Speech by Minister in the Prime Minister’s Office, Second Minister for Home Affairs and Second Minister for Foreign Affairs Masagos Zulkifli at the Contract Signing Ceremony between the International Seabed Authority and Ocean Mineral Singapore, Tuesday, 16 June 2015, at Keppel Offshore & Marine Tower

Your Excellency, Mr Nii Odunton
Secretary General of the International Seabed Authority

Mr Loh Chin Hua
Chief Executive Officer of Keppel Corporation

Distinguished Guests,

Ladies and Gentlemen,

1        It gives me great pleasure to be here today to witness the signing of the deep seabed exploration contract between the International Seabed Authority (ISA) and Ocean Mineral Singapore, Keppel Corporation’s subsidiary.

2        I would also like to welcome His Excellency, Mr Nii Odunton, Secretary-General of the ISA, to Singapore. In addition to gracing this important occasion, Mr Odunton is in Singapore as an important guest of the Ministry of Foreign Affairs Distinguished Visitors Programme. Singapore appreciates the role that the ISA has played in developing the rules, regulations and procedures which govern the exploration of deep seabed minerals.

3        Under the leadership of Secretary-General Odunton and working together with the ISA Council and other stakeholders, the ISA has made great progress towards realising the Common Heritage of Mankind. There is clear articulation of the key issues to be addressed, be it environmental, scientific or economic; there is considerably more interest in the conception of this industry; more active engagement of the contractors; and greater efforts to improve transparency of discussions and ensure a meeting of minds of different stakeholders. There is also more awareness of the need to ensure that developing countries, including Singapore, can benefit from the exploration of the deep seabed. Looking ahead, the ISA will be embarking on a major and ground-breaking exercise to draw up a regulatory framework to administer the sustainable extraction of deep seabed minerals.

Ladies and Gentlemen,

4        Singapore’s economic destiny has always been intertwined with the sea. Indeed, Temasek, which was Singapore’s historical name, literally means “sea-town”. We are a small island nation strategically located at the junction of the Straits of Malacca and the South China Sea – the gateway between the Indian and Pacific Oceans. Over the years, we have learned to harness our rich history and tradition of the sea. From a humble fishing village and trading post just two hundred years ago, we grew to become one of the busiest shipping ports in the world. Our maritime industry expanded to include ship building and repairs, off-shore and marine engineering, and maritime services.

5        Singapore companies such as Keppel Corporation are part of that success story. Keppel has been recognised as the world’s leading manufacturer of offshore rigs. Its experience and expertise in offshore and marine technology and solutions have led it to pioneer a new front in our maritime industry - deep seabed mining.

6        Today’s signing ceremony marks a new milestone as it is the very first deep seabed exploration contract awarded to a Singapore company. Deep seabed mining is an area where interest is booming. Recent advances in technology have opened new opportunities and enabled us to explore parts of the deep seabed that had been inaccessible in the past. We are gratified that the ISA has shown its confidence in Singapore and our sponsored entity Ocean Mineral Singapore.

7        Apart from potentially addressing the global demand for minerals, the development of the deep seabed mining industry is set to contribute to the fields of engineering and science. Singapore continues to facilitate public-private R&D collaboration through initiatives such as the Keppel-National University of Singapore (NUS) Corporate Laboratory, which had been established with the support of the National Research Foundation (NRF). The Keppel-NUS Corporate Laboratory will undertake research to find new and environmentally-friendly ways of mining minerals in the deep seabed. Through our involvement in this nascent industry, we hope our engineers and scientists will be able to chart new frontiers.

8        Singapore has been and will remain mindful of the need to protect the marine environment. Despite being one of the world's busiest ports, our waters are also home to a rich marine ecosystem. As a founding member of the United Nations Convention on the Law of the Sea (UNCLOS), Singapore is committed to safeguarding the marine environment. To this end, Singapore has enacted the Deep Seabed Mining Act earlier this year to regulate the exploration and extraction of deep seabed resources by companies sponsored by Singapore. The Act supports companies in pursuing such economic activities while ensuring that they are carried out in an environmentally responsible way.

9        As the field of deep seabed mining continues to develop and grow in complexity, Singapore companies should keep a lookout for opportunities to participate in this emerging industry. On this note, let us join Keppel Corporation and the International Seabed Authority in celebrating their partnership together and wish them great success.

10        Thank you.

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MINISTRY OF FOREIGN AFFAIRS
SINGAPORE
16 JUNE 2015