(English translation, for reference only)
Our Guest of Honour, Prime Minister Mr Lee Hsien Loong
Minister in Prime Minister’s Office, Mr Lim Swee Say
Minister for National Development, Mr Khaw Boon Wan
His Excellency Ambassador Stanley Loh
His Excellency Ambassador Duan Jielong
Chairman of Business China, Mr Chua Thian Poh
Distinguished guests, Ladies and gentlemen
Good evening.
I am honoured to be standing in front of this esteemed audience tonight, and to witness the conferment of awards to outstanding businessmen and organisations for their contributions in strengthening Singapore-China relations.
Developments taking place between Singapore-China
OCBC has been partners with Business China for this award for four years. Through these years of partnership, we have seen outstanding individuals and organisations continue to do more to foster Singapore-China ties.
Citing the Suzhou-Industrial Park for example, there has been knowledge-sharing of information technology and know-how on building smart cities between Singapore and China. The learnings from Singapore will be adopted for the pilot Suzhou Industrial Park “smart city” project. In fact, I would like to take this opportunity to highlight that during the inaugural Business China Awards 2010, the China-Singapore Suzhou Industrial Park was a recipient of the Business China Enterprise Award.
Last month, I had the honour of attending a ship christening ceremony by a Singapore-based, and also one of the largest and most reputable container transport and logistics service provider, Pacific International Lines. The new vessel was built by world renowned Dalian Shipbuilding Industry, the largest shipbuilding company in China. This is another great example demonstrating the fostering of Singapore-China relations.
The founder of Pacific International Lines, Mr Teo Woon Tiong is no stranger to the Business China Award. Mr Teo was recognised for his pioneering foresight by opening up the sea transportation routes for China’s trade with the rest of the world in the 1960s. His efforts enabled him to become the recipient of the Business China Excellence Award in 2011.
Another new development is that of the Sino-Singapore Tianjin Eco-city. We already see Singapore companies investing about US$800 million in 22 projects there, and we have more SMEs from education, logistics, financial services and property sectors, capitalising on the growth opportunities available.
Financial Cooperation
As a financial industry practitioner, I am glad to see that 2013 is also a year where we enjoy higher levels of financial cooperation between Singapore and China.
The Monetary Authority of Singapore opened its first representative office in Beijing in May, as Singapore plays a bigger role in the Yuan’s internationalisation.
A slew of financial pacts have also been signed between Singapore and China recently, and new initiatives include the direct trading between Singapore and China currencies. This places the Singapore dollar as the fifth currency to have direct trading links with the Yuan. It further boosts Singapore’s status as Southeast Asia’s Yuan hub, and also aids the globalisation of China’s currency.
OCBC China and the Developments
We first established our presence in China in 1925 with the opening of the Xiamen branch. OCBC China was later incorporated in 2007.
2013 was also an exciting year for us at OCBC Bank – with the opening of Shao Xing branch in June. This is significant to us as we are the first foreign bank in Shao Xing city in the Zhejiang prefecture. It is an exciting opportunity to boost both Shao Xing city, a famously historical and cultural city, and of Singapore.
In September, our six-storey OCBC Tower corporate office in Shanghai, Pudong financial district, was officially opened. This expansion makes us the first Singapore bank to operate and own a building with our headquarters in China. It is another significant milestone in our 88-year history in China, and it reinforces our commitment to be in China for the long-haul.
Conclusion
OCBC Bank has been supporting the Business China Awards for the fourth year running, and we continue to witness inspiring stories of organisations and individuals embracing cross-border integration of language, business and culture.
The distance between our 2 countries does not limit us, but the similarity of culture and shared objectives form the foundation for future success.
Thank you, and I wish you all an eventful evening.