Distinguished Guests

Ladies and Gentlemen

1.         I am delighted to be here to celebrate with YCH yet another milestone in your exciting journey of growth, coming soon after your Golden Jubilee cum 50th Anniversary celebration last year.  YCH�s new headquarters here at Tuas Road, sets the base for a new phase of growth into the future, for a leading, homegrown logistics and supply chain management companies.

Logistics is key to Singapore�s economy

2.         Logistics is a key part of Singapore�s economy � both as an industry, and as an enabler. As an industry, it accounts for more than eight per cent of our GDP; as an enabler, it provides the industries operating out of Singapore a considerable competitive advantage.

3.         In fact YCH�s corporate tagline � �where your supply chain connects�, also reflects Singapore�s role and aspirations as a leading global logistics hub in Asia.  And we are making good progress. Besides YCH and other  homegrown logistics companies, more than half of the world�s top 25 third-party logistics providers (3PLs), have chosen to base their Headquarters out of Singapore.

Singapore is committed to grooming local champions

4.         Logistics outsourcing activities in Asia are expected to hit US$80 billion by 2012, with much of the growth focused on intra-Asian markets.  We are grooming local champions who can take advantage of these trends.  

5.         Growing strong, local third-party logistics providers (3PLs) is an important way in which we are developing the industry.  They must have strong knowledge and understanding of the region. They must also develop and serve specialized niche markets, such as dangerous goods logistics, perishables logistics and reverse logistics.  Such specialised capabilities add diversity and strength to our logistics landscape.

6.         YCH is a good example of this. It has taken the lead in expanding in the region, especially in China over the last few years, and is developing capabilities in high value, specialist niches.  

Innovation is key to continued growth

7.         To strengthen Singapore�s position as a regional thought leader in supply chain management, innovation is of primary importance.  Many of the 3PLs in Singapore have built up supply chain engineering capabilities that leverage on the latest IT technologies.  YCH itself has been a fervent believer of innovation.  Just recently, it pioneered the use of RFID in a bonded warehouse environment.  I am confident that this investment in technology and innovation will serve you well, as you seek to create more differentiated supply chain solutions for your global clients -  such as Motorola, Ciba Vision, Dell and Solectron.

Conclusion

8.         In closing, let me warmly congratulate the management and staff of YCH on the opening of your brand new headquarters in Singapore. YCH has indeed come a long way since its early days in 1955 as a local passenger transportation company, to become a reputed supply chain management solutions partner to world-class companies throughout Asia Pacific. I am confident that this opening will spur your dedicated team to achieve even more successes.