Speech by President Tony Tan at the Overseas Singaporean Reception at the Singapore High Commission in London

High Commissioner

Distinguished guests

Ladies and Gentlemen

        
        I am very happy to be here with all of you today. With increasing globalisation, more Singaporeans can be expected to go overseas to live, work and study. Here in the UK, the Overseas Singaporean community is the largest in Europe, estimated at around 40,000. Many of you are successful leaders and professionals in the UK’s banking and finance, medical, legal, business, engineering sectors, and the arts.  Some of you are young students studying here. The Overseas Singaporean community in the UK is active and vibrant.

        Regardless of whether you plan on returning to Singapore in the immediate or near future, you can do your part to fly Singapore’s flag high and promote our relations with the UK. The UK is Singapore’s second largest investment destination after China. More than three quarters of all investments into Europe by Singapore businesses go into the UK. In turn, the UK is Singapore’s 4th largest investor. There are some 3,000 British companies based in Singapore in diversified areas such as pharmaceuticals, chemicals, info-communications & media, and transport engineering sectors. Singapore and the EU are negotiating an EU-Singapore Free Trade Agreement, which will further deepen our economic linkages. 

        Overseas Singaporeans are an integral part of our country and I urge every one of you to stay connected with home. The setting up of the overseas Singaporean Unit underscores the commitment on the part of the Singapore Government to engage Overseas Singaporeans. I hope that Overseas Singaporeans will remain connected as vibrant communities around the globe and stay closely linked to Singapore and with one another.

        Though Singapore is expected to grow 5% this year, the growth outlook for Singapore in 2012 is more subdued as external demand is expected to remain sluggish given the outlook for the global economy. The coming years may be challenging but Singapore has good fundamentals including a well-educated workforce, a business-friendly environment and strong reserves. I am confident that by staying united as one people, we can weather any storms ahead of us and build on opportunities to improve the well-being of Singapore’s economy and society.

        In closing, let me wish the Overseas Singaporean community in UK continued success in all your endeavours here. Please continue to build on the strong links you have with one another, and I look forward to hearing about your aspirations and hopes for Singapore at the reception later.