Singapore celebrates its 48th National Day on Aug. 9, 2013. Despite challenging global economic conditions, the Singapore economy grew by 3.7 percent year-on-year in the second quarter of 2013. Underlining the dynamism of Singapore, the World Competitiveness Yearbook 2013 listed Singapore as the fifth-most competitive country in the world.
The economic path ahead remains challenging. Risks to the global economic growth outlook, including uncertainties from the risk of an escalation in regional geopolitical tensions, remain. Nonetheless, the Singapore government is keeping up its efforts to improve the lives of Singaporeans, address their pressing concerns and continue investing in their future. The Singapore government also continues to make Singapore economically competitive and attractive for foreign investors.
The Marina Bay area reflects our continuing efforts to make Singapore a great city to live, work and play in. Apart from having leading financial institutions and legal firms located around the Bay, the Marina Bay Financial Center boasts one of Asia’s largest trading floors. Besides strengthening Singapore’s position as a global financial business hub, the Bay serves as a dynamic public space for recreational and cultural enjoyment. In 2014, the Bay will welcome the Sports Hub, which will feature a range of recreational sports facilities.
Singapore’s tourism landscape continues to evolve rapidly with exciting experiences; for instance, the Marine Life Park, Gardens by the Bay, River Safari and Art Stage Singapore. Singapore continues to play host to the world’s only Formula One night race with a recent five-year extension until 2017, reflecting our commitment to offer iconic and differentiated experiences to our trend-savvy visitors from Korea and other countries.
Singapore’s relations with the Republic of Korea have gone from strength to strength, bolstered by frequent high-level visits by both countries’ leaders. At Korea’s invitation, Emeritus Senior Minister Goh Chok Tong attended President Park Geun-hye’s inauguration ceremony in February 2013. Minister for Culture, Community and Youth Lawrence Wong visited in March 2013 to officiate at the opening of the Peranakan Exhibit at the National Museum of Korea. Minister of National Defense Kim Kwan-jin visited Singapore in May 2013 for the 12th Shangri-La Dialogue. Minister of Foreign Affairs Yun Byung-se made his introductory visit to Singapore in June 2013. The similarity of our experiences creates mutual understanding and a bond between our leaders and people. Singapore experienced rapid economic development within less than 50 years, an experience that Korea would be familiar with, having experienced the “Miracle of the Han River.”
Our economic relations have flourished over the years. In 2012, Singapore was Korea’s seventh-largest trading partner. From 2011 to 2012, bilateral trade grew by 12.7 percent to S$52.7 billion ($41.6 billion). The Korea-Singapore Free Trade Agreement, which entered into force in 2006, was the Korea’s second FTA and its first FTA in Asia. The ROK is an important marketplace for the Singapore economy. With stock investments of about S$3.36 billion as of 2011 in this market, Singapore was South Korea’s third-largest Asian investor in 2012. More than 1,000 Korean companies are in Singapore and we welcome more Korean companies to take advantage of our pro-business environment. Korean companies can look to Singapore to deepen their understanding of Southeast Asian markets, develop and test-bed region-specific solutions and internationalize their brands. Singapore and Korean companies possess complementary skill sets and they can cooperate on projects in third countries such as in the China-Singapore Suzhou Industrial Park, the Sino-Singapore Tianjin Eco-City Project in China, the Batam-Bintan-Karimun Special Economic Zone in Indonesia, and the Vietnam-Singapore Industrial Parks in Vietnam.
Regionally, Korea has been a strong partner of the Association of Southeast Asian Nations. We look forward to the ASEAN-Korea Special Summit commemorating the 25th anniversary of ASEAN-ROK relations in 2014. This is an important milestone and ASEAN welcomes South Korea’s initiative to host the special summit. ASEAN is currently working to broaden and deepen economic engagement of its FTA partners by establishing a wider-regional FTA, the Regional Comprehensive Economic Partnership. The RCEP is envisioned to be one of the world’s largest FTAs with an integrated market of more than 3 billion people and a combined GDP of about $ 17.23 trillion, about one-third of the world’s current annual GDP.
The RCEP will ensure that the regional economic architecture remains open and inclusive. We are heartened by South Korea and other ASEAN FTA partners’ support for the RCEP and look forward to a timely conclusion of the RCEP negotiations. Korea is also a valuable supporter of the ASEAN Connectivity initiative. A well-connected ASEAN is one that is more stable and prosperous, making it a bigger market for Korean goods and services. With 15 priority projects in areas such as infrastructure, transport, and information communications technology development, the MPAC presents rich business opportunities for Korean companies.
On the cultural front, through the staging of the “Peranakan World: Cross-cultural Art from Singapore and the Straits” exhibition at the National Museum of Korea, Singapore brought a unique aspect of Southeast Asian history and traditions into Korea. The Peranakan Chinese, descendants of southern Chinese traders who settled in Southeast Asia, have a culture that is not only deeply rooted in Chinese traditions and values, but also displays characteristics of Southeast Asian and European influences. Through the exhibition, Singapore sought to deepen the Korean people’s understanding of our rich multicultural heritage. We look forward to the National Museum of Korea holding an exhibition of Korean historical art and culture in Singapore. I am certain this will help enhance the mutual understanding between our peoples.
With our Korean friends’ continuous support, we can together forge closer Korea-Singapore relations. On this occasion of Singapore’s 48th National Day, let me wish all Singaporeans living in South Korea a Happy National Day and all Koreans and friends of Singapore a prosperous year ahead.
koreaherald@heraldcorp.com
