Financial institutions like AXA and BNP Paribus have also set up training and research centres in Singapore. I understand that there is also well-established financial research infrastructure under the ambit of Paris Europlace and the Europlace Institute of Finance. We look forward to greater collaboration between French and Singapore institutions.