At Brussels, Lim Hwee Hua, Singapore’s Minister in the Prime Minister Office, spoke that the nation can be a bridge for financial institutions to serve the booming Asian markets. On behalf of Prime Minister Lee Hsien Loong, Mrs Lim delivered a speech at the Asia Europe Business Forum at Brussels, where the Prime Minister had his trip shortened upon the news of his mother’s death in the Belgian capital.
European and Asian governments were called to corporate together to bring a sustainable economic recovery. The best approach was to compare notes, stay alert and maintain a healthy skepticism, as said that when if something looks too good to be true, it most probably is.
In her speech, she added that Asia and Europe have needs which can be complemented by each other. Private equity firms can stand to gain from Asia’s rapid growth and aid in the development of Asian capital markets. Equity firms and venture capitalists can encourage corporate restructuring, while investing in new growth sectors. She also made an invitation to European financial institutions to use Singapore as a regional banking services platform.
She stated that Singapore is already the home of many international banks, creating a vibrant banking scene with diverse products and discriminating pricing models. She also added that the main focus should be on real economies and take strong ground feelings into account.
Mrs Lim stated that creating growth, jobs and improving livelihoods provide tremendous pressure to governments, as well as reduce budget deficits.