State Banquet in honour of President of Panama

Your Excellency Ricardo Martinelli, President of the Republic of Panama,

Distinguished Guests,

Ladies and Gentlemen,

Let me first extend a very warm welcome to you − President Martinelli − and your delegation to Singapore.  This is indeed an important visit for us, as it is the first State Visit by a Panamanian President to Singapore, in our long history of maritime relations.  It is all the more significant that you have decided to visit us so early in your term of office.  Since you have had a full programme in Singapore, I hope that you will bring back with you fond memories of this visit and the friendships you have established with a whole range of Singaporeans.

Both Singapore and Panama are small countries with populations of less than 5 million.  By virtue of our respective geographical location, we are both major maritime and trading nations.  We have also moved beyond being physical ports of call to situate ourselves as the crossroads and marketplace of our respective regions. More than that Panama is now an air hub, and a centre for banking and financial services, tourism and healthcare.

It is therefore no surprise that bilateral relations between our two countries are warm and substantive.  We share a similar externally-oriented outlook that supports multilateral cooperation, free trade and navigational freedoms. We enjoy very good cooperation in multilateral fora such as the United Nations, the International Maritime Organisation and the World Trade Organisation. 

Bilaterally,  our  economic  ties  are  buttressed by  the  Singapore-Panama  Free Trade Agreement signed  in  March 2006.  Panama has become Singapore’s  largest  trading  partner  in  Latin  America, and  several  Singaporean  companies  –  some  of  whom   are   represented  here   this  evening  –  are doing  well  in  Panama.  I hope the business delegation that accompanied President Martinelli to Singapore has discovered even more opportunities to work together. 

This morning, Vice-President and Foreign Minister Juan Carlos Varela and our Minister for Foreign Affairs George Yeo signed an Avoidance of Double Taxation Agreement between the two countries.  I understand that both countries are also on the verge of signing an Air Services Agreement.  These Agreements will increase the connectivity between our two countries, and help to improve the attractiveness of doing business with each other − bringing about greater growth and prosperity for both countries.

The worst of the 2008 global financial and economic meltdown is behind us.  Panama, through the expansion of the Panama Canal, weathered the crisis well   and its economy is poised to continue to grow strongly.  Singapore was more badly affected, but has made a strong recovery.  But as long as the global outlook remains uncertain, both countries are not resting on our laurels. We will continue to upgrade our value proposition and seek new markets and sources of growth. 

I believe there is much potential for Singapore and Panama to elevate our cooperation to a higher plane, both bilaterally and through one another, in our respective regions.  China and India are powering the growth story in Asia, and Singapore is well-connected to both countries.  Latin America is also on the rise.  Trade between the two regions has experienced double-digit growth in the last couple of years.  Given our respective hub status, both countries can benefit and prosper from each other’s competitiveness, experiences and ideas.  In particular, businessmen from both countries should capitalise on every opportunity.  Towards that end, the Latin Asia Business Forum held in Singapore every year will also keep them aware of the developments in each other’s region and the new opportunities they offer.

Excellencies,
Distinguished Guests,
Ladies and Gentlemen,

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

The good health, happiness and continued success of His Excellency Ricardo Martinelli, President of the Republic of Panama;

The peace and prosperity of the people of Panama; and

The continued friendship and close ties between Singapore and Panama.