MFA Press Statement: Visit by Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam to Johor Bahru for the 8th World Islamic Economic Forum, 4 December 2012

Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam attended the 8th World Islamic Economic Forum (WIEF) in Johor Bahru on 4 December 2012 at the invitation of WIEF Foundation Chairman (and former Malaysian Deputy Prime Minister) Tun Musa Hitam.  DPM Tharman delivered a Special Address at the WIEF Opening Ceremony. 

In his Special Address, DPM Tharman outlined the challenges and opportunities for Islamic finance in the new global environment.  DPM Tharman also noted the potential benefits of increased capital flows for Asian economies but cautioned that there was a need to strengthen policy toolkits to deal with potentially volatile and excessive capital flows. 

DPM Tharman highlighted the strong cooperation between Singapore and Malaysia in Iskandar Malaysia, and noted that it was a key focus of the two countries to encourage intra-regional investments and develop competitive strengths jointly. 

DPM Tharman called on Malaysian Prime Minister Dato’ Sri Mohd Najib Tun Abdul Razak this afternoon.  They affirmed the excellent state of bilateral relations and noted the good progress on several joint initiatives, including cooperation in the Iskandar Malaysia Joint Ministerial Committee, and the joint ventures by Temasek Holdings and Khazanah Nasional in Singapore and Iskandar Malaysia.  DPM Tharman and PM Najib also agreed on the need for both governments to continue working together to improve connectivity and maintain an attractive investment climate.

DPM Tharman also had separate meetings with the President of Comoros Mr Ikililou Dhoinine, President of the Islamic Development Bank Dr Ahmad Mohamed Ali, and Tun Musa Hitam. 

This evening, DPM Tharman and Mrs Shanmugaratnam will attend the WIEF Gala Dinner hosted by PM Najib and Datin Paduka Seri Rosmah Mansor, and then return to Singapore.  DPM Tharman is accompanied by officials from the Ministry of ForeignAffairs and Ministry of Finance.

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MINISTRY OF FOREIGN AFFAIRS

SINGAPORE

4 DECEMBER 2012