Speech by President Tony Tan Keng Yam at the Overseas Singaporeans Reception at the Singapore Embassy in Berlin

Mr Jacky Foo
Ambassador to the Federal Republic of Germany

Distinguished Guests

Ladies and Gentlemen

Good Evening

        I am very happy to be here with all of you this evening. I always look forward to meeting with the Overseas Singaporean communtiy during my visits to other countries. It is always nice to be in the company of fellow countrymen when one is away from home.

        As our country progresses, Singaporeans and Singapore companies have ventured into many parts of the world and done well. The Overseas Singaporean community in Germany is around 1,600 strong, with more than 100 living in Berlin. Many of you are successful leaders and professionals in the various sectors that you serve.

        I am happy to be making an official visit to Germany at the invitation of the German Government. This visit reflects the importance of the Singapore-Germany relationship. Germany is one of our most important economic partners. It is our largest trading partner in the EU, and the fourth largest EU investor in Singapore. About 1,300 German companies have set up operations in Singapore, and many of them are in important sectors such as electronics, chemical and logistics. I had the opportunity of visiting two of these German companies, Siemens and Infineon, in Munich earlier this week. Singapore and the EU are also negotiating an FTA, which will further deepen our economic linkages. As part of the Overseas Singaporean community here in Germany, you play an important role in strengthening the already excellent ties between our two countries. You serve as the bridge to enhance and promote mutual understanding and friendship between the peoples of our two countries.

        Overseas Singaporeans are an integral part of our country. I am pleased to see that a vibrant Overseas Singaporean community has been established here in Germany to allow Singaporeans here to keep in touch with one another and to remain connected to Singapore. The Singapore in Germany Club and the Singapore Students’ Association of Germany are just two examples of active organisations which help us reach out and build rapport amongst Overseas Singaporeans in Germany. I hope that these clubs and associations will continue to help you build on the links you have established with one another here, and stay connected with home.

        The global economic outlook for the coming years is challenging. The US labour market remains sluggish with high unemployment. Fiscal austerity and bank deleveraging continue to dampen demand in Eurozone economies. Asia’s growth will be limited by falling exports although their economies are supported by rising domestic demand. The uncertainty surrounding the Euzone political climate and fiscal outlook also means significant downside risks for the global economy. Singapore’s externally oriented industries will undoubtedly be affected if a disorderly sovereign debt default in the Eurozone materialises. 

        Yet Germany continues to perform better economically than the rest of the region. Like Germany, Singapore’s fundamentals are strong. We have a well-educated and hardworking workforce, a business-friendly environment, and sound fiscal and economic policies. Significant resources have also been invested to develop engines of growth such as science, research and innovation. I am therefore confident that Singapore is well-positioned to cope with the slowdown.

        Let me conclude by wishing the Overseas Singapore community in Germany continued success in all your endeavours here. I look forward to hearing about your experiences in Germany, as well as your aspirations and hopes for Singapore at the reception later.