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Opening Address By Mr. Martin Yuoon, Assistant Executive Director of SBF, At Seminar on Business Opportunities in Czech Republic & Networking Session 2010 On 25 January 2010 (Monday), 2.30 pm – 5.00 pm At SBF Seminar Room 2, Level 21

Ladies and Gentlemen,

1. It gives me great pleasure to warmly welcome you to the Seminar on Business Opportunities in Czech Republic & Networking Session jointly organised by CzechInvest and the Singapore Business Federation (SBF) with support from Schaffer and Partner.

2. I am very pleased to see a good turnout today as it indicates good interests by Singapore companies in discovering business opportunities and regulatory business know-hows in Czech Republic. It is indeed our objective to bring to you the latest developments and opportunities present in the market.

3. Czech Republic and Singapore share many similarities and have enjoyed friendly and growing relations. As small, open economies strategically located in the heart of our respective regions, trade is of great importance to us and we recognise the importance of building good connections and strategic economic ties internationally. Trade between both countries continue to soar, reaching SGD 963.2 million in 2008, a decent 44.8% increase in trade value from 2007. There is much scope for cooperation and indeed much more can be done.

4. On bilateral front, our governments have signed cooperation agreement to enhance business exchanges between our businessmen. The investment Guarantee Agreement and the Avoidance of Double Taxation Agreement are two good examples. Businessmen can proactively take advantage of these and become success stories of Singapore-based companies entering the Czech market. Recent developments in the political sphere through bilateral visits have certainly underscored the importance that both governments have attached in building the bilateral tie.

5. According to the Economist Intelligence Unit, the Czech Republic has consistently attracted a high rate of foreign direct investment per capita since 2000 and this affirms the country's attractiveness to investors. With the population's growing affluence and buying power, together with the economy's development, it is not surprising that the country is earmarked as one of the four central European countries for focus and one of the most popular countries for foreign investments. Singapore based companies are encourage to invest and benefit from key sectors of the economy such as real estate development, aerospace, high-tech manufacturing, automotive, electronics, tourism and ICT.

6. Without any delay, I thank everyone for taking time off to be with us today and may the exchanges of ideas and information create new frontiers for greater collaborations between the two economies.

7. On this note, it is my pleasure to invite Mr Ondrej Votruba, Executive Director (Japan Operations) of CzechInvest, to deliver the Welcome Address and Presentation on New Business and Investment Opportunities in Czech Republic.

8. Mr Votruba please.

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