Your Excellency Sichuan Governor Zhang Zhongwei

Distinguished guests,

Ladies and gentlemen.

1. It gives me great pleasure to be here this afternoon to officiate the opening of Chengdu Overseas Centre for International Enterprise Singapore. This is indeed another important milestone in the development of Singapore-Sichuan economic cooperation.

Western development and Sichuan

2. As an Advisor to the Singapore-Sichuan Trade and Investment Committee (SSTIC), I have made several visits to Sichuan. Each time I am impressed by the changes and rapid development here.

3. I am also strongly encouraged by the rapid growth of the real estate and construction sector in Sichuan. In particular, I am pleased to see many housing areas with greenery built in the cities, such as Orchard Villa (Jing Xiu Hua Yuan), a luxurious condominium project of about 500 units developed in 1993. In addition, Singapore companies had provided their expertise in the planning, development and management of other real estate projects in Sichuan. This underscores the excellent relationship that SSTIC have enjoyed in the past 7 years.

4. Still, the demand for high-quality residential and commercial properties in South-Western China will continue to rise as the local economy prospers. This presents a huge potential for cooperation between Singapore infrastructure service providers and our Chinese counterparts to serve the increasing needs for real estate and construction services as well as a greater role for Singapore companies to contribute to the capability development needs in China.

5. Today, Chengdu is one of the leading cities for China's Western Development Strategy. This presents a wealth of opportunities for Singapore companies to trade and invest in Chengdu and other cities in the region.

6. This time round, I have with me, a delegation of over 70 representatives from Singapore government and non-government agencies as well as private companies in the real estate and construction sector. We are here in Sichuan to have an update of its industrial development in the region and to explore business opportunities that would contribute significantly with the China's Western Development strategy.

7. Earlier this morning, I witnessed a groundbreaking ceremony for a 270-unit residential project owned by Chengdu Tian Lee Properties Ltd. Scheduled to be ready by 2003, this is a shining example of how Singapore and China can complement each other in the infrastructure services sector.

8. To further strengthen the economic cooperation between Singapore and China and to leverage on China's Western Development Strategy, we are here today to officiate the opening of the IE Singapore Chengdu Centre. This centre will enable IESingapore to better facilitate, promote, coordinate and help Singapore companies invest and trade in Sichuan. The centre will also extend its mission of trade and investment promotion to surrounding areas including Shaanxi, Chongqing, Yunnan as well as other provinces in Western China.

9. In addition, through the facilitation of the Chengdu overseas centre, Singapore welcomes Chinese enterprises to set up businesses in Singapore, seek public listings there or use Singapore as a launch pad into Southeast Asia and the rest of the world. With the combined efforts by both sides, I am confident that Singapore's economic cooperation with Sichuan and Central-Western China will scale greater heights.

10. On this note, I thank Your Excellency Zhang Zhongwei and the Sichuan Provincial Government for your keen support over all these years, leading to the opening of an IE Singapore office in Chengdu today. I look forward to greater economic co-operation and friendship between Singapore and China.

11. Thank you and have a good evening.

Date: 31 May 2002

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Last updated on 18 May 2006