WELCOME REMARKS BY JTC CHAIRMAN MR CEDRIC FOO

AT JTC’S 40TH ANNIVERSARY DINNER

ON FRIDAY, 6 JUNE 2008, AT 7.30 PM

Prime Minister Lee Hsien Loong,

Distinguished Guests,

Colleagues of JTC,

Ladies and Gentlemen,

Good evening.

1. On behalf of JTC, let me thank PM for gracing this occasion. 

CELEBRATING 40 YEARS OF TRUST 

2. JTC turned 40 on 1 June 2008.  We have come a long way in 40 years.  Tonight is a perfect occasion to pay tribute to the vision of Dr Goh Keng Swee and the first generation leaders of Singapore. Credit is also due to the partnership we enjoy with our customers, our staff and other government agencies. JTC could not have achieved so much without your contribution and support.

TRANSFORMATION OF JTC

3. Over the last four decades, JTC has been reinventing itself constantly.  Our mission has expanded from building, leasing and managing industrial facilities to include planning, promoting and developing Singapore’s industrial landscape.  JTC can be proud of the transformation of Jurong, and also the development of many other industrial parks, some of which have achieved iconic status such as Jurong Island and one-north at Buona Vista.

4. Our subsidiaries have also made their mark.  Ascendas is today a leading provider of business space solutions; Jurong Port is a major gateway for multi-purpose cargo; and Jurong International has made a name for itself as a provider of consultancy, design & build, and facilities management services.

STAYING RELEVANT IN THE GLOBAL LANDSCAPE

5. In recent times, globalisation has enabled investment to easily move to countries which have the best combination of skilled labour, efficient infrastructure and a stable and supportive regulatory environment.

6. To respond to these new challenges, JTC will conduct a strategic review exercise with the following objectives:
(a) First, to maximise Singapore’s limited land resource, we must continually innovate to find new cost- and space-saving real estate solutions.
(b) Second, we must continue to promote an active industrial property market.  Our divestment exercise will foster competitiveness and vibrancy in the private sector.
(c) Third, we must be a strategic infrastructure provider, undertaking large-scale specialised projects which Singapore requires for future economic growth and which the private sector lacks the capability or confidence to take on.

7. The future holds great challenges and opportunities for JTC.  We will work hard to overcome future challenges and seize all opportunities to make Singapore a choice investment location.

CONCLUSION

8. Once again, I would like to thank our valued customers for being with us all these  years. Your trust and support made JTC’s many achievements possible. I would  also like to thank the many government agencies we work with behind the scenes.  This close collaboration is a key reason for Singapore’s success in economic  development.

9. I would also like to pay tribute to my predecessors – Chairmen and CEOs – who  during each of their tenures led JTC forward. Some of them are here with us  tonight: Tang I-Fang, Wong Hung Khim, Lim Neo Chian, Soo Kok Leng, Tan  Tian Boon and Ko Kheng Hwa. Last but not least, I would also like to thank JTC  staff past and present.   Each of you has played an important part in making our  industrial landscape what it is today.

10. It is now my pleasure to invite PM up on stage to deliver the Keynote Address.   PM, please.  Thank you!