full release - (IE) Singapore

MEDIA RELEASE
IE Singapore announces initiatives to establish
Singapore as infrastructure hub
Internship for infrastructure development to groom local talents; Asia
Infrastructure Centre of Excellence starts official operations.
MR No.: 010/14
Singapore, Monday, 31 March 2014
1. Rapid urbanisation and development in Asia has given rise to the need for US$8 trillion
worth of infrastructure investments between 2010 and 20201. Yet the number and value
of such projects in the region have flat-lined, further widening the infrastructural gap. At
the peak in 2008, the transaction volume of infrastructure projects in Asia & Pacific
reached US$141.3 billion. However, this has dropped in the past five years 2 , with
average transaction value at US$98.6 billion 3 . With such trends, International
Enterprise (IE) Singapore sees the potential for Singapore to meet the gap by playing
the role of the region’s infrastructure hub, where project development, financing and
execution can take place. IE Singapore shared the above at the sidelines of its second
Asia-Singapore Infrastructure Roundtable today.
2. Said Mr Kow Juan Tiang, Group Director for Environment and Infrastructure Services,
IE Singapore, “Singapore is well-positioned to drive infrastructural developments in
Asia due to three key areas – one, we have strong engineering capabilities; two, we are
a financial hub with wide-ranging financing tools; and three, we have a robust legal
framework. These elements are essential for infrastructure projects and we have the
ability to integrate them.”
1
Source: “Financing Asia’s Infrastructure: Modes of Development and Integration of Asian Financial
Markets”, ADB and ADB Institute, 2010
2
3
Refers to five-year period from 2009 to 2013.
Source: Infrastructure Journal 2014, http://www.ijonline.com/Regions/2
International Enterprise Singapore is the government agency driving Singapore’s external economy.
IE Media Release 31 Mar 14
3. He added, “To do this, we now need to create more bankable projects, facilitate the
process of project developments, and develop local talent. IE Singapore will be driving
several initiatives, including grooming local talent.”
Grooming local talent for infrastructure
4. To develop a pipeline of local talent, IE Singapore is working on an Infrastructure
Development Programme at the tertiary level. This Programme is expected to be a
cross-disciplinary track covering engineering, finance and law. This would equip
students with the capabilities and knowledge about structuring and financing complex
infrastructure projects.
5. As part of this Programme, IE Singapore is launching an internship in collaboration with
the National University of Singapore. Nine industry partners4 across the infrastructure
value chain are on board, offering 24 internship positions. Students will get to apply
from a range of interesting jobs and work for project developers, consultancies,
infrastructure funds and project finance banks, working alongside professionals.
Students will work on pre-assigned projects that can expose them to the opportunities
and challenges presented by the infrastructure sector in Asia. Each internship will last
approximately nine weeks. The first run will commence in May 2014.
Creating bankable projects through the AICOE
6. IE Singapore announced the official start of operations of the Asia Infrastructure Centre
of Excellence (AICOE), an initiative together with the Asian Development Bank (ADB)
to catalyse infrastructure development in Asia, starting with Southeast Asia. The AICOE
will work with governments to identify their infrastructure needs and create bankable
projects through private sector participation and investments. It is funded at US$13.5
million (around S$17 million) over three years, jointly committed by the ADB, Singapore
government agencies led by IE Singapore, and the Canada Department for Foreign
Affairs, Trade and Development.
7. ADB and IE Singapore have also appointed Mr Phillip Crotty as the Head of AICOE.
Previously an Independent Director in the Bank of India, and Principal and Managing
Director in New Zealand Asset Management, Mr Crotty brings established expertise in
PPP project financing.
4
The nine partners are Clifford Capital, DBS, Equis Funds Group, Keppel Infrastructure Fund
Management, KPMG, PwC, Sembcorp Industries, UOB and World Bank.
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IE Media Release 31 Mar 14
8. The AICOE will support initiatives in areas such as power generation, waste and water
management and transport. It will be working with governments in Indonesia, Malaysia,
Philippines, and Thailand, to discuss both greenfield and brownfield projects. It will also
facilitate the sharing of PPP experience and policy-making within the region.
Second Asia-Singapore Infrastructure Roundtable
9. Following the first run in October last year, the second Roundtable organised by IE
Singapore saw around 100 participants today. This time, the roundtable included
plenary sessions and workshops that delved into specifics of project financing, talent
development and innovative ways to look at improving infrastructure productivity. The
roundtable series was conceived to bring together different businesses and
governments to discuss projects with potential partners and stakeholders, including
financiers, asset owners and developers.
Annex: Welcome remarks by Mr Chua Taik Him, Deputy Chief Executive Officer,
IE Singapore
---End--Note to Editor
Please use ‘IE Singapore’ or ‘IE’ if an acronym for ‘International Enterprise Singapore’ is
required. In addition, unless otherwise stated, the use of statistics cited in our media
releases, website or Statlink, should be attributed to IE Singapore.
Issued by IE Singapore. For media enquiries and/or event photos, please contact:
Ms Amanda FONG
Corporate Communications Group
DID
: + 65 6433 4950
Hp
: + 65 9146 2120
Email : [email protected]
_______________________________________________________________________
About International Enterprise Singapore
International Enterprise (IE) Singapore is the government agency driving Singapore’s
external economy. We promote international trade and spearhead the overseas growth
of Singapore-based companies to grow Globally Competitive Companies.
IE Singapore attracts global commodities traders to establish their home base in
Singapore. Today, Singapore is a thriving trading hub for the energy, agri-commodities
and metals & minerals trading clusters.
Through our Global Company Partnership, we work with Singapore-based companies to
customise total solutions in capability building, market access and financing for their
internationalisation.
Our global network of overseas centres in over 35 locations provides the necessary
connections in many developed and emerging markets. Visit www.iesingapore.com for
more information.
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IE Media Release 31 Mar 14
ANNEX
OPENING REMARKS BY MR CHUA TAIK HIM,
DEPUTY CEO OF INTERNATIONAL ENTERPRISE SINGAPORE,
AT THE SECOND ASIA-SINGAPORE INFRASTRUCTURE ROUNDTABLE,
PAN PACIFIC HOTEL, SINGAPORE
31 MARCH 2014, 0900HRS
Your Excellency, Abdul Matheen Mohamed, Minister of State for Environment and Energy,
Republic of the Maldives;
Mr Lee Yi Shyan, Senior Minister of State for Trade & Industry and National Development;
Distinguished Guests,
Ladies and Gentlemen,
1.
Welcome to the second Asia-Singapore Infrastructure Roundtable. A warm welcome
to our friends from overseas. Thank you for joining us today, to discuss the ways and
means to develop and deliver infrastructure projects in Asia.
2.
IE initiated this roundtable for a few reasons. The first, is to raise awareness about
trends and opportunities in Asia’s infrastructure sector. This is an area that Singapore
companies have strong competencies and good track record in. We want to involve more
companies across the value chain. This includes asset owners, developers, advisors,
lawyers, as well as engineering and construction firms. This roundtable will help companies
keep up with market trends ahead of time and capture new opportunities.
3.
Our second goal is to provide a platform for Singapore companies to meet project
owners from around Asia. We intend to shorten the evaluation and decision-making
process. The discussions will be structured, with the relevance and challenges of potential
issues being identified earlier. This joint effort will help us advance through such large-scale
as well as complex projects. It also allows for the sharing of insights on business models
and project viability.
Riding on the success of the inaugural Infrastructure Roundtable
4.
IE held the first Infrastructure Roundtable in October last year. This was attended by
over 100 companies from Singapore and overseas. Projects in discussion benefitted from
various industry analyses. This was critical in moving the projects forward.
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IE Media Release 31 Mar 14
5.
At today’s event, we would like to focus on some relevant and important issues. One
area is the human resources sector, which we have dedicated a workshop to this
afternoon.
Conclusion
6.
Let me reiterate IE’s commitment to this sector through our various initiatives in
place. We also hope to forge stronger ties with stakeholders, including partners, companies
and other government agencies.
7.
I will also like to thank McKinsey for being our knowledge partner, and our speakers
for taking the time to share your expertise today. I also would like to thank Mr Lee Yi
Shyan, Senior Minister of State for attending this event.
8.
I urge you to use this roundtable to get updates and establish useful contacts. For
project sponsors, do use this as a platform to advance your projects. Going forward, we
seek your continued support for our roundtable series, as well as our upcoming
infrastructure initiatives. Thank you.
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