TRADE DEVELOPMENT COUNCIL (Formation)

Mr Hwang Soo Jin asked the Minister for Finance whether a decision has now been taken on the formation of the proposed Trade Development Council and, if not, why not.

Mr Goh Chok Tong (for the Minister for Finance): Sir, the Government is currently holding discussions with representatives of the various Chambers of Commerce and Industry and Singapore Manufacturers' Association on the setting up of the Trade Development Council. These discussions will include the form that the Trade Development Council should take and the financial and operational aspects of the Council. These have to be thoroughly evaluated to ensure that the Council, when formed, will begin on a proper and effective footing. A properly organised and operated Trade Development Council should be of great help in promoting exports from Singapore. In this connection, the Government believes that to ensure the success of the Council, the private sector must be closely involved both in funding as well as in the running of the Council. Indeed, one of the main reasons for setting up the Trade Development Council must be that it will receive the benefit of private enterprise and initiative.