a few words about how i see the role of the sicc in singapore ’ s future development. given the diverse markets in which sicc members operate, your chamber can play an important role in helping our companies internationalise and seize global opportunities. the sicc can help your members move into new areas of growth like the middle east. i am glad to note that more links and collaboration are being forged between sicc and your counterparts in the middle east. we have just witnessed the signing of mous between the sicc and the riyadh and abu dhabi chambers ’ of commerce and industry. i also encourage sicc to collaborate with ie singapore and the singapore business federation to organise more networking platforms to forge partnerships between foreign and local companies. for instance, given our knowledge and connections, singapore can serve as a bridge for middle eastern investors interested in going into china. finally, let me once again congratulate the sicc on your 170th anniversary and wish the sicc and its members continued success. thank you.

. it has the drive and solutions to bring our economy forward and the wisdom and compassion to help all singaporeans. the government is paying particular attention to those in the lower - income group to help them and ensure that they, like the rest of singapore, benefit from globalisation. it is a strong and pragmatic government with integrity and sound values. it gives the country a clear sense of direction, anticipates and solves problems, rallies the people towards common goals and takes care of all singaporeans. the challenge for singapore is how to keep on producing an exceptional government. without exceptional government, singapore will lose its influence internationally, become a mediocre country and be marginalised. this brings me to the second critical success factor – talent. while good governance provides the necessary conditions for growth – political stability, social harmony, justice and equal opportunities – what drives the economy and singapore forward is talent. we need talent in the public and private sectors, in the arts and the social sector, in government institutions, in ngos and the people sector, and in business and the economy. countries now actively compete for talent to power their economy. they want to attract foreign talent while retaining their own. even china which has 1. 3 billion people wants to attract back its overseas chinese talent and import foreign talent. to ensure that singapore continues to have a strong talent base, we have to build, attract and retain talent. we will continue to invest heavily in our people, especially our young, and equip the next generation with the right skills and cutting edge knowledge. we will continue to welcome global talent. to enhance singapore ’ s magnetic pull, we are developing singapore into a truly global city – a “ cool ” and “ happening ” place, with social and cultural vibrancy, good educational institutions, clean, green and safe environment and iconic international sporting events like f1 grand prix. but the strongest pull in this magnet is economic growth. without economic opportunities, talent will not come or stay. what of the future? we did not foresee the asian financial crisis coming in may 1997. despite keeping a close watch, we may still miss something or misinterpret a blip on the radar screen. this is why i have emphasised the importance of maintaining the virtuous cycle of good governance and talent to generate growth. this is the best strategy to face whatever challenges ahead. sustaining this virtuous cycle must be the task of all singaporeans. let me now say