Distinguished Guests, Ladies and Gentlemen

I am very happy to be here at the opening ceremony of the 15^th Asian Horological Trade and Industry Promotion Conference. Let me first extend a very warm welcome to all delegates, especially those from overseas. I do hope you will have an interesting and enjoyable stay in Singapore.

Profile of the Asian Horological Trade and Industry Promotion Conference

2        As some of you may recall, Singapore first hosted the Asian Horological Trade and Industry Promotion Conference in 1984, with only a handful of participants from Hong Kong, Japan, Malaysia and Taiwan. When Singapore played host again in 1988, the Conference attracted more participants – from Brunei, China, Indonesia, Philippines and Switzerland. This year, into its 15^th run, the Conference has attracted 200 participants from the region, making it the largest of its kind in Asia for the timepiece industry. Hence, the conference has now become an excellent platform for watch and clock manufacturers, wholesalers and retailers in the region to network and foster ties.

3        Together with other watch exhibitions like The Hour Glass’ five-day watch extravaganza, Cortina’s “Jewellery Time”, and Sincere’s exhibition of the special Golden Jubilee timepieces over the last three months, watch lovers in Singapore and the region have been treated to a wide array of offerings. Indeed, such events reinforce Singapore’s place as a leading centre for the watch and clock trade.

4        The 15^th Asian Horological Trade and Industry Promotion Conference is an added boost to entrenching Singapore as the leading watch center in Southeast Asia. The theme of this year’s Conference - “The Changing Times of the Asian Watch Industry” – seeks to update industry players on the latest technological innovation and fashion trends. The gathering will also provide delegates with the opportunity to update themselves on the region’s development and to strengthen business contacts.

5        Through the various workshops catering specifically for the different groups, manufacturers, wholesalers, and retailers will get insights into opportunities available in the timepiece industries of China, Hong Kong, India, Japan, Malaysia, Singapore, and Taiwan.

6        Besides the official program, delegates will also be able to enjoy the sights and sounds of our island with a study tour on the developments of Singapore, a golf game at Laguna National Golf and Country Club and a welcome dinner at the Night Safari. I urge all delegates to take some time off your busy schedules to rest and relax in Singapore.

The Clock and Watch Retail Industry

7        Let me at this juncture add that the clock and watch industry is an important component of Singapore’s economy. The total trade in clocks and watches reached almost S$2 billion in 2003. The export trade is doing well, and our businessmen are currently trading with more than 70 countries in the world. Our trade volume with Switzerland has also increased yearly, reflecting the region’s growing market for luxury timepieces and  Singapore’s importance as an established ‘watch transit interchange’, having distributed more than S$750 million worth of timepieces in 2003.

8        The retail trade for the industry is also promising. Tax-free sales figures in 2003 by Global Refund indicated that watches and jewellery are ranked number one and number two respectively on the shopping list of tourists. Singapore is also a popular shopping destination for luxury watches, especially for tourists from the region. Singapore is the leading watch hub of Southeast Asia, ranking in 2003 as the 8^th largest importer of Swiss luxury watches in the world and 3^rd in Asia, after Japan and Hong Kong.  With the economy recovery and the growing affluence of Asians, the sale of luxury timepieces is likely to grow even more.

9        To maintain Singapore’s position as the shopping capital for luxury timepieces to tourists, retailers and wholesalers will have to be innovative and creative in attracting their customers. The tourists of today are more demanding and would look for more personalised and professional services. As such, the watch and clock retail industry needs to enhance its quality of service and chart creative strategies.

10      Tourists are also more sophisticated nowadays. They can tell a fake item from a genuine one. Fortunately, Singapore’s retail sector is known for its integrity. The watch and clock retail sector should therefore build on this reputation for quality and honesty, and engage in good business practices, so as to attract more high end shoppers to Singapore. In this regard, I am happy to note that the Singapore Clock and Watch Trade Association (SCTWA) has worked with the relevant government authorities to stamp out the selling of counterfeit watches.

Conclusion

11      Indeed, the SCTWA has taken an active role in developing the timepiece industry. Apart from organising the conference today, it has also led delegations to participate in similar conferences overseas, as well as organised annual events such as the Lunar New Year celebrations, Annual Dinners and sport tournaments. Such efforts will provide opportunities for members to build and strengthen business contacts whilst allowing them to benchmark standards and services against international clock and watch traders.

12      On this note, it is my pleasure to declare the 15^th Asian Horological Trade and Industry Promotion Conference open.