State Banquet hosted in honour of the President of Congo

Your Excellency Denis Sassou-Nguesso,
President of the Republic of Congo

Distinguished Guests,

Ladies and Gentlemen,

It is with great pleasure that I warmly welcome Your Excellency and the members of your delegation to Singapore.  We are honoured by the first State Visit to Singapore from the Republic of Congo. 

We, in Singapore, have been deeply touched by Your Excellency’s interest in Singapore. Your Excellency's visit is also most timely as this year marks the 10th anniversary of diplomatic relations between our two countries.  Our relationship has been warm and friendly, although our interactions have been limited, separated as we are by distance, time, and language. 

Over the last 10 years, the international landscape has changed, and changed dramatically.  With growing global connectedness, what happens in one part of the world has an impact on another part of the planet.  There are few corners left in the world untouched by general trends in the global economy and political developments.

In the last few years in particular, we are seeing a perceptible shift of economic anchors.  The better performing economies are now in Asia and Africa.  Asia is today home to three of the world's largest economies and expected to grow at an average of 7 percent in the next few years.  Meanwhile, Africa is widely considered the next growth frontier, with a combined spending power of US$860 billion in 2008.  This is projected to rise to US$1.4 trillion by 2020.  In addition, Africa's workforce is expected to be the largest in the world by 2040, surpassing even China and India.  We wish Africa well.

Against this backdrop of growing interest in Asia and Africa, I am pleased to note that your government has initiated closer engagement with Singapore.  Congo is well known for its oil and mineral resources, and abundant rain forests.  The economic and political reforms undertaken in the last 10 years or so have brought stability and growth to your country, attracting interest from foreign investors.  However, Congo remains relatively unknown to most Singaporeans.  Your Excellency's visit will hopefully create a greater awareness of your country, its history, culture, and the business opportunities your country has to offer.
 
On Singapore’s part, we have been fortunate to overcome many of the challenges faced by our lack of natural resources.  In the last four decades of development, we have learnt some hard lessons, which we are happy to share with interested countries.  For this purpose, the Singapore Cooperation Enterprise or SCE was set up by the Singapore Government precisely to share our public sector experiences.  I am pleased that the Congo government has engaged Singapore agencies to provide advisory services on industrialisation and regulatory frameworks, as well as for master-planning projects in Oyo-Ollombo and Pointe Noire.  I believe these projects are scheduled to commence later this month.

Water resource management is one area where Singapore has had some measure of success. We believe this could be relevant to other countries grappling with similar challenges.  In this regard, we welcome Your Excellency’s participation in the Singapore International Water Week.  This annual event is testament to the efforts of PUB, the national water agency, to position Singapore as a thriving global water-hub.  We are honoured that Your Excellency will be playing a prominent role in this event.

On the economic front, we welcome prospects for greater cooperation between our two countries.  There are mutual benefits to be reaped.  Singapore companies are looking further afield for business opportunities, while African companies are welcome to use Singapore as the preferred gateway to the fast growing markets in Southeast Asia and Northeast Asia.  Given Africa’s economic potential, it comes as no surprise that Singapore companies have actively sought to venture into the Continent.  The Singapore Business Federation has proactively set up an Africa Business Group to this end.  I am confident that the Business Networking Reception organised together with the Singapore Business Federation will serve to create awareness of the opportunities in Congo. 

Your Excellency,

We welcome the Republic of Congo's interest in Singapore and your commitment to grow investment links.  I am confident that your visit will help bring bilateral relations to a higher plane.  

Distinguished guests,
Ladies and gentlemen,

It now gives me great pleasure to invite you to rise and join me in a toast to:
• The good health and success of His Excellency Denis Sassou-Nguesso;
• The continued peace and prosperity of the people of the Republic of Congo; and
• The continued friendship and goodwill between our two countries.