SHANGHAI, May 20th, 2009: The third Abu Dhabi-Singapore Joint Forum (ADSJF) takes place today in Shanghai. First established in 2007, the forum is co-chaired by H.E. Khaldoon Al Mubarak, Chairman of the Abu Dhabi Executive Affairs Authority and Mr. Lee Yi Shyan, Singapores Minister of State for Trade and Industry and Manpower.
The theme of this years forum is third country collaboration. It is for this reason that it is being held in China, a historically untapped source of economic potential for many commercial organizations based in Abu Dhabi, and an example of a market in which the Abu Dhabi-Singapore Joint Forum could potentially facilitate cooperation in the future. Singapore enjoys strong trade and economic relations with China, and has cumulatively invested over US$38 billion in over 20,000 projects. H.E. Khaldoon Al Mubarak, Co-Chair of the ADSJF and Chairman of the Abu Dhabi Executive Affairs Authority said: "A lot has been achieved since the establishment of the Abu Dhabi-Singapore Joint Forum in 2007, from both a commercial and a government perspective. Organisations from Abu Dhabi are excited by the prospect of building upon the cooperative framework we have established in recent years, and harnessing the potential that exists for us to co-invest and work together in other countries in the future". MOS Lee Yi Shyan, Co-chair of the ADSJF and Singapores Minister of State for Trade and Industry and Manpower said: "The maturing partnership between Abu Dhabi and Singapore enables us to hold the ADSJF in a third country in this case, China. Just as organizations from Abu Dhabi appreciate Singapores linkages in North Asia and Southeast Asia, we hope in future to tap into Abu Dhabis linkages in the Middle East, North Africa and the Commonwealth of Independent States (CIS). In this way, our companies can widen their market reach with win-win partnerships."Abu Dhabi-Singapore Bilateral RelationshipThe cooperative approach of the Abu Dhabi-Singapore Joint Forum is already producing results within the economies of Abu Dhabi and Singapore. Total trade between Singapore and the UAE grew by more than 20% from 2007, totaling more than US$10 billion last year. The UAE was Singapores second largest trading partner from the Middle East in 2008. Foreign direct investments from the UAE into Singapore increased to over US$450 million at the end of 2007, while the value of Singapore projects secured in Abu Dhabi totaled more than US$5 billion as of 2008. Tourist arrivals from the UAE increased by 25% in just one year to reach 51,000 last year. Abu Dhabi banks have also been increasing their presence in Singapore, with First Gulf Bank recently upgrading its representative office in Singapore to become a wholesale branch office. Examples of company-level collaboration include the joint venture between Singapores Capitaland and Mubadala to develop a mixed-used real estate project in Abu Dhabi, and another joint venture between Sembcorp Utilities and the Abu Dhabi Water and Electricity Authority to build, own and operate a significant water and power plant in the Emirate of Fujairah. Cooperation has also been enhanced at the G-to-G level. Several Memorandums of Understanding (MOUs) have been signed between Abu Dhabi and Singapore Government entities in areas as diverse as maritime transport, police cooperation, civil service development, environment, food safety and tourism. Since the inception of the Abu Dhabi-Singapore Business Forum in 2007, during which IE Singapore officially opened its Abu Dhabi Overseas Centre, Singapores presence in Abu Dhabi has grown. The Singapore Embassy in Abu Dhabi was officially opened in March 2008 marking yet another milestone in the rapidly expanding bilateral relationship.Copyright Emirates News Agency (WAM) 2009.
