Speech by President Nathan at State Banquet in Honour of President Dmitry Medvedev

Your Excellency Dmitry Medvedev
Distinguished Guests
Ladies and Gentlemen

1    On behalf of the people of Singapore, it gives me great pleasure to welcome Your Excellency and members of your distinguished delegation to Singapore.  Your Excellency’s visit, the first by a Russian Head of State, provides an excellent opportunity for us to take our bilateral relations to new heights.

2    At first glance, the contrast between Russia and Singapore could not be more evident.  Russia is by far the largest country in the world, covering 11 time zones.  Singapore, on the other hand, is a small country in the heart of Asia.  Russia is a nuclear power, an energy superpower and a Permanent Member of the UN Security Council.  Like us, Russia has been affected by the global economic crisis.  Resolutely, Russia has ridden out the crisis, with your robust foreign reserves, vast natural resources and talented people.  Russia is also a country with a rich history and culture spanning a thousand years, while Singapore as a nation is barely half a century old.   All this has not prevented us from trying to understand each other better and to develop closer links.

3    We in Singapore view with admiration, your country’s deep and extensive talent pool, especially your Scientists and Engineers who continue to make major advancements in areas of global importance.  Many a Russian scientists have long been admired for their strong mathematical skills and bent, and their ground breaking contributions in fields such as theoretical physics and chemistry, space science, and atomic energy.  We therefore look forward very much to opportunities for possible collaboration and participation by your scientists in our innovation and R & D efforts.  Your researchers could take advantage of opportunities to create and commercialise their technologies, benefiting from our clear and consistent rules on ownership, management and protection of intellectual property.  We can also explore joint opportunities in third countries by having Russian technology companies partner Singapore firms to penetrate markets in Southeast Asia, China and India.

4    The economic ties and linkages between Russia and Singapore have also been growing.  In fact, between 2007 and 2008 our bilateral trade more than doubled.  Singapore is also host to some 200 Russian companies, including LUKOIL, one of the world’s leading integrated oil and gas companies, and TMK, Russia’s largest manufacturer and exporter of steel pipes.  The Avoidance of Double Taxation Agreement came into force this year, while an Investment Guarantee Agreement has just been concluded. These agreements will give a boost to our economic links.

5    I am heartened that this year’s Russia-Singapore Business Forum continued to draw the strong interest of prominent businessmen and officials from Russia and Singapore and other countries.  Despite the global economic downturn, a record 600 delegates attended the event.  As our business links grow, we can look to leveraging on each other’s strengths to find opportunities in third country markets. Singapore can be Russia’s gateway to Asia. We have networks and experience in the economies of China, India and Southeast Asia. Russia is familiar with the Commonwealth of Independent States and can be Singapore's gateway to that market. There is therefore wide scope for Singapore and Russia to leverage on each other's strengths and experience in different regions.

6    Aside from economic and business cooperation, we can also work together to develop greater understanding between our people. In 2008, Singapore received more than 56,000 Russian visitors, which represents a 28% growth from 2007.  From Moscow alone, we received almost 25,000 visitors every year, while the number from St Petersburg is about 6,000. I hope that more Russian visitors will make their way to Singapore and get to know Singapore for themselves. Finally, the almost 2,000-strong Russian community living and working in Singapore is testimony to our growing bilateral relationship. The mix of professionals, scientists and entrepreneurs working and living here add diversity to our cosmopolitan landscape.

Your Excellencies
Distinguished Guests
Ladies and Gentlemen

May I now invite you to join me in a toast:

• to the continued good health and success of His Excellency Dmitry Medvedev; and
• to deeper and stronger ties between the Russian Federation and the Republic of Singapore.