Today, Singapore celebrates its 42nd National Day. We would like to share this joyous occasion with the readers of the Korea IT Times.
Singapore and Korea share many common interests. We are both countries with limited natural resources. We share a similar economic development experience. We are both trading nations. We have a common interest in peace and stability, including a denuclearized Korean Peninsula and a strong ASEAN (Association of Southeast Asian Nations). As an important part of our efforts to strengthen bilateral ties, Foreign Minister George Yeo visited the Republic of Korea from 3 to 9 June 2007 at the invitation of the ROK Government and called on President Roh Moo-hyun, Prime Minister Han Duck-soo, Foreign Minister Song Min-soon, Trade Minister Kim Hyun-chong and Unification Minister Lee Jae-jeong. He also visited the Gaesong Industrial Complex, where goods manufactured could be exported to Singapore on preferential terms under the Korea-Singapore Free Trade Agreement (KSFTA).
Since the KSFTA entered into force on 2 March 2006, bilateral trade has increased by more than 10%. Both Singapore and Korea were each others' 10th largest trading partner in 2006 with total bilateral trade growing from S$28 billion (USD$19.5 billion, KRW 17 trillion) in 2005 to over S$31 billion (USD$20.5 billion, KRW19 trillion) in 2006. Singapore investments in Korea have also increased significantly. Some 450,000 Koreans visited Singapore last year, representing a 25% increase over the previous year. Singapore has also become an increasingly popular destination for Korean students. Growth of the Singapore economy, forecasted at 5-7% for 2007, will create even more opportunities for our Korean friends and all our economic partners.
Singapore, which has just taken over the chairmanship of ASEAN, will host the 13th ASEAN Summit, and other ASEAN-related summit meetings in November 2007. This will be another opportunity for Singapore and Korea to work together to strengthen the regional political, security and economic architecture. ASEAN seeks to revitalise itself through the ASEAN Charter to be signed at the Singapore Summit and strengthen its ties with dialogue partners such as Korea. Apart from closer economic integration, ASEAN is paying closer attention to the issue of Climate Change and Sustainable Development. Singapore is the chief coordinator on the ASEAN side for the ASEAN-Korea Free Trade Agreement (AKFTA), the most progressive of all the FTAs that ASEAN is currently negotiating. Singapore is pleased that Korea is working towards the signing of the AKFTA Agreement on Services and Investment at the Singapore Summit.
Korea and Singapore face many common challenges in today's world of accelerating globalisation, such as growing income disparities, jobless growth and job insecurity. What worked in the past may no longer work in the future. In moving forward, we would need to explore new areas of cooperation and create new engines of growth to ensure a bright future for our peoples. As regional partners with similar aspirations, we should continue to work closely together to strengthen our ability to tackle new challenges and seize new opportunities.
Let me take this opportunity to wish all Singaporeans in Korea a "Happy 42nd National Day".
