Toast Speech by President Tony Tan Keng Yam at the State Banquet hosted in Honour of His Excellency Tsakhia Elbegdorj, President Of Mongolia

Your Excellency Tsakhia Elbegdorj

Distinguished Guests

Ladies and Gentlemen

        It gives me great pleasure to welcome you, Mr President, and your delegation to Singapore.  We are honoured to welcome Your Excellency to Singapore again, since your last official visit in 2005 as Prime Minister. 

        Singapore and Mongolia are similar in many ways. Both of us are small states and members of the Forum of Small States (FOSS) at the United Nations. As a young nation in the 1970s, Singapore embarked on an economic programme that transformed our society.  Mongolia also underwent rapid changes in the last twenty years and is now one of the fastest growing free market economies in the world. To have come so far within the short span of two decades is a truly remarkable achievement for Mongolia. It is a testament to the Mongolian people’s determination and fortitude.

        Bilateral relations between Singapore and Mongolia are warm and friendly. We were happy to welcome Prime Minister Sukhbaatar Batbold’s visit to Singapore in 2011. The leaders of both countries have kept up our friendly ties through meetings at the sides of multilateral fora.  Our relations are growing steadily. The establishment of the Mongolian Embassy in Singapore in 2008 marked a milestone in our relations.   

        There is room for our economic and trade relations to grow. In 2012, bilateral trade amounted to S$87.5 million.  I am happy to learn that the Mongolia-Singapore Business Forum held this afternoon attracted much interest from Singapore companies. As Mongolia opens up its economy and resource sector, it will create more business and investment opportunities between our two countries.

        Singapore is happy to continue to share our developmental experience with Mongolia.  To date, 1,000 Mongolian officials have participated in the Singapore Cooperation Programme in areas such as finance and economic development. We have customised our training programmes and study visits to meet the interest expressed by your officials in our public housing, Central Provident Fund system and Technical and Vocational Education. Singapore will continue to play our small part in supporting your country in its national development efforts.

        I am confident, Mr President, that your visit will strengthen our bilateral relations and promote greater cooperation in the years to come.  

        Your Excellency, Ladies and Gentlemen, may I now invite you to join me in a toast:

·         to the good health and happiness of President Elbegdorj;

·         to the peace and prosperity of the people of Mongolia; and

·         to the continued friendship between Singapore and Mongolia.

        Thank you.