Priorities of development and growth of regions and countries of Black Sea Basin. By Tony Siddique
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SPEECH BY SPECIAL ENVOY TO
UKRAINE, H.E. AMBASSADOR
TONY SIDDIQUE, AT THE
INTERNATIONAL BLACK SEA
ECONOMIC FORUM,
CRIMEA, UKRAINE
Session Topic: Priorities of Development and Growth of Regions and Countries of Black Sea Basin, 7
October 2011, 3.00 pm to 4.30 pm
Where in the world is Singapore?
Introduction
“Small countries perform no vital or irreplaceable
functions in the international system. Singapore
has to continually reconstruct itself and keep its
relevance to the world and to create political and
economic space. This is the economic
imperative for Singapore.”
Mr. Lee Kuan Yew, First Prime Minister to Singapore
Charting Progress
Independence on 9 August 1965 – uncertain place on
the world stage (failure to gain international recognition
originally)
Population of 2 million with no natural resources in a
uncertain environment.
Against formidable odds, Singapore is now a vibrant
international city.
From 1960-2010, GDP increased 41-fold to more than
US$220 billion.
World’s 2nd largest container port and fourth-largest
financial centre.
Here and Now:
How and Why?
Good strategic location helps but not sufficient in itself.
Adopting a pro-business, pro-foreign investment
economic policy.
Government sets up the Economic Development Board
(EDB) to moderate and attract foreign capital.
Offering of a politically stable country with a well-trained
English-speaking workforce (increases accessibility)
Overseas corporations provided with a manufacturing
base to operate in Government developed industrial
towns and ready-to-move-in factories.
Reaping the benefits
Corporations came with technology and expertise which
Singaporeans could learn from.
Providing incentives and encouraging Multi-National
Companies (MNC) means that Singapore now houses
more than 7,000 MNCs from the developed world.
This leads to an expertise spill-over from foreign capital
to local workers, leading to Singapore’s ability to develop
industrial parks in places such as Bangalore
(India), Suzhou and Tianjin (China).
To maintain the rhythm:
Crucial to maintain continuous development of
infrastructure, as industrialization and growing population
means that poor infrastructure will impede economic
development.
Workforce must be upgraded in its employment level to
enable country to move out from labour-intensive to
capital-intensive to knowledge based economy.
Focusing on legal
architecture, security, transportation, power, water, food,
health and education – all key sectors for modernization.
Multilateral Engagement:
“No Man is an Island” – John Donne
Stability and prosperity are inevitably tied to that of its
immediate neighbourhood. This is even more important
in a globalized world.
In 1967, against the backdrop of the Cold War, ASEAN
was born.
ASEAN is now 44 years old.
Regional Integration matched by strong economic
potential and a combined market of 600 million people.
Ten different countries, different skill-sets, variety in
resources – Nissan’s model of capitalization in SEA
What are the ASEAN countries?
Progressive Integration:
ASEAN Free Trade Area (AFTA) and ASEAN
Investment Area (AIA)
Further FTAs with other regional countries – China,
Japan, South Korea, India, Australia and New Zealand
are some examples
Building up people-to-people linkages through cultural
exchange and regional community projects.
The emergence of a common ASEAN identity.
Target of an ASEAN economic community by 2015 –
one common market and production base.
Why ASEAN?
As a necessity to survive.
Rise of China and India transformed the strategic landscape and created new dynamics.
Companies and Investors paying attention to Asia but focusing on these two particularly.
A need to stay in the game and remain relevant, ASEAN offers to be a strong and effective grouping to partner India and China effectively.
Singapore has helped link up major powers through forums like ASEAN+3, ASEAN Regional Forum (ARF) and East Asia Summit.
Security and Economic cooperation come hand-in-hand.
In Summary:
Each country and region has different dynamics and
historical experiences.
But certain hard and fundamental truths translate across
national and regional boundaries.
At national level, critical role of investment
promotion, infrastructure and education is undeniable.
Workforce and economic development strategy must
work in tandem.
At regional level, multilateral organizations such as
ASEAN can provide the necessary external conditions
for economic prosperity.
Thank You:
Looking at recent developments in each Black Sea
country, with natural endowments and competitive
advantages, there is much potential to be harnessed.
All conditions are ripe for countries around the Black Sea
to benefit from, through working together and building a
region of economic opportunities, not conflict.
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And finally, Good Luck!
We will follow your developments with great interest and
wish you well in your efforts to secure your place in the
world, and a brighter future for your peoples.
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