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Singapore’s Firms Eye Business Deals Worth $6 Billion in Mideast

DUBAI - Singapore’s companies are securing $6 billion worth of business ventures in the Middle East which will further strengthen economic ties between the Asian nation and the region.

Singapore’s acting Minister for Information, Communication and the Arts, Rear Admiral (NS) Lui Tuck Yew said the UAE is a major trading partner of Singapore and there is great potential to further boost economic ties.

“In the Middle East, the UAE is our second largest trade partner after Saudi Arabia. The UAE is an important supplier of oil and a major market for Singapore’s non-oil exports,” he told Khaleej Times on the sideline of a business event held in Dubai recently.

“There is a strong presence of Singapore businesses in the UAE, in sectors such as ship repair, marine support, and information technology,” the Minister said.

He said that in 2008, the total trade between UAE and Singapore amounted to S$14.8 billion. Singapore imported about S$8.9 billion worth of goods from UAE and exported S$5.9 billion worth of goods to UAE.

“Dubai is a financial hub in the Middle East and Singapore is hub in the East and a wealth management centre. The UAE has rich investors looking for opportunities— and both have great potential to attraction each other.

“Last year, Singapore became the first country outside of the Middle East to sign a Free Trade Agreement with the Gulf Cooperation Council, which is Singapore’s sixth largest trading partner. The Agreement will further boost trade and investment flows between Singapore and the Middle East,” he noted.

He said in tourism, there is growing interest in the Middle East as a tourist destination for Singaporeans. At the same time, Singapore has welcomed more than 200,000 UAE tourists to our shores since 2002.

“There has been 25 per cent increase in the tourist inflow to Singapore from the UAE last year. About 55,000 tourists from the UAE visited Singapore.

IT and Communication

The Minister stressed that during past two years, the Infocomm Development Authority of Singapore had fruitful exchanges with the UAE Telecommunications Regulatory Authority, to share information and experience on telecommunications regulatory and policy issues.

“Our IT companies have also made significant progress in the UAE. Singapore Technologies Electronics won a contract in 2007 to provide Integrated Security System for the Festival Waterfront Centre in Dubai Festival City to enhance the physical and system security of the centre. CrimsonLogic, another Singapore company, has also been working with the Dubai Chamber of Commerce and Industry, as well as with the Ministry of Justice, on various e-Government services projects since last year,” Lui said.

“In 2005, the Asia-Middle East Dialogue was successfully launched to promote greater inter-regional interaction and awareness. The Dialogue was an idea mooted by Singapore’s former Prime Minister, and now Senior Minister, Goh Chok Tong. Since its inception, two Dialogues have been held in Singapore and Egypt. The discussions were focused on common interests and challenges, as well as partnership opportunities for a better future. We are hopeful that the Dialogue will continue to serve as an effective platform for Asia and the Middle East to communicate on issues of mutual concern and interest.”

Bilateral Relations

“Singapore enjoys warm and long-standing ties with the Middle East. Since 2004, there have been more than 150 high-level bilateral exchanges between Singapore and the Middle East. Some of the more recent exchanges include the visit to Saudi Arabia and the United Arab Emirates by Singapore’s Minister Mentor Lee Kuan Yew in March last year. Last month, we hosted the UAE’s Deputy Prime Minister Shaikh Hamdan bin Zayed Al Nahyan during his five-day visit to Singapore, Last month, Singapore’s President SR Nathan also conducted a State Visit to the Middle East. These frequent exchanges help to forge strong links between the leaders of Singapore and the Middle East, and pave the way for deeper cooperation among our countries.”

Cultural Ties

The Singapore International Foundation has showcased Singapore Encore — the Singapore’s finest arts, culture and cuisine around the world. This year, SIF has partnered the Singapore Consulate-General in Dubai to present Singapore Encore in the UAE.

“Singapore Encore is a wonderful platform for us to showcase Singapore’s exciting developments in the field of arts and culture, which complements our exponential economic growth. Although Singapore is a small and young nation, its cultural and ethnic diversity has helped to fuel a flourishing local arts landscape,” Lui concluded.

· aneela@khaleejtimes.com