Remarks by President Tony Tan at the Opening of the Poland-Singapore Business Forum

Your Excellency President Andrzej Duda 

Distinguished guests

Ladies and Gentlemen 

I am delighted to be sharing this stage with President Duda to jointly open this Poland-Singapore Business Forum, co-organised by the Polish Investment and Trade Agency, and the Singapore Business Federation (SBF). 

I am happy to be the first Singapore President to visit Poland.  Singapore and Poland are long-term friends, having established diplomatic relations in 1969.  While investment levels remain modest, I am pleased that bilateral trade has more than doubled from €292 million (S$445 million) ten years ago to €632 million (S$962 million) last year.  We also see some large-scale cooperation between companies of both our countries.  For instance, Keppel Seghers Belgium, a subsidiary of Keppel Infrastructure Holdings Pte Ltd from Singapore, partnered with Budimex, one of Poland’s largest construction companies to complete a waste-to-energy combined heat and power plant in Poland in December 2015.

The good turnout today shows the importance both Poland and Singapore place on developing business linkages.  As President Duda and I discussed earlier, it is our hope to see the bilateral trade and investment between our two countries grow. 

Singapore and Poland share common traits.  As open, outward-looking economies, both countries place high importance on free trade and investment.  Poland is an important player in the EU, and the largest economy in the heart of Central and Eastern Europe. Similarly, Singapore is at the heart of the Association of Southeast Asian Nations (ASEAN) which presents significant opportunities for Polish companies.  ASEAN is one of the world’s fastest growing markets.  Together, the ten ASEAN economies represent a sizeable market of €2.3 trillion, comprising a young and growing population of 620 million, and an increasingly affluent middle class.  In 2014, ASEAN was collectively the seventh largest economy in the world.  By 2030, ASEAN is projected to be the fourth largest single market in the world, with a combined GDP of €9.1 trillion.  The ASEAN Economic Community (AEC), established in 2015, has transformed ASEAN into a single market and production base, and now all goods can flow throughout the region tariff-free.

ASEAN remains poised to be a driver of the world economy.  ASEAN is negotiating the Regional Comprehensive Economic Partnership (RCEP) with six other major Asia-Pacific economies, namely China, India, Japan, the Republic of Korea, Australia, and New Zealand.  Covering about 45% of the world’s population and 30% of the global GDP, the RCEP will enable companies plugged into ASEAN markets to also tap into these other economies.  Indeed, Singapore can be a springboard for Poland into a rising Asia.  We welcome Poland’s first Southeast Asian trade office in Singapore, which will enable Poland to tap on Singapore’s good connectivity in the region.  Polish companies will find in Singapore a stable and business-friendly environment.  

Singapore has also created a pro-entrepreneurship environment for Small and Medium Enterprises (SMEs) to thrive in the region.  Singapore’s startup agency recently rolled out a “Startup SG” scheme, which provides entrepreneurs with a launch pad for business development and connectivity to the world.  Both established and new companies alike can succeed by taking advantage of the opportunities Singapore offers.  

The economic cooperation between our two countries will be made even easier when the European Union-Singapore Free Trade Agreement (EUSFTA) comes into force.  In strategic terms, the EUSFTA will send a strong signal of the EU’s commitment to engage Asia.  In practical terms, Polish companies will benefit from improved market access in Singapore and ASEAN.  For instance, under the EUSFTA, Polish energy companies can enjoy more tendering opportunities due to the EUSFTA’s expanded coverage.  Other benefits include the elimination of the need of duplicative testing.  Under the EUSFTA, Singapore will accept Polish manufactured goods based on EU technical and safety standards and approvals.  In this regard, Singapore appreciates Poland’s strong and continued support for the ratification of this mutually-beneficial Agreement.  

On our part, Singapore can draw important lessons from Poland’s economic success.  Despite the bleak global economic outlook, Poland is poised for strong growth.  Poland’s sizeable domestic market, well-educated population and industrious labour force are assets that are attractive to foreign investors. Singapore is privileged to partner with Poland in sectors of mutual interest, including manufacturing, logistics and transportation, wholesale trade, and information and communication technology. I am pleased to note that several Singapore companies from these sectors are present here today.  

Ladies and Gentlemen

My visit to Poland and today’s Forum mark a new chapter in the economic relations between Singapore and Poland.  In a more globalised and inter-connected world, countries must work closely together to address our common challenges. The two MOUs signed between PAIH, SBF and IE Singapore are important platforms to grow business linkages between our two countries.  Singapore also plans to appoint an honorary consul-general in Warsaw to facilitate our business interests in Poland. These developments, together with the eventual ratification of the EUSFTA, will give new impetus to strengthening economic ties between Singapore and Poland.

The longstanding relations between Singapore and Poland hold much potential. We must continue to work hard to take this partnership forward for mutual benefits. I am confident that this Forum will help our businesses forge important connections and successful, win-win partnerships. I wish all participants many fruitful discussions today.

Thank you.