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2003
> Singapore's largest foreign aerospace investor recognised for long-term partnership and strong economic contributions
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Singapore's largest foreign aerospace investor recognised for long-term partnership and strong economic contributions |
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02 Dec 2003
Speech by Dr Tony Tan Keng Yam, Deputy Prim Minister and Co-ordinating Minister for Security and Defence, at the Distinguished Partner in Progress Award ceremony for Pratt & Whitney on Tuesday, 2 December 2003 at 12pm at the Equinox
Mr Louis Chenevert
President, Pratt & Whitney
Your Excellency, Mr Frank Lavin
US Ambassador to Singapore
Distinguished Guests
Ladies and Gentlemen
- I am indeed delighted to be here this afternoon to present the Distinguished Partner in Progress Award to Pratt & Whitney and to celebrate this very special occasion with them. For nearly two decades, Pratt & Whitney has been a close and long term partner of Singapore. Today we honour them for their many significant contributions towards the development of Singapore's aerospace industry and for their strong confidence and continued commitment to Singapore.
- Pratt & Whitney is our largest foreign aerospace investor. Their efforts have been key in helping Singapore's aerospace industry grow. Today this industry contributes 1.2% of our GDP and employs over 11,000 people. The aerospace industry has been one of our fastest growing industries in recent years. Notwithstanding the challenges that this industry has faced this year, we are confident that it will continue to grow strongly in the long term.
- Today, Singapore enjoys international standing for having the most comprehensive aerospace Maintenance, Repair and Overhaul or MRO nerve centre in Asia Pacific.
- Having a vibrant aerospace MRO industry will add greatly to Singapore's manufacturing sector, which remains the cornerstone of our economic development. Indeed, we owe much to Pratt & Whitney for their help in enhancing our status as a global aviation hub.
- The partnership between Pratt & Whitney and Singapore has stood the test of time. Since the joint establishment of Turbine Overhaul Services in 1986 by Pratt & Whitney and Singapore Technologies Aerospace, the company has grown from this single entity to add seven more Maintenance, Repair and Overhaul facilities in Singapore employing nearly 1,700 people.
- Over the last five years, Pratt & Whitney has continued to expand in Singapore despite Singapore and the region going through one of the most difficult periods in our economic history. The Asian Financial Crisis, the global economic downturn, the Iraq War and more recently the increased threats of terrorism in the region and the impact of the deadly SARS virus have all left their mark on our economic growth.
- Fortunately, we are now seeing a turnaround in our economy, in air travel and aerospace activities. Air travel has largely returned to pre-SARS levels. What the disruptive events of the last few years emphasize is the need for companies as well as countries to remain ever vigilant and to ensure that business continuity is maintained. Singapore, in this respect, works closely with businesses and service providers, such as Pratt & Whitney to uphold Singapore's reputation as a safe, reliable and trusted hub.
- Over the years, Singapore has introduced many initiatives to enhance our capabilities and competencies in the aerospace industry. Pratt & Whitney has always been a firm supporter of many of these initiatives. Through their strong participation in some of these programmes such as the Aerospace Re-Skilling for Operations, or AeRO programme for short, Pratt & Whitney helped Singapore to gear up our workforce to meet the industry?s high skill requirements.
- Their efforts also extended to helping Ngee Ann Polytechnic develop the curriculum for the Diploma in Aerospace Technology programme. This programme is so popular with students that in the last admission exercise it was more than four times oversubscribed!
- The past few years have been challenging times for the global aviation industry. Pratt & Whitney can be assured that Singapore is committed to helping companies improve their overall competitiveness and to creating greater value for their business.
- We thank Pratt & Whitney for having the faith in Singapore to walk the journey with us. We look forward to continuing this walk with you for many years to come. My warmest congratulations to all staff and management of Pratt & Whitney. Thank you once again for your invaluable contribution to Singapore and for working together with us to develop such an enriching partnership.
- I am confident that Singapore and Pratt & Whitney can look forward to many more years of successful partnership.
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