high tariffs on norwegian dried fish. to avoid these tariffs, norway eventually had to accept the import of large quantities of port and madeira wines. chart : rise of norwegian shipping trade and the cross - border exchange of goods allow countries to exploit their comparative advantages more efficiently. but – as we experienced during the prohibition period – this requires a mutual understanding of the need for open markets. as a small open economy, norway has always stood to gain from liberal trade regimes. the upswing for norwegian shipping that began in the mid - 1800s is a good example. shipping had long been an important export industry for norway, but freight transport mostly comprised goods exports from or imports to norway. this changed in the mid - 1800s. in 1849, england repealed its navigation act. trade with english colonies would no longer be restricted to english ships. freer world trade led at the same time to higher demand in the shipping freight market. the norwegian shipping industry made good use of the opportunity : we had good ships, skilled crews and experience of ocean transport. over the course of the next 25 years, the norwegian merchant fleet increased four - fold. chart : distribution of exports – 1835 and 1950 the foundations of a modern shipping nation had been laid. soon, most of the ships in the fleet were travelling between foreign ports, generating important export revenues. a hundred years after the repeal of the navigation act, shipping accounted for almost half of norwegian export revenues. the era of the sailing ship had passed, but we had been able to utilise new shipping technology, both as shipbuilders and as sailors. shipping and the maritime sector are still important drivers of the norwegian economy and a significant source of livelihood for many norwegians. norwegian shipping technology still ranks among the best in the world, and a large proportion of norway ’ s imports and exports are transported by ship. in tokyo, japanese sushi chefs go to the fish market every morning to buy norwegian salmon. delicious dishes made from norwegian dried cod are served in the backstreet restaurants of barcelona. and in norway, bacalhau, a portuguese dish based on dried cod, has been adopted as a dish for festive occasions. the nature of work at sea has changed. norwegian sailors are in the minority in the merchant fleet, and large factory ships have taken over from traditional fishing boats. shipping and fishing generate far fewer jobs now, and for those who still have the sea as their workplace, work is less 2 / 4 bis central bankers'speeches ardu

s opening of dbs asia central, dbs is now one of the largest tenants in the mbfc. 11. as one of the largest employers in singapore ’ s financial services industry with a headcount of over 8000 staff, dbs also has an important role to play in nurturing and developing talent. the current mbfc location has allowed dbs to introduce a number of initiatives, including its multi - market, multi - year strategic occupancy programme, which aims to consolidate relevant teams under one roof to facilitate greater efficiency and productivity, enabling the bank to be even more responsive to customer ’ s needs. i also understand that dbs ’ new hq is designed to foster a strong sense of community and collaboration amongst dbs ’ staff. there are spacious social hubs on each floor connecting the workstations and meeting areas to encourage staff interaction, and all staff get to enjoy 180 degree view of the marina bay area ( not just senior managers ). importantly, such innovative spatial design is complemented by responsive workplace programmes such as flexi - work hours to promote work - life balance for dbs ’ staff. closing remarks 12. let me again extend my heartiest congratulations to dbs bank on the opening of your new headquarters. i wish dbs bank success as you continue to play an active role in the local and asian banking scene. bis central bankers ’ speeches