M E D I A RELEASE

IE Singapore Partners European Bank for Reconstruction And Development To Explore Opportunities

 IE Global Conversation With Sir Suma Chakrabarti: The EBRD’s medium to long-term outlook for emerging countries in Europe and central Asia remains positive

MR No.: 031/13 Singapore, Monday, 23 September 2013

1. The European Bank for Reconstruction and Development’s (EBRD) medium to long- term outlook for emerging countries in Europe and central Asia like , Poland, Russia and Turkey, remain positive despite current economic volatilities. Sir Suma Chakrabarti, President of EBRD, shared his optimism on the growth of these emerging markets and opportunities they present for Singapore companies at International Enterprise (IE) Singapore’s Global Conversations held this morning.

2. Moderated by Mr Teo Eng Cheong, Chief Executive Officer of IE Singapore, the business dialogue with Sir Suma engaged 25 senior level representatives from Singapore companies spanning the financial, food, technology, trade and urban solutions sectors. In addition to the EBRD’s economic outlook, discussions revolved around current business trends as well as issues pertinent to Singapore companies in emerging Europe and central Asia. They include market opportunities, challenges and how IE Singapore and EBRD’s close partnership can mitigate risks for companies in these emerging markets.

3. Sir Suma stressed that the economic fundamentals of many emerging countries in Europe and central Asia have improved since the global economic crisis in 2008 / 2009.

International Enterprise Singapore is the government agency driving Singapore’s external economy. IE Media Release 23 Sep ’13

Improvements in the Eurozone, efforts by the governments and proximity to the European Union (EU) market are advantages that will help sustain the stability of these emerging markets.

IE Singapore and EBRD sign MOU to deepen strategic partnership

4. Emerging European and central Asian markets today still hold pent-up demand for high-quality products and services that are often supplied by foreign companies. Their developmental needs are aligned with sectors where Singapore companies have strong competencies in. These include urban planning services, information and communications solutions as well as high-tech municipal and environmental infrastructure. In recognising opportunities arising from this, IE Singapore and EBRD will explore ways to increase collaboration for companies, as emerging markets in Europe and central Asia actively seek to diversify and modernise their economies. Singapore companies are regarded as suitable and efficient partners to reduce European and central Asian companies’ reliance on the EU market.

5. Mr Teo Eng Cheong said, “Singapore companies’ expertise and capabilities are complementary to the developmental needs of emerging European and central Asian markets. The investment environment there is favourable for our companies, with its highly-skilled, well-educated workforce and enterprises. IE Singapore will partner the EBRD to help Singapore companies capture opportunities through funding and facilitating business collaborations. Companies can tap into our combined assistance, extensive experience and strong network to navigate the complexities and challenges of emerging Europe and central Asia.”

6. At the Global Conversations event, IE Singapore and EBRD signed a Memorandum of Understanding to deepen their strategic partnership. The two parties will identify project opportunities in emerging markets within Europe as well as central Asia, primarily Russia and Turkey. Such projects will be in sectors that include, but are not limited to:  Information and communications technology (ICT)  Municipal and environmental infrastructure  Power and energy  Transport  Urban development (including smart cities and eco-cities)

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IE Media Release 23 Sep ’13

7. Sir Suma Chakrabarti said, “Singapore companies are important for the EBRD because they can work with us in helping emerging market economies flourish. Singapore companies have the right set of skills to raise standards and transfer expertise to these markets as they develop. The EBRD’s project financing, good understanding of local business environments as well as strong relationships with key authorities and local enterprises within Europe and central Asia, will benefit Singapore companies.”

Annex 1: Profile of the European Bank for Reconstruction and Development (EBRD) Annex 2: Biography of Sir Suma Chakrabarti, President, EBRD

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About International Enterprise Singapore

International Enterprise (IE) Singapore is the government agency driving Singapore’s external economy. For the past 30 years, we have been spearheading the overseas growth of Singapore-based companies and promoting international trade. Our vision is a thriving business hub in Singapore with Globally Competitive Companies (GCCs) and leading international traders.

IE Singapore attracts global commodities traders to establish their home base in Singapore. Today, Singapore is a thriving trading hub for the energy, agri-commodities and metals & minerals trading clusters.

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IE Media Release 23 Sep ’13

Through our Global Company Partnership and Market Readiness Assistance, we work with Singapore-based companies to customise total solutions in capability building, market access and financing for their internationalisation.

Our global network of overseas centres in over 35 locations provides the necessary connections in many developed and emerging markets.

Visit www.iesingapore.com for more information.

About IE Global Conversations

IE Global Conversations bring together world-renowned thought leaders for an up-close interactive dialogue session. Addressing a wide range of issues relevant to today’s global business environment, the sessions focus on emerging economic opportunities across markets. Past speakers include China Vice Premier and former Guangdong Party Secretary, Wang Yang; Party Secretary of Nanjing, Yang Weize; Myanmar Union Minister for Construction, U Khin Maung Myint, and Vietnam Prime Minister Nguyen Tan Dung.

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ANNEX 1

European Bank for Reconstruction and Development (EBRD) Profile

Since the EBRD’s establishment in 1991, it has become the largest financial investor in its region of operations which stretches from central Europe to central Asia and the southern and eastern Mediterranean. The EBRD helps countries in these regions to become open, market economies. It is owned by 64 countries, the European Union and the European Investment Bank.

The EBRD provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. It also works with publicly owned companies. The Bank provides loan and equity finance, guarantees, leasing facilities and trade finance. Typically, the EBRD funds up to 35 per cent of the total project cost.

Through donor funds, the EBRD mobilises investment capital and expertise by giving local business access to consultant experts. Donor programmes are funded by governments and international institutions, and are managed by the EBRD. It also manages six nuclear safety and decommissioning funds. www.ebrd.com

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ANNEX 2

Sir Suma Chakrabarti President European Bank for Reconstruction and Development (EBRD)

Sir Suma Chakrabarti, born in 1959 in West Bengal, India, is the sixth President of the European Bank for Reconstruction and Development (EBRD). The Bank’s Board of Governors elected Sir Suma as President of the EBRD for the next four years, from July 3, 2012. He replaces Thomas Mirow, the President since 2008.

Sir Suma has extensive experience in international development economics and policy-making, as well as in designing and implementing wider public service reform.

Most recently he held the position of at the British Ministry of Justice and was its most senior civil servant. Prior to this, from 2002, he headed the UK’s Department for International Development -- formerly the Overseas Development Administration (ODA) -- where he worked closely with economies undergoing substantial reform in Eastern Europe, the former Soviet Union and the Middle East and North Africa. Sir Suma is notable for playing a key role developing the UK's successful Know-How Fund for Central and Eastern Europe and worked with the European Commission in improving its programmes in the Middle East and North Africa.

Sir Suma also worked in the late 1990s in the UK Treasury, where he was responsible for UK public expenditure, and in the early 2000s in the Cabinet Office, where he led on cross- departmental strategic issues and subsequently the management of the Cabinet agenda.

After studying Politics, Philosophy and Economics at the , Sir Suma took a Masters in Development Economics at the University of Sussex. He also holds honorary doctorates from the Universities of Sussex and East Anglia and the Bucharest University of Economic Sciences.

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