PROMOTION OF PROFESSIONAL SERVICES OVERSEAS

Mr S. Vasoo asked the Acting Minister for Trade and Industry (a) what active steps are being undertaken to promote professional services overseas; and (b) what is the Government's role in helping to promote such services.

The Acting Minister for Trade and Industry (BG Lee Hsien Loong): Mr Speaker, Sir, in 1985, the Trade Development Board set up new divisions specifically to promote the export of professional services. It recruited a team of foreign language speaking professionals to help. It has organized missions to China, India, the Middle East, Burma and Papua New Guinea, to help local companies to sell construction, engineering and plant and machinery upgrading services. It has supported local companies in overseas sales promotion, for example, by helping them participate in fairs and exhibitions, by disseminating information on opportunities to them through seminars and through the Market Development Assistance Scheme.

The Government's role in promoting such services is three-fold. Firstly, to develop the right fiscal incentives and infrastructure to encourage companies to export their services. Companies can then form consortium to export joint package services or seek joint ventures with well known international companies to gain experience and track record. Secondly, to assist in market development. This means not only financial assistance but also governmental efforts to open doors for companies. Thirdly, to develop ties with international funding agencies, such as the World Bank and the Asian Development Bank. This makes it easier for our companies to register and tender for projects funded by these agencies.