Remarks By Prime Minister Lee Hsien Loong in Honour of Hungarian Prime Minister Gyurcsány Ferenc and Mrs Dobrev Klára at the Istana on 19 July 2005

REMARKS BY PRIME MINISTER LEE HSIEN LOONG IN HONOUR OF HUNGARIAN PRIME MINISTER GYURCSÁNY FERENC AND MRS DOBREV KLÁRA AT THE ISTANA ON TUESDAY, 19 JULY 2005, 7:30 PM

Your Excellency Prime Minister Gyurcsány Ferenc and Mrs Dobrev Klára

Excellencies

Ladies and Gentlemen

1. On behalf of the Government of Singapore, I would like to extend a warm welcome to Prime Minister Gyurcsány and his wife, Mrs Dobrev Klára, to Singapore. We are pleased and honoured to have you here.

2. Your visit to Singapore attests to Hungary's interest in engaging Asia. We welcome this interest. In fact, Hungary's links with Asia go back centuries. Hungarian scholars have long looked to Asia for the roots of their culture and language. And I understand that the study of Asia is one of the more popular subjects in Hungary's universities.

3. Today, Asia is growing with renewed dynamism and vitality, bringing tremendous opportunities to all. The central reality in this new Asia is the emergence of China and India. ASEAN is strategically located between these two giants, and also offers immense potential. Collectively, the ten ASEAN countries have a market of 550 million people, and a combined GDP that is the third largest in Asia, after China and Japan.

4. Hungary can use Singapore as a springboard to exploit the opportunities in this new Asia. Hungarian companies can use the business infrastructure and facilities in Singapore to base their regional operations. They can also consider joint ventures with their Singapore counterparts to expand further into the region. And Hungarian students can consider our universities and other tertiary institutions as options to further their education and deepen their understanding of Asia.

5. On our part, Singapore is just starting to develop our understanding of Hungary and the new EU member states. Hence, we appreciate this opportunity to learn more about Hungary and the areas for stronger cooperation and closer relations between our two countries. I understand that Your Excellency's speech at the Singapore Business Federation this afternoon was well received. With the signing of a Memorandum of Understanding between the Singapore Business Federation and the Hungarian Investment and Trade Development Agency today, I am confident that our business and economic links will continue to grow and deepen.

6. As a member of the EU, Hungary is also part of the ASEAN-EU dialogue process and a new member of ASEM. We look forward to working closely with Hungary to explore how we can further enhance Asia-Europe relations.

7. Excellencies, ladies and gentlemen, may I now invite you to raise your glasses and join me in a toast to the continued good health of Prime Minister and Mrs Gyurcsány, to our warm bilateral relations and to the continued prosperity and progress of the people of Hungary.