Dr Eric Schweitzer, President of the German Chambers of Industry and Commerce (DIHK)

Mr Ong Ye Kung, Minister for Education

Dr Tan Wu Meng, Senior Parliamentary Secretary for Foreign Affairs and Trade and Industry

Distinguished Guests

Fellow Singaporeans

Ladies and Gentlemen,

Good afternoon. I am glad to join you at the Haus der Deutschen Wirtschaft, or the House of the German Economy.

It is an honour for me to be the first Singapore President to make a State Visit to Germany. This is a historic milestone since the establishment of diplomatic ties between our two countries some 55 years ago.

Singapore values a like-minded partner like Germany. Our two countries believe that global peace and prosperity are best secured through an open, free, rules-based multilateral trading system. These common principles have allowed our two governments, businesses, and citizens to develop a deep and multi-faceted partnership.

As export-oriented economies, trade and investments form the cornerstone of the bilateral relations between Singapore and Germany. Trade is our lifeblood. Singapore’s trade volume is more than three times its GDP, while exports make up about half of Germany’s GDP. Germany is Singapore’s largest EU trading partner, with bilateral trade valued at 14.8 billion Euros - a fifth of Singapore’s total trade with the EU.

As we look to the future, a stronger Singapore-Germany partnership is important in the current climate of macroeconomic uncertainty. Developments such as the US-China trade tensions and Brexit have caused a shift in global supply chains. Rapid technological advances have disrupted industries. There is also growing pushback in some parts of the world against globalisation for not always generating equitable outcomes for all segments of society. The challenge is thus to develop a “future-ready” and “people-centric” partnership.

A “future-ready” partnership must first be based on mutual trust. Germany has proven to be a trusted partner in Singapore’s nation building journey. As early as 1908, Siemens had established a Technical Bureau in Singapore. Rollei set up a camera factory in 1971. Today, more than 1,800 German companies are based in Singapore, and German direct investments in Singapore are considerable at 14.3 billion Euros.

Second, we must strengthen human networks. I wish to commend the DIHK for actively promoting business networks between Singapore and Germany through the AHK Singapore, which recently marked its 15th anniversary. I am delighted that the Singapore Business Federation (SBF) will sign an MOU with DIHK today to pursue even closer linkages. Such initiatives will facilitate the flow of goods and services, capital, entrepreneurship, ideas and data between our two countries.

Third, we can work together to improve market access. The recent entry into force of the EU-Singapore Free Trade Agreement will do just that. I look forward to the expeditious ratification of the EU-Singapore Investment Protection Agreement as well as the EU-Singapore Partnership Cooperation Agreement by the German Bundestag. I am confident these agreements will further solidify bilateral links between our two sides.

But that is not enough. We need to also focus on our peoples. A “people-centric” partnership means an emphasis on helping our respective workforces adopt and adapt to Industry 4.0 practices. We need to train, re-train and upskill our workers. I am pleased that 14 MOUs and Agreements will be signed during my State Visit. These will help promote greater co-innovation, internships and vocational exchanges. This “people-centric” approach will equip our people with necessary and practical lifelong skills to plug seamlessly into the digital economy and beyond.

Despite increasing macroeconomic concerns and geopolitical challenges, Singapore and Germany can be confident of our partnership. It is firmly rooted on mutual trust and respect, strong networks and a deep commitment to common values. With your strong support, I am confident we will make new forays that will make our partnership “future-ready and people-centric”.

Thank you.