DOCSLIB.ORG

Page 1 of 5 SPEECH by MS INDRANEE RAJAH, MINISTER IN

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Page 1 of 5 SPEECH by MS INDRANEE RAJAH, MINISTER IN SPEECH BY MS INDRANEE RAJAH, MINISTER IN THE PRIME MINISTER’S OFFICE, SECOND MINISTER FOR FINANCE AND EDUCATION, AT ASIA INFRASTRUCTURE FORUM 2019 ON WEDNESDAY, 2 OCTOBER 2019, 9.30AM AT SANDS EXPO AND CONVENTION CENTRE Your Excellency Anisul Huq, Minister, Law, Justice and Parliamentary Affairs, People’s Republic of Bangladesh, Your Excellency Mr Lattanamany Khounnyvong, Vice Minister of Public Works and Transportation, Lao People’s Democratic Republic, Your Excellency Vongsey Vissoth, Permanent Secretary of State, Ministry of Economic and Finance, Kingdom of Cambodia, Distinguished guests, Ladies and gentlemen, 1. A very warm welcome to all of you, especially our friends from overseas, to this inaugural Asia Infrastructure Forum today. 2. We are very privileged to have with us Ministers and senior officials from Bangladesh, Cambodia, Canada, Lao People’s Democratic Republic, as well as senior representatives from our Asian neighbours, including the Japan Bank for International Cooperation and Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN). A warm welcome too to colleagues from the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB) and the World Bank Group, as well as leaders across the private sector. Thank you all for making a special effort to be here. Sustainable Infrastructure Development and Financing in Asia 3. Let me start first with sustainable infrastructure development and financing in Asia. Infrastructure development remains a critical driver for economic and social growth. The Global Infrastructure Hub estimates that developing Asia requires US$51 trillion in infrastructure investment through 2040, to maintain its current growth momentum. 4. Many countries are proactively taking steps to address their infrastructure needs. For example: a. Bangladesh announced in its 2019 Budget that to improve the transport system, the government is taking steps to gradually upgrade all national highways into four lanes or more. It is also constructing the first Metro Rail in Bangladesh; b. Cambodia will be building a 100-megawatt solar power park, as part of its efforts to develop renewable energy resources and diversify its energy mix. It is also looking for international partners to address upcoming needs in wastewater, waste management, and logistics and connectivity; and Page 1 of 5 c. Lao People’s Democratic Republic, under its 8th National Socio-Economic Development Plan, will be focusing on inclusive, sustainable, and green growth development, amongst other priorities. 5. Even as Asia pursues its infrastructure development and growth, however, it is imperative that the right balance be struck with sustainability. Climate change poses the greatest existential threat of our time. Deforestation, ecological damage, and carbon emissions resulting in global warming and rising seas are critical considerations that must be taken into account even as countries develop. It cannot be business as usual. As our Deputy Prime Minister Heng Swee Keat has said, “the infrastructure of the future cannot be the infrastructure of the past”. In other words, the infrastructure we build and how it is built, should not contribute further to climate change. We need to build green infrastructure that is sustainable, and fights against or at the very least mitigates climate change even as it allows countries to pursue their developmental goals. 6. But what is sustainable infrastructure? It refers to infrastructure with a specific focus on better management of energy, water, and land; it incorporates green areas; uses innovative solutions and technology, as well as responsibly-sourced, durable building materials. It can also refer to existing infrastructure that has been retrofitted, rehabilitated, redesigned, and reused. Whichever definition we use, sustainable infrastructure is how we approach development from a holistic viewpoint. It is based on sustainable development goals and takes into consideration social, financial, political, economic, and environmental concerns. Such infrastructure projects are more likely to perform as expected in normal circumstances, and be more resilient in times of disruption. Sustainable infrastructure aids climate resilience, which ultimately helps economic resilience. This is reflected in the Asian Development Bank forecast which indicates that, if left unaddressed, climate change could reduce the region’s gross domestic product by 11 percent by the end of the century. 7. Green finance is becoming increasingly available to support sustainable development. Green finance refers to any financial instrument or investment issued in exchange for positive environmental externalities, and is an important tool for financing sustainable infrastructure. 8. However, there is a green finance gap. The United Nations Environment Programme and DBS estimate that the current annual flow of green finance supply in ASEAN is US$40 billion, against an average annual demand of US$200 billion between 2016 and 2030. 9. Singapore is a small country. However, in line with our belief that everyone can play a part, we have introduced various initiatives to encourage green financing. The Monetary Authority of Singapore launched a Green Bond Grant Scheme in June 2017 to support the issuance of green bonds. This scheme was expanded to include social and sustainability bonds, and accordingly renamed the Sustainable Bond Grant scheme. The scheme aims to offset the additional costs of issuing green, social and sustainability bonds as compared to conventional bonds issuance, and to promote the adoption of internationally accepted standards on sustainability. To date, some S$6 billion worth of green bonds have been issued in Singapore, by both local and foreign players. 10. Both financial and real economy players find Singapore a conducive market for green finance: a. In April this year, the Industrial and Commercial Bank of China in Singapore launched the first Green Belt and Road Inter-bank Regular Cooperation Bonds, with a total equivalent amount of US$2.2 billion. Page 2 of 5 b. In the same month, Singapore solar developer Sunseap sealed the first green loan in ASEAN that is compliant with Loan Market Association Green Loan Principles for a portfolio of rooftop solar projects. 11. This work is supported by Singapore-based professional and legal firms, many of which have built their capabilities in this field and can contribute to the region’s sustainable infrastructure development. For example, some offer environmental, social and governance advisory services, including sustainable finance. Partnerships are Key to Driving Infrastructure in the Region 12. Next, partnerships. Singapore takes the view that partnerships are key to driving infrastructure in the region. To that end, Singapore has formed many different partnerships, including at the multilateral and government level. 13. Singapore believes in the role that development finance institutions and supranationals play in infrastructure. a. This is why we were one of the first countries to support the establishment of the AIIB; b. In April this year, Infrastructure Asia signed an MOU with the Overseas Private Investment Corporation (OPIC) from the US; c. Enterprise Singapore also signed an MOU with JOIN in August this year. d. As the same time, we have a strong partnership with the World Bank Group, with its first Infrastructure and Urban Development Hub being in Singapore. The World Bank is a strategic partner for our event today, which was born out of the memorandum of understanding that Infrastructure Asia signed with the World Bank Group in October last year. e. The ADB will be opening an office in Singapore to support the expansion of its private sector operations. Infrastructure Asia has also signed a collaboration agreement with the ADB, which will be exchanged later, to develop an Innovative Finance Lab for Sustainable Infrastructure. This will help municipal governments and state-owned enterprises to improve access to credit for projects. 14. Singapore also values our relationships with other country partners. I am grateful to each of the leaders here today who have taken valuable time to be with us today to participate in the Leaders’ Panel. Other Government leaders will also be speaking in the other sessions or showcasing their projects. In addition, we have various MOUs with the infrastructure government agencies in regional countries. Bankability and Investibility: Prerequisites for Attracting Private Sector Capital 15. Now, a few words on bankability and investibility. Given the lumpy and high cost of infrastructure projects, few Governments will have sufficient resources to fund everything from their own budget. Private sector capital provides a viable supplementary or alternative source of funding. In order to crowd in private capital, infrastructure projects need to be bankable and investible. 16. Singapore, through Infrastructure Asia, is creating runways to contribute to the infrastructure development process and thereby enhance bankability and investibility. These include, first and foremost, Infrastructure Asia’s efforts to: a. Connect partners by matching solution providers and financing to ready projects; b. Build capacity in demand markets; and c. Provide high-level advice to improve project viability. Page 3 of 5 17. In addition, Infrastructure Asia will embark on two initiatives in this coming year. First, it will work with established legal service providers to standardise 50% of the
Load more

Recommended publications
  • Why the Changes, and Why Now?
    Why the changes, and why now? The upcoming Cabinet reshufe on May 15 comes earlier in the Government’s term than normal, Prime Minister Lee Hsien Loong said yesterday. Below are his explanations for the various movements. On Mr Heng Swee Keat relinquishing Finance: On moving Mr Chan Chun Sing from As I announced two weeks Relinquishing Finance will Trade and Industry to Education: ago, Heng Swee Keat will free him to concentrate continue as Deputy Prime more on the Chun Sing has done an excellent job Minister and Coordinating whole-of-government getting our economy back on track, and Minister for Economic economic agenda, including preparing our industries and Policies. He will also chairing the Future companies to respond to structural continue to oversee the Economy Council, and changes in the global economy. This Strategy Group within the incorporating the has been a major national priority. Now Prime Minister’s Ofce, recommendations of the I am sending him to Education, where which coordinates our Emerging Stronger he will build on the work of previous policies and plans across Taskforce into the work of education ministers, to improve our the Government, as well as the council. He will also education system to bring out the best the National Research continue to co-chair the in every child and student, and develop Foundation. As Finance Joint Council for Bilateral young Singaporeans for the future. Minister, Swee Keat has Cooperation (JCBC), Nurturing people is quite different from carried a heavy burden, together with PRC (People’s growing the economy or mobilising especially during Covid-19 Republic of China) unions.
    [Show full text]
  • PRESS RELEASE First Meeting of National Jobs Council 1. As
    PRESS RELEASE First Meeting of National Jobs Council 1. As announced by Deputy Prime Minister Heng Swee Keat in the Fortitude Budget, the National Jobs Council has been formed to identify and develop job opportunities and skills training for Singaporeans amidst the COVID-19 situation. Chaired by Senior Minister Tharman Shanmugaratnam, the Council will mobilise the tripartite partners’ networks and schemes to maximise support for jobseekers. The Council will include other political office holders and leaders from industry and unions, with Deputy Prime Minister Heng Swee Keat as Advisor. (Please refer to the Annex for the list of Council members.) The National Jobs Council will also align its work and implementation strategies with that of the Future Economy Council and the Emerging Stronger Taskforce. 2. The Council met for the first time today. It took account of the impact of COVID- 19 on the outlook for jobs, and discussed priority areas for achieving the SGUnited Jobs and Skills Package. The Council confirmed the following Terms of Reference: a. Identify and develop job opportunities for Singaporeans amidst COVID-19 and its aftermath; b. Rally and mobilise tripartite partners and training providers to establish a sizeable bank of SGUnited Jobs and Skills opportunities, catering to various sectors and every skill level; and c. Enable Singaporeans to take full advantage of the scaled-up opportunities, through tight coordination across Government and tripartite partners and effective implementation of: i. Job creation and matching; ii. Attachments and training for re-skilling; and iii. Job redesign in support of enterprise transformation. 3. The Council will oversee the design and implementation of the SGUnited Jobs and Skills Package announced in the Fortitude Budget.
    [Show full text]
  • Annex B (Pdf, 314.38KB)
    ANNEX B CABINET AND OTHER OFFICE HOLDERS (1 May 2014 unless stated otherwise) MINISTRY MINISTER MINISTER OF STATE PARLIAMENTARY SECRETARIES PMO Prime Minister's Office Mr Lee Hsien Loong Mr Heng Chee How (Prime Minister) (Senior Minister of State) Mr Teo Chee Hean #@ Mr Sam Tan ^*# (Deputy Prime Minister and (Minister of State) Coordinating Minister for National Security and Minister for Home Affairs) Mr Tharman Shanmugaratnam #@ (Deputy Prime Minister and Minister for Finance) Mr Lim Swee Say @ Mr S Iswaran # (Minister, PMO, Second Minister for Home Affairs and Second Minister for Trade and Industry) Ms Grace Fu Hai Yien #@ (Minister, PMO, Second Minister for Environment and Water Resources and Second Minister for Foreign Affairs) FOREIGN AFFAIRS, SECURITY AND DEFENCE Defence Dr Ng Eng Hen Dr Mohamad Maliki Bin Osman # (Minister of State) Mr Chan Chun Sing # (Second Minister) Foreign Affairs Mr K Shanmugam # Mr Masagos Zulkifli # (Senior Minister of State) Ms Grace Fu Hai Yien #@ (Second Minister) Home Affairs Mr Teo Chee Hean #@ Mr Masagos Zulkifli # (Deputy Prime Minister) (Senior Minister of State) Mr S Iswaran # (Second Minister) Law Mr K Shanmugam # Ms Indranee Rajah # (Senior Minister of State) ECONOMICS Trade and Industry Mr Lim Hng Kiang Mr Lee Yi Shyan # (Senior Minister of State) Mr S Iswaran #+ Mr Teo Ser Luck # (Second Minister) (Minister of State) Finance Mr Tharman Shanmugaratnam #@ Mrs Josephine Teo # (Deputy Prime Minister) (Senior Minister of State) Transport Mr Lui Tuck Yew Mrs Josephine Teo # A/P Muhammad Faishal bin
    [Show full text]
  • 1.COVID-19: GLOBAL CRISIS of OUR GENERATION National Reserves
    Issue 5/2020 1. COVID-19: GLOBAL CRISIS OF OUR GENERATION On 5 Jun, Deputy Prime Minister (DPM) and Minister for Finance Heng Swee Keat delivered the round-up speech for the Fortitude Budget debate in Parliament. The government’s support measures in the four Budgets – Unity, Solidarity, Resilience and Fortitude – amounted to S$92.9 billion, or almost 20% of Singapore’s GDP. Altogether, Singapore will draw an unprecedented sum of S$52 billion from the national reserves, our “rainy-day fund” that has been painstakingly built up since our independence. National Reserves Unlike most countries, Singapore need not borrow to fund large stimulus packages. Our national reserves allow us to deal with the crisis from a position of strength, serving to: Assure Singaporeans that we have the Image: Facebook/Heng Swee Keat means to navigate the challenges ahead, to protect lives and sustain livelihoods. DPM said that the spending was necessary to Foster global investors’ confidence that help overcome the widespread and our economic fundamentals are sound unprecedented impact of the crisis. and stable, and that we have the Describing COVID-19 as a global crisis of our resources to emerge stronger. generation, DPM outlined the numerous Protect Singapore during this period of challenges that past generations of flux, deterring others from taking Singaporeans weathered, and reiterated advantage of this crisis to attack our that our generation would, too, overcome economy and currency. this crisis with fortitude and solidarity. DPM said that our reserves are the result of consistent hard work, prudence, long-term Each generation’s crisis, and planning and discipline of those who came response, is different.
    [Show full text]
  • Msfcares Issue 13
    Issue 13 Wishing you Happiness and Good Health Happy Lunar New Year! Designed by Law Yean Cheng Law Yean Cheng is a designer in BizPower, a centre-based programme of the Muscular Dystrophy Association Singapore (MDAS). It develops the vocational skills of young adults and provides them with an opportunity to be gainfully employed. Advisory On The Wuhan Coronavirus In China As the Wuhan coronavirus situation evolves, we are stepping up precautionary measures in our social and community services. We are reaching out to our frontline social services – for example, Early Intervention Centres (EIPIC), Disability Day Activity Centres, Family Service Centres, Student Care Centres, Social Service Offices, social residential facilities such as children’s homes, senior group homes and other services which have sustained interactions with vulnerable groups (such as children and seniors) to implement the following measures. Please note the latest advisories here. DEFER non-essential travel to mainland China due to evolving Wuhan virus situation If you are travelling overseas, DON’T Go near Eat raw Be in crowded live animals, and undercooked places and around including meats people who are poultry & birds unwell DO Wash hands Wear a mask Cover your See a doctor frequently if you have mouth with a if you feel with soap a cough or tissue paper unwell runny nose when coughing or sneezing Upon return to Singapore, monitor your health closely for 2 weeks and see a doctor if unwell. Check www.moh.gov.sg for the latest updates. Subscribe to https://go.gov.sg/whatsapp and receive the latest information about Factually (clarifications about Govt-related fake news), and important Government updates! Updated: 27 Jan 2020 Faces of MSFCares ComLink – Government and partners coming together to support families Community Link (ComLink) brings together community and corporate partners as well as the families themselves, to co-create solutions for families living in rental flats.
    [Show full text]
  • Votes and Proceedings of the Thirteenth Parliament of Singapore
    VOTES AND PROCEEDINGS OF THE THIRTEENTH PARLIAMENT OF SINGAPORE Second Session MONDAY, 4 MAY 2020 No. 131 1.30 pm 1 PRESENT: Mr SPEAKER (Mr Tan Chuan-Jin (Marine Parade)). Mr AMRIN AMIN (Sembawang), Senior Parliamentary Secretary, Ministry of Home Affairs and Ministry of Health. Mr ANG HIN KEE (Ang Mo Kio). Mr ANG WEI NENG (Jurong). Mr BAEY YAM KENG (Tampines), Senior Parliamentary Secretary, Ministry of Transport and Ministry of Culture, Community and Youth. Miss CHERYL CHAN WEI LING (Fengshan). Mr CHAN CHUN SING (Tanjong Pagar), Minister for Trade and Industry. Mr CHEE HONG TAT (Bishan-Toa Payoh), Senior Minister of State, Ministry of Trade and Industry and Ministry of Education. Mr CHEN SHOW MAO (Aljunied). Miss CHENG LI HUI (Tampines). Dr CHIA SHI-LU (Tanjong Pagar). Mr CHARLES CHONG (Punggol East), Deputy Speaker. Mr CHONG KEE HIONG (Bishan-Toa Payoh). Mr DESMOND CHOO (Tampines). Mr DARRYL DAVID (Ang Mo Kio). Mr CHRISTOPHER DE SOUZA (Holland-Bukit Timah). Mr ARASU DURAISAMY (Nominated Member). Mr CEDRIC FOO CHEE KENG (Pioneer). Mr DOUGLAS FOO (Nominated Member). No. 131 4 MAY 2020 2 Ms FOO MEE HAR (West Coast). Ms GRACE FU HAI YIEN (Yuhua), Minister for Culture, Community and Youth and Leader of the House. Mr GAN KIM YONG (Chua Chu Kang), Minister for Health. Mr GOH CHOK TONG (Marine Parade). Assoc Prof DANIEL GOH PEI SIONG (Non-Constituency Member). Mr HENG CHEE HOW (Jalan Besar), Senior Minister of State, Ministry of Defence. Mr HENG SWEE KEAT (Tampines), Deputy Prime Minister and Minister for Finance. Mr TERENCE HO WEE SAN (Nominated Member).
    [Show full text]
  • Speech by Mr Heng Swee Keat, Deputy Prime Minister
    12/8/2020 Speech by Mr Heng Swee Keat, Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance, for Singap… Speech by Mr Heng Swee Keat, Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance, for Singapore FinTech Festival x Singapore Week of Innovation & TeCHnology (SFF X SWITCH) 2020 on 7 December 2020 Good morning! Welcome to the Singapore FinTech Festival and the Singapore Week of Innovation and TeCHnology 2020! We meet in extraordinary circumstances. COVID-19 has taken more than a million lives and disrupted the global economy. Across the world, technology and innovation played a crucial role in helping peoples and businesses respond to the crisis. Similarly, they will prove critical in curtailing the pandemic and boosting economic recovery. COVID-19 has made us reassess what the global future holds. Supply chain disruptions have alerted us to a greater need for resilience and diversification. But fundamentally, we must continue to tap on global capabilities to serve the world. The pandemic has brought inequalities into sharper relief in many societies. Lower income households were hardest hit, in terms of fatalities and unemployment. We must take a more inclusive approach in our global recovery plans. Geopolitical tensions between major powers have intensified. The risk of technological and economic decoupling has increased. Driving Global Recovery Through Innovation and Collaboration This pandemic has created a unity of purpose in start-ups and businesses from Silicon Valley to Shenzhen. They want to find new solutions to cope with COVID-19 and new technologies that will shape a post-pandemic world.
    [Show full text]
  • Press R Elease
    PRESS RELEASE EMBARGOED TILL 8PM, 9 JUNE 2011 DPM THARMAN SHANMUGARATNAM TO TAKE OVER AS CHAIRMAN OF THE NATIONAL PRODUCTIVITY & CONTINUING EDUCATION COUNCIL (NPCEC) Some changes to Government representatives in NPCEC as well Deputy Prime Minister Teo Chee Hean announced today that he will be handing over the position of Chairman for the National Productivity & Continuing Education Council (NPCEC) to Deputy Prime Minister Tharman Shanmugaratnam. In line with the new Cabinet line-up, there will also be changes in the Government representatives in the Council. The changes will take effect from 9 June 2011. 2 Since the formation of the NPCEC in April 2010, DPM Teo has led the Council to develop strategies to improve national productivity with the aim to achieve a productivity growth of 2 to 3 per cent per annum over the next 10 years. Of the 12 priority sectors first identified based on their potential for productivity gains, contribution to GDP, as well as employment size, eight1 productivity blueprints have been endorsed. 3 DPM Teo said, “It has been a fruitful start for the Council in its first year. Plans for key sectors have been drawn up which are meaningful to the industry players and workforce in these sectors. The strong economic recovery last year brought with it a cyclical upturn in labour productivity of 10.7%. While we have seen some encouraging stories of productivity successes, what is more important is to stay focused on long-term, sustainable productivity growth through product, system and process innovation, and skills upgrading. We also need to integrate our framework for pre-employment and continuing education.
    [Show full text]
  • New Cabinet 2 New Copy
    THE NEW CABINET The Cabinet reshufe, announced yesterday, saw changes in all but one ministry. Here is a quick look at the political ofce-holders’ new roles as leadership transition in Singapore gathers pace. Prime Minister Mr Teo Chee Hean, 63 Mr Tharman Lee Hsien Loong, 66 • Deputy Prime Minister Shanmugaratnam, 61 • Coordinating Minister for • Deputy Prime Minister National Security • Coordinating Minister for Economic and Social Policies Mr Khaw Boon Wan, 65 Dr Ng Eng Hen, 59 Dr Vivian Balakrishnan, 57 Mr K. Shanmugam, 59 • Coordinating Minister for • Minister for Defence • Minister for Foreign Affairs • Minister for Home Affairs Infrastructure • Minister for Law • Minister for Transport Mr Gan Kim Yong, 59 Mr S. Iswaran, 55 Mr Heng Swee Keat, 57 Ms Grace Fu, 54 • Minister for Health • Minister for Communications • Minister for Finance • Minister for Culture, and Information Community and Youth • Minister- in-charge of Trade Relations Mr Chan Chun Sing, 48 Mr Lawrence Wong, 45 Mr Masagos Zulkii, 55 Mr Ng Chee Meng, 49 • Minister for Trade and • Minister for National • Minister for the Environment • Minister in the Prime Industry Development and Water Resources Minister’s Ofce • Second • Minister-in-charge of Muslim Minister Affairs for Finance Mr Ong Ye Kung, 48 Mrs Josephine Teo, 49 Mr Desmond Lee, 41 Ms Indranee Rajah, 55 • Minister for Education • Minister for Manpower • Minister for Social and • Minister in the Prime Minister’s • Second Minister for Home Family Development Ofce Affairs • Second • Second Minister Minister for for
    [Show full text]
  • Higher Education Futures
    HIGHER EDUCATION FUTURES 14 – 15 October 2015 Resorts World Sentosa Singapore This Conference is an initiative of the OECD in partnership with the Ministry of Education, Singapore. Program as at 22 June 2015 Conference Outline While higher education and research are widely recognized as crucial for social and economic development, those responsible for planning and delivering these vital services will face formidable challenges in coming years. In many countries, higher education systems will struggle to sustain coherence in the face of: • resource challenges driven by scarcity of public funding; • demographic change, with a number of countries facing significant population ageing and changes in ethnic mix, and others stretched by growing numbers of young people; • heightened national and international competition for students and research funds; • growing expectations from those who provide support for higher education of cost containment and demonstrated value for investment; and • challenges to traditional modes of education structure and delivery, driven from a variety of directions including technological change, competency-based approaches, changes in national and global workplaces and new private or public forms of education provision. These pressures and trends pose huge implications for the future of higher education and research. The burgeoning demand for education across the world shows no signs of fading, and the need for research across an ever wider range of fields can only grow as nations develop and humanity confronts the many challenges of the future. Institutions thus will need to adapt to take advantage of the opportunities available and to survive in rapidly changing environments. They will need both supportive policy frameworks and institutional ability and willingness to bring about effective change.
    [Show full text]
  • Keynote Speech by Mr Heng Swee Keat, Deputy Prime Minister and Minister for Finance, at the OMFIF Global Public Investor Launch on 12 June 2019
    Keynote Speech by Mr Heng Swee Keat, Deputy Prime Minister and Minister for Finance, at the OMFIF Global Public Investor Launch on 12 June 2019 Mr David Marsh Chairman of the Official Monetary and Financial Institutions Forum Mr Kwa Chong Seng Chairman of Singapore Exchange Distinguished Guests, Ladies and Gentlemen, Introduction 1. Thank you for inviting me to join you at the launch of the 2019 Global Public Investor Report. To our delegates from abroad, I extend a warm welcome to all of you to Singapore. 2. I thank the Official Monetary and Financial Institutions Forum (OMFIF) for launching the Global Public Investor Report in Singapore. This is the first time that the publication is launched outside of London. Back in 2016, the OMFIF set up its Asia Pacific headquarters in Singapore, their first office outside of London. I am encouraged to see the OMFIF deepening its presence in Asia over the years. The world is in search of a new sustainable equilibrium 3. The theme for today’s discussion – “Global Public Investors and A Sustainable World Economy” – is timely. 4. The global economy has been growing at a remarkable pace over the last fifty years. However, this rapid growth has led to growing environmental challenges. The global commons are under threat: a. Global surface temperature has been rising significantly, caused mainly by emissions of greenhouse gases from industrialisation and power generation. b. This has led to a rise in the frequency and severity of natural catastrophes, such as pandemics, hurricanes and droughts1. Sea levels have also risen, which for many small island states, like Singapore, is an existential challenge.
    [Show full text]
  • Singapore and New Zealand Reaffirm Commitment to Deepen Defence Relations
    Singapore and New Zealand Reaffirm Commitment to Deepen Defence Relations 14 Nov 2019 New Zealand Minister of Defence Ron Mark inspecting a Guard of Honour at the Ministry of Defence (MINDEF). Minister for Defence Dr Ng Eng Hen and New Zealand Minister of Defence Ron Mark co- chaired the third annual Singapore-New Zealand Defence Ministers' Meeting (SNZDMM) at the Ministry of Defence earlier today. 1 Building on the Singapore-New Zealand Enhanced Partnership signed earlier this year, Dr Ng and Minister Mark reaffirmed the good progress of bilateral defence cooperation. Both Ministers also agreed to strengthen cooperation under the ambit of the Five Power Defence Arrangements (FPDA) and the ASEAN Defence Ministers' Meeting (ADMM)-Plus, and discussed key international and regional security issues of mutual concern, such as countering terrorism and the importance of a rules-based international order. Following the meeting, both Ministers released a Joint Statement which reaffirmed the strong relationship between both defence establishments. Dr Ng also expressed appreciation for Minister Mark's strong support for the Singapore Armed Forces' training in New Zealand. Minister Mark, who is also on his introductory visit to Singapore from 13 to 16 November 2019, will visit Dieppe Barracks and the Information Fusion Centre in RSS Singapura- Changi Naval Base later this afternoon. On 15 November 2019, Minister Mark will call on Prime Minister Lee Hsien Loong and Deputy Prime Minister Heng Swee Keat. He will also visit Sembawang Air Base to take a familiarisation flight on board a Republic of Singapore Air Force Super Puma helicopter. Minister Mark's visit and the third SNZDMM underscore the close and long-standing relations between Singapore and New Zealand.
    [Show full text]