Distinguished guests

Ladies and gentlemen

Good morning

1.             I am delighted to present the International Headquarters Award to nine companies today.  This brings the number of IHQ award companies to 337, up from 228 a year ago. These 9 HQs will bring an expected S$177 million in annual total business spending, and create some 500 jobs.

2.             While the companies come from different places and sectors, they are all here because Singapore offers them compelling reasons to do so .

Singapore as a Compelling HQ Hub

3.             eSys Technologies, a major IT component distributor in Asia and Europe, has made Singapore its global headquarters and global product distribution hub.  It will also add new activities such as product design and development, manufacturing and business process outsourcing to its Singapore office’s portfolio.  It did so after carefully comparing Singapore with alternative HQ locations such as Switzerland, Hong Kong and Dubai. 

4.             Mr.Vikas Goel, Chairman and MD of eSys Technologies says, “Singapore is eSys’ location for its ePC manufacturing because the company did the math and found that the total cost of doing business in Singapore is actually lower by 40% compared to China.  It has found that savings come from a combination of factors such as excellent logistics, simple and lower taxation and the high quality of work and materials which have made Singapore an unbeatable proposition for its HQ location”.

5.             Trans-Link Express, a subsidiary of Kuwait-based PWC Logistics, is basing its HQ in Singapore for a different reason. It is using its Singapore’s centre to spearhead its expansion into the region, and to coordinate the two-way trade between this region and the Middle East.   

Then there is home-grown Raffles Education Corp.  This education services provider is growing its business beyond Singapore’s shores, to Australia, China, Malaysia, Thailand, Hong Kong and India.  Yet it sees value in anchoring its HQ here to tap Singapore’s reputation for quality and trustworthiness, attributes that are of great importance in the education services sector. 

6.             The other companies receiving this Award, namely Advanced Manufacturing Corporation, PCI Ltd, , ZiLOG Inc., World Vision International,  Hong Kong’s Goldlion Group, and Silicon Laboratories from the US have variously cited Singapore’s market reach & accessibility, good infrastructure, skilled workforce, excellent connectivity and a stable, pro-business environment as additional factors that caused them to pick this location over others for their HQ operations. Their HQs here will manage their regional or global networks, and in some cases will also manage a significant part of their Intellectual Property Rights.  

Conclusion

7.             I thank our 9 companies for their ringing endorsement of Singapore as an ideal location for Headquarter operations.  Their astute choice demonstrates why they are so successful in their respective fields.   

8.             My heartiest congratulations once again for receiving this Award, and I wish you every success.   Thank you.