MFA Press Release: Remarks by Senior Minister of State for Foreign Affairs Zainul Abidin Rasheed at the Nigeria-Singapore Business and Investment Forum at Raffles City Convention Centre on Monday, 17 August 2009 at 0930hrs

Engineer Mustafa Bello, Executive Secretary/CEO of the Nigerian Investment Promotion Commission (NIPC),
His Excellency Emmanuel Ogunnaike, Nigeria's High Commissioner to Singapore,
Mr Shabbir Hassanbhai, Singapore's High Commissioner to Nigeria,
Mr Teng Theng Dar, CEO of Singapore Business Federation,
Mr Haresh Aswani, HCG in Lagos,
Excellencies and Distinguished Guests,
Ladies and Gentlemen,

It is my honour to welcome all of you today to the Nigeria-Singapore Business and Investment Forum. This is the first time that a business promotion of this scale has been organised to publicise the Nigerian market and your presence attests to the growing interest in business opportunities between Nigeria and Singapore. I congratulate the Nigerian Investment Promotion Commission (NIPC) as well as the organiser, Mrs A Amana of Cognitus Consulting Nigeria for putting together this forum. This is an idea whose time has come - bringing business communities of our countries closer together.

There's a Malay saying "tak kenal tak cinta", meaning, "if you don't know, you can't love". I visited Nigeria in November 2007 and have fond memories of the country. During my visit, I had the opportunity to scan first-hand opportunities in Nigeria. Thanks to my good friend Mr Haresh Aswani and his Tolaram Group, I even toured Lagos by sea, air and land. This trip led me to one conclusion: a knowledge gap exists between Nigeria and Singapore. To plug this gap, I suggested to my Nigerian friends that it would be useful to hold a trade and investment seminar in Singapore to ramp up awareness among the Singapore business community. I am happy that Mrs A Amana has taken the initiative. I am sure you will agree that there is no substitute for site visits and seeing first-hand what's possible.

The growing economic links between Singapore and Nigeria complement the excellent political relations we share. I am heartened to note that our bilateral trade has increased by 50% since 2007 to S$613 million in 2008. Just like our Nigerian friends have taken the trouble to visit Singapore, the International Enterprise Singapore and the Singapore Business Federation are planning to lead a business mission to Nigeria in mid-October this year. With two-way visits, the chances of doing more with each other multiply.

Nigeria's established business infrastructure and its potential for immense growth present business opportunities for Singapore companies. I am heartened to note that our Singapore companies have increasingly begun to explore these business sectors in Nigeria. In fact, our High Commissioner to Nigeria Shabbir Hassanbhai told me that from his regular visits to Nigeria, he has learnt that many Singapore companies have already been quietly making headway in Nigeria.

For example, the Tolaram Group has diversified business interest in Nigeria, including the establishment of a deep-sea port and methanol plant in Lekki Peninsula. I saw the humble beginnings of Tolaram and how it has grown. As you know, Tolaram's Mr Haresh Aswani, who is also Singapore's Honorary Consul-General in Nigeria, is no stranger to Nigeria. Having lived there for more than twenty years now, Mr Aswani knows both Nigeria and Singapore equally well. Olam International is yet another company that has established itself as the one of the largest agricultural exporters from Nigeria.

As a sign of growing economic links between Nigeria and Singapore, I have been informed that a Singapore company, Jurong Consultants, has been engaged as one of the lead consultants for the development of an industrial business park at Warri, Delta State. Smaller entrepreneurs like G&W International have also successfully carved out niches for themselves in the vast Nigeria consumer market. Over the course of the conference, Singaporeans like these will share their experiences of working and living in Nigeria. I hope their positive experience will spur more companies to look further afield to Nigeria and even Africa for business opportunities.

Other than Nigeria, I have also visited Angola, Ethiopia, Ghana, Uganda, Rwanda, and Senegal and have seen the potential in these countries. Nigeria's large market potential and position as a business gateway into ECOWAS (Economic Community of West African States) would make it a choice destination for Singapore businesses venturing into Africa.

It has been Singapore's honour to share our experience and know-how through technical assistance to Nigeria. Since 1993, 233 Nigerian officials have been trained under the Singapore Cooperation Programme (SCP). Looking ahead, Singapore is keen to expand the scope of cooperation in capacity building for win-win relations between our countries.

It is therefore my honour to declare the Nigeria-Singapore Business and Investment Forum open. I hope our distinguished visitors from Nigeria will see more of Singapore. I am confident that this forum will add impetus to the flow of business and investment between Nigeria and Singapore and towards better bilateral relations.
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