Good morning

Mr Wee Ee Cheong, Dy Chairman & President UOB Group, and Chairman of UOB Art Committee

Distinguished Guests

Ladies & Gentlemen

I am very happy to join you here this morning at the 22^nd UOB Painting of the Year Exhibition and Prize Presentation Ceremony.

Let me first commend The United Overseas Bank for being a long-term partner in the development of the arts in Singapore. The Bank initiated the UOB Painting of the Year event in 1981. Since then, this major arts event has grown and matured. Today it is one of the more important visual arts events in Singapore. Our visual arts community looks forward to the competition as a key recognition of artistic achievement and excellence. In addition, the event is probably one of the few established platforms where young talents 18 years old and below are identified. It is therefore an important avenue for encouraging and recognising young emerging artists.

Many of the previous winners have continued to excel in the visual arts. Previous Grand Prize and First Prize winners include accomplished artists such as: Baet Yeok Kuan, Chng Chin Kang, Hong Sek Chern, and Lim Poh Teck. Among them, several have progressed to wider local and international recognition for their works. Hong Sek Chern, who won the First Prize (Representational Category) in the 1999 Painting of the Year, went on to win the National Arts Council Young Artist Award in 2000. She was also featured at last year’s Sao Paulo Bienal in Brazil. The winner of the UOB Painting of the Year award in 2001, Mr Erzan B Adam, received a 2-year advanced standing and was enrolled into the final year of Bachelor of Contemporary Arts at the University of Tasmania in Australia.

Besides organising the Painting of the Year event, UOB Group has also purchased works by our budding artists through its arts-support programme that began in 1973. The Group has, over the years, amassed a colossal collection of local art works, which are being displayed in the Group’s head office building, as well as its branches and offices world-wide. This is a very effective way to promote Singapore art and artists.

In recent years, we have seen a boom in arts and cultural activities. There were about 406 visual art exhibitions and events in 1999. This rose to a record high of 551 in 2002. The private sector had a very important role in cultivating the arts. Private sector contribution to the arts was worth $37.1 million in 2002. This was the same amount as 2001, in spite of the difficult economic times. Private sector contributions were channelled to various activities and projects including developing appreciation among arts audiences, developing and grooming arts and culture professionals, and organising arts activities such as Nokia Singapore Art and, of course, the UOB Painting of the Year.

Companies that have partnered the people and public sector in promoting the arts are key stakeholders in making Singapore a Global City for the Arts. I hope to see more private companies coming forward to support the arts. Let me give you three reasons why companies should be partners in developing the arts.

First, business support makes a crucial difference to arts organisations. Government alone is not able to provide all the support needed by the arts community. This is not only the case in Singapore but is also seen in other countries which have longer history and experience in developing their arts and culture. The US stands out as the country with the most active business support for the arts. A recent report in the Globe stated that the private sector gave about $8 billion to the arts compared to $750 million from the federal, state and local governments. This is astonishing. In the UK, the private sector contributes about 20% of the national spending on the arts. It is clear that corporate support is vital for the growth and dynamism of the arts. Corporate sponsorships and donations will enable arts organisations and artists to expand their horizons and better express their creativity. The partnerships with companies also enhance the reputation and standing of these artists and arts organisations, and enable them to make long term plans. Business support thus helps to stimulate and enhance public exposure, interaction and dialogue about the arts. In other word, it helps to generate an artistic buzz and bring the city to life. This creative and cultural vibrancy will be an important stimulus with far reaching impact across all sectors of society and the economy.

Second, companies that support the arts gain a market advantage. The value of a company's brand will improve significantly in society when it is regularly associated with the arts. You will gain wider exposure and be perceived by clients to have reached a certain level of sophistication. The National Arts Council's surveys show a fast increasing interest in the arts among Singaporeans. The arts are therefore an additional channel to reach out to customers and generate consumer appeal.

Last but not least, corporate involvement with the arts is seen as a company sharing its success with the community. Corporate support and sponsorship for the arts often results in bringing artistic events within the reach of more people. This will foster goodwill and greater brand loyalty for the corporate sponsors.

I am confident that more business people are becoming aware of the benefits of arts partnerships. In addition, more arts organisations are developing the skills and confidence to engage businesses as sponsors. There is, however, a lot more scope to increase the connections between businesses and the arts.

While the level of support from Singapore businesses is commendable, the proportion of businesses currently supporting the arts appears to be small, because many businesses still do not understand the benefits of arts partnerships. Hence the added importance of events such as today’s UOB Painting of the Year Exhibition to illustrate the synergism between businesses and the arts so that more corporations will begin to appreciate the value of this partnership.

I am happy that the UOB Group shares our vision to establish Singapore as a Global City for the Arts. The efforts of the UOB Group have allowed many local artists to develop their craft and reach out to a bigger audience. This year, photography has been added as an Award category. This is very timely. Among the visual arts exhibitions in Singapore, the number of photography exhibitions in 2002 doubled that in 2001, from 35 to 69. I commend the Competition for including photography.

Before I end, permit me to congratulate UOB Group, in particular, Mr Wee Ee Cheong, Chairman of UOB Art Committee and your colleagues for your dedication and commitment in organising the Painting of the Year event. I also congratulate the winners of the 22^nd UOB Painting of the Year Competition and wish you every success as you forge ahead. Thank you.

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