2003 Speeches
American Chamber of Commerce 30th Anniversary
October 3, 2003
Board Members, distinguished guests, ladies and gentleman, it is a pleasure for me to join you this evening as we celebrate the 30th Anniversary of the American Chamber of Commerce in Singapore. I take particular satisfaction in this celebration for a very simple reason: I have the distinction of being the only U.S. Ambassador here who was also an AmCham member. So I always feel it is a bit of a homecoming when I am at an AmCham function. Maybe if I do my job well, you might allow me to rejoin at some point.
The full meaning of three decades of success was brought home to me earlier this year when I had the chance to visit with another long-established icon – the Rolling Stones. The Stones have been around perhaps a bit longer than AmCham, but both organizations keep pounding out the hits and pleasing their fans. Kris Paulson and Nick de Boursac, you are not our Mick Jagger and Keith Richards, but we love you all the same. Let me also pay tribute to Bill Byrne and Landis Hicks who served as Chair earlier in my tenure.
Tonight’s function is more like celebrating a 30th wedding anniversary between Singapore and U.S. business. We are a bit older, a bit wiser perhaps, still very much in love, and we recently renewed our vows with the signing of the FTA.
Let me say a few words about AmCham, and let me say a few words about AmCham members.
First, AmCham. The Chamber is the embodiment of American presence in Singapore. Look at some of the highlights of the past few years: The business missions to Indonesia and China; the Community Day in which AmCham members ran programs for those in need; or the “Door knocks” in which AmCham members have the opportunity to share their views with political leaders in Washington
But most consequential to my mind has been the role of the AmCham in the Free Trade Agreement. I suspect Ambassador Tommy Koh will comment on this in a minute, but let me observe that AmCham played a vital role during the negotiations, particularly by serving as a sounding board for policy input. This in turn led to a series of consultations with both the American and Singapore negotiators. As a result, we have a world-class trade agreement, one that the U.S. business community played a key role in shaping and improving.
So whether in its rich array of programming, its charitable work, its business missions, its political outreach in Washington, or its policy work in Singapore, AmCham has time and time again led the way for the American business community in Singapore.
In addition to AmCham, let me talk about the AmCham members. AmCham members include some of the great names in U.S. corporate history, as well as some smaller firms. We have the Fortune 500, as well as those whose fortune is only 500 dollars. Many of these firms are represented in the room tonight.
The most exciting aspect of these businesses are the benefits that flow to all who partake: the improvement in prosperity, the advantages to customers, and the revenue to the business. Profits are not a dirty word, but we must realize there are different kinds of profits. The community profits from the jobs and the additional products and services. The employees profit from the careers and the training and the opportunities for advancement. The shareholders also profit from the, well, the profits.
There is a strong correlation between a country’s progress and the degree to which American companies participate in its economy. In part this is because of the benefits directly brought by these companies, and in part this is because the role of the companies simply reflects the degree to which the country’s economy is open and rationalist. So it is no surprise there is so much success in the American business community in Singapore. Singapore is a successful country and by applying their acumen and skills, American businesses have earned their share of that success. A happy marriage indeed.
Like any couple after 3 decades we know each other well, but there are still surprises from time to time, even occasional disagreements. However, through shared experiences, both good and bad, we've grown together. We depend on each other. Thus, when our economy weakens, Singapore suffers. When terrorism strikes, we hold each other closer for both comfort and safety. And also, like any strong family, we make sacrifices to be prepared for whatever challenges the future brings.
We have recently been through rough times, with economic and political turbulence in the region, concern over terrorism, a soft economy back home, and even a bout with SARS. But it appears we have weathered the storm. The Singapore Government deserves credit for its economic stewardship during this bad weather, and the businesses and the people of Singapore also deserve thanks for their resolve. Some of the clouds are taking longer to dissipate than we would like, the weather forecast for 2004 looks increasingly sunny.
So my hat is off to AmCham and my hat is off to AmCham members who contribute so much to Singapore and the American community here. The AmCham showcases the best of what America has to offer. I am honored to be a part of this celebration tonight, and thank you all for your support of this great organization.
Cheers!