Introductory Remarks by Mr. Tan Poh Teck, Deputy Executive Director of Singapore Business Federation, on
"Seminar & Networking Session with Visiting Delegation of Confederation of Nepalese Industries"
on 9 June 2009, Wed, 9:30 am - 1:30 pm at SBF Seminar Room 2
Mr. Binod Chaudhary, Member of Parliament and Constituent Assembly.
President, Confederation of Nepalese Industries (CNI) and Managing Director, the Chaudhary Group.
Ambassador Gopinath Pillai, Ambassador-at-Large, and Chairman, Institute of South Asian Studies
Mr M N Swami, Honorary Nepalese Consul to Singapore
Eminent speakers, distinguished guests, ladies and gentlemen,
1. Good morning. It is a great pleasure to be here for the Seminar & Networking Session with the visiting delegation from the Confederation of the Nepalese Industries (CNI).
2. On behalf of the Singapore Business Federation, I would like to express our deepest appreciation to Ambassador Gopinath Pillai, who with his foresight and initiative, organized a roundtable on Nepal back in Oct 2008. With Ambassador Pillai's introduction, SBF had a meeting with Mr. Chaudhary in Dec 2008. The series of discussion which followed resulted in today's seminar and networking session in conjunction with the visiting CNI delegation.
3. We also greatly appreciate the kind sponsorship from BlueOcean Systems and Everest Kitchen Restaurant.
4. I am very heartened to see a good turnout today as it clearly indicates that there are serious Singapore companies interested in exploring business opportunities in Nepal which makes all our efforts in SBF worthwhile.
5. Diplomatic relations between the Kingdom of Nepal and the Republic of Singapore were established in March 1969. Since then, the relations between Nepal and Singapore have been growing steadily.
6. Singapore imports from Nepal grown by an estimated 113% from 2007 to 2008. Singapore export from Nepal grown by an estimated 26% in the same period. Total trade between Singapore and Nepal reached an estimated S$84.8 million in 2008, increased by about 29% from S$65.9 million in 2007. (Source: IE Singapore)
7. Singapore Business Federation as the national apex chamber in Singapore aims to facilitate more such success stories of partnerships engaging the Nepal market. .
8. Without further ado, I wish to thank everyone for taking time off to be with us today. I believe your presence here is of utmost importance, as the exchange of ideas and information will not only strengthen social, cultural and economic ties but also create new frontiers for business collaborations between our two business communities.
9. In closing, may I take this opportunity to wish all here a successful networking session, thank you!
Welcome Address by Ambassador Gopinath Pillai, Ambassador-at-Large, and Chairman, Institute of South Asian Studies, at the Seminar and Networking Session for the Confederation of Nepalese Industries Business Delegation, 9 June 2009
Mr Binod Chaudhary, President, Confederation of Nepalese Industries and the Chaudhary Group
Eminent speakers
Distinguished guests
Ladies and gentlemen
It gives me great pleasure to warmly welcome the members of the Confederation of Nepalese Industries (CNI) to Singapore.
I also welcome all of you to this morning's "Seminar & Networking Session with CNI", jointly organised by the Nepalese Society (Singapore) and the Singapore Business Federation (SBF).
Nepal is once again at the crossroads. It is now grappling with a rather sensitive transition from monarchy to democracy. The latest reports indicate that the new coalition government, headed by Mr Madhav Kumar Nepal, in the fledgling democracy is trying to adopt a Common Minimum Programme. The aim is to build a national consensus among the political parties and put an end to anarchy, insecurity and impunity in the country. The new coalition government has its hands full trying to address the challenges faced by the country, including the promulgation of a new Constitution.
Indeed, a key challenge for the Nepalese government is building a national consensus. Hopes for this were raised when the Maoists decided to enter the democratic process a couple of years ago. However, the recent resignation of Prime Minister Pushpa Kamal Dahal (or Prachanda) seems to have placed these hopes in jeopardy. Nevertheless, a silver lining remains. The Maoists have declared that they will not return to guns and will try to work for a change from within the system. Mr Prachanda's decision to resign in protest rather than provoke an armed confrontation is thus heartening.
While there are challenges on the political front, things look brighter on the economic front. The Economist Intelligence Unit projects that Nepal could witness a four to five percent GDP growth rate in the fiscal year 2008/09. Seen in light of the negative GDP growths in some countries, including Singapore, this growth is indeed impressive. Nepal's external sector has also improved, with its balance of payments recently reporting a surplus.
Singapore and Nepal have enjoyed good diplomatic relations, which were established as early as March 1969. There has been co-operation on the economic and political fronts between our countries at different points in time and this has strengthened our relations over time.
While bilateral trade between Singapore and Nepal is not large, it has been growing steadily. Singapore's imports from Nepal grew by an estimated 113 percent between 2007 and 2008. Singapore's exports to Nepal grew by an estimated 26 percent in the same period. Total trade between the two countries reached an estimated S$84.8 million in 2008, an increase of about 29 percent from S$65.9 million in 2007.
At the sectoral level, there is potential for greater interaction between the two countries. One example is the tourism industry, which is a vibrant sector of the Nepalese economy. The industry, which was virtually decimated by the country’s decade-long Maoist insurgency, has been experiencing a strong revival since 2006. Singapore has played a part in this revival by starting a thrice-weekly SilkAir air service in October 2007. This move is expected to attract tourists from Southeast Asia to Nepal.
It is also encouraging that Singapore businesses are not just focusing on India in South Asia. They have also turned their attention to the other countries in the subcontinent, including Nepal. I am told there are joint ventures between Singaporean and Nepalese companies in various business sectors such as tourism, information technology, consulting, education and support services.
I am heartened to see a good turnout today as it clearly indicates that Singaporean companies are interested in exploring business opportunities in Nepal. One of the SBF's key objectives is to raise market awareness of emerging business opportunities in countries like Nepal and to facilitate business deals between Singaporeans and their counterparts in these countries.
I hope that the exchange of ideas and information here today will not only strengthen social, cultural and economic ties but will also create new opportunities for collaborations between our two business communities.
I wish the CNI delegation a pleasant stay in Singapore, and all of you a fruitful and engaging seminar and networking session.
Thank you.
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