Strategic partnership with Singapore

(Singapore, October 5, 2011).- Enrique Garcia, president & CEO of CAF - Latin American development bank, visited Singapore to promote the region's relations with this country and Asia, and strengthen CAF’s catalytic role in promoting trade and investment.

The CAF chief held meetings with Lim Hng Kiang, minister of Industry and Commerce, and Teo Eng Cheong, president of IE Singapore. He also met with business leaders from the air transport infrastructure and information technology sectors, as well as government electronic services.

García was keynote speaker at the Latin Asia Business Forum 2011 and member of the opening panel “Strengthening Latin America-Asia partnership.”

He emphasized the vigorous growth and complementarities demonstrated by the economies of Latin America and Asia, their growth in the last decade, and the significant increase in trade.

The CAF president underlined the geopolitical value of this bi-regional partnership, the enormous potential in terms of trade and investment, and the need to achieve a more dynamic relationship that goes beyond the simple exchange of raw materials for manufactures.

Partnership to build a more prosperous future

During his visit to the Asian country, the CAF chief signed a mutual cooperation agreement with the president of IE Singapore to support trade and investment initiatives.

"Today is very important for CAF - García said - we are signing a strategic alliance with one of the leading institutions in Singapore and Asia, which has global vision and scope and an extensive business network. We share a goal of building a more prosperous future for our people, businesses and governments. It is, in other words, a privileged partner for achieving success between the two regions."

Teo Eng Cheong said "the memorandum reflects the continuous effort of IE Singapore to develop and deepen institutional relationships with highly regarded partners in Latin America. This alliance will offer Singapore the opportunity to share its experiences of development and public policy in key areas. It also stimulates trade and investment between Singapore and Latin America."

The joint areas of work, following the agreement, are infrastructure development - including ports, airports, transport, water and waste treatment - urban planning services, clean energy and technology, trade facilitation and customs modernization, electronic government services and financing mechanisms.

International Enterprise (IE) Singapore is the government agency that promotes commerce inside Singapore and international trade relations. It assists companies in its country with their international expansion based on the "3Cs" (Connections, Competition and Capital) from its global network of over 35 delegations located in emerging markets.