Speech by PM Goh Chok Tong at the Official Banquet Hosted in Honour of His Excellency Mr Nambaryn Enkhbayar, PM of Mongolia, on Thursday, 10 October 2002 at 8.15 pm at the Istana

Your Excellency
Prime Minister Nambaryn Enkhbayar
Madame Onon Tsolmon
Distinguished guests
Ladies and Gentlemen

On behalf of the Government and people of Singapore, let me extend a warm welcome to Your Excellency, Madame, and distinguished members of your delegation.

2 Relations between our two countries are warm. Given the physical distance between Ulan Bator and Singapore, our contacts are not as frequent as they should be. Nonetheless, in recent years, bilateral relations have expanded. The President of Mongolia made a State Visit to Singapore last year. We work closely at regional and international meetings such as the ASEAN Regional Forum and the United Nations. Mongolia was among the first countries to support Singapore's candidature for a non-permanent seat in the United Nations Security Council. And Mongolia was also prompt in supporting Singapore's offer to host the 2006 IMF/World Bank Annual Meetings. I thank you for this support.

3 Our bilateral trade ties too, are growing steadily. As Mongolia opens up its economy, it will create more opportunities to forge closer economic linkages. The Avoidance of Double Taxation Agreement, which our Finance Ministers signed this afternoon, will provide even more incentive for our businessmen to take advantage of opportunities in our two countries. I also welcome Mongolia's declaration of 2002 as the year of foreign investment. It reflects your government's commitment to private sector-led economic growth. It will attract more interest from Singapore companies to invest in Mongolia.

4 Since 1993, more than 300 Mongolian officials have received training in Singapore in various fields ranging from English Language and Information Technology, to Tourism Development. We welcome Mongolia's continued participation in the Singapore Cooperation Programme. As we have benefited from training provided by other countries in the early days of our independence, we are pleased, in turn, to share our experiences with Mongolia. Singaporean volunteers are likewise keen to promote people-to-people exchanges and share knowledge with your people, such as through medical missions. In fact, a team of plastic surgeons and nurses from Singapore has just returned from one such mission. Singapore is a small country with limited resources. But we will continue to do our best to share our experiences in areas that are relevant and useful to Mongolia.

5 The world is changing rapidly because of globalisation. No country can run away from this phenomenon. Your Excellency would have noticed the rapid changes in the economic landscape and social texture from your extensive travels to the US, Europe, Far East, and now, Southeast Asia. Mongolia is moving in the right direction by joining the free market rather than resisting it. Coupled with your able leadership and the determination of your people, I am confident that Mongolia will succeed in its efforts to come to grips with globalisation, and develop a modern and progressive economy.

Excellencies
Ladies and Gentlemen

6 May I now invite you to join me in a toast:

-to the good health and happiness of Prime Minister Enkhbayar and Madame Tsolmon;

-to peace, prosperity and progress for the people of Mongolia; and

-to closer relations between Singapore and Mongolia.