• Business Day (South Africa): Emerging markets

invest directly in overseas stock markets
-China central bank launches yuan currency swap trading
-China CPI growth still under control; other imbalances remain - stats bureau
-2007 GDP growth forecast raised to 10.8 pct from 9.8 - Lehman Brothers
-China not facing refined oil shortage - China National Petroleum
-China investigates hotels owned by central govt-controlled enterprises
-China steelmakers in Brazil to begin 2008 iron ore price talks-commerce ministry
-China, Kazakhstan agree on Sino-Kazakh oil pipeline extension to Caspian Sea
-Shanghai stock exchange sets new rules to curb wide stock price moves
-Q2 TD-SCDMA network market value 7.2 bln yuan - Analysys Intl
-China starts work on 12 bln yuan wind farm in Hebei
-Russian oil crucial for development of China's northeast - China NDRC official
- Bank of America names top China executive
-Hong Kong-listed China Mobile adds 5.6 mln subscribers in July
- China Unicom end-July GSM mobile subscribers 113.68 mln vs 112.57 mln end-June
- China Telecom July net new subscribers 60,000, down sharply vs June
-Sinopec plans 14.23 mln tons of crude oil throughput in Aug
-WuXi PharmaTech completes US IPO
-Beijing Construction Engineering to issue 400 mln yuan in 1-yr discount bills
-Baosteel to cut prices of major steel products in the fourth quarter
-Chinalco to acquire 49 pct stake in Yunnan Copper Group
- China Southern Airlines resumes flights to Nigeria
-Honda China joint ventures' July auto sales 33,006 units, up 43.6 pct yr-on-yr
-COFCO suspends plan for fund management JV with Morley, UK's Aviva unit
-Beijing Capital Intl Airport July passenger traffic up 13.9 pct yr-on-yr
-Longyuan Power starts building 1.58 bln yuan wind farm in Inner Mongolia
-Hong Kong-based Global Sources acquires Blue Bamboo China Ventures
-HK-listed Bank of East Asia (China) to offer private banking service by year-end
-American Dairy plans to buy 49 pct of Ausnutria (Hunan)
-Denmark's Saxo Bank opens Beijing rep office
-Yanzhou Coal H1 net profit 1.11 bln yuan vs 1.36 bln - CAS
-Industrial Bank H1 net profit 3.64 bln yuan vs 1.75 bln
-Jiangsu Expressway H1 net profit 784.71 mln yuan vs 548.71 mln - CAS
-Bank of Nanjing H1 net profit 349.39 mln yuan vs 315.84 mln
-China State Shipbuilding H1 net profit 199.34 mln yuan vs 106.67 mln
-Xinjiang Bayi Steel H1 net profit 134.53 mln yuan vs 61.96 mln
-China Shen Zhou Mining Q2 net profit falls to 1.3 mln usd on interest expenses
-China Medicine Q2 net profit rises 328 pct yr-on-yr on robust drug sales
- Jinpan International H1 net profit more than doubles on strong China sales
-Industrial Bank H1 profit more than doubles; to issue bonds, MBS
-China State Shipbuilding H1 net profit up 86.87 pct on engine demand
-China GrenTech Q2 net profit down 60 pct to 2.1 mln on higher R&D costs
- Yucheng Technologies Q2 net profit up 50 pct yr-on-yr
-Jiangsu Expressway H1 net profit up 43 pct on higher toll road traffic
-China Ritar Power Q2 net profit up 43 pct at 1.0 mln usd on battery sales
-China Kangtai Cactus Q2 net profit up 42 pct yr-on-yr as revenue rises 49 pct
-China Shenghuo Pharma Q2 net up 29.3 pct yr-on-yr on 52 pct growth in revenue
-Yanzhou Coal H1 net profit down 18.4 pct on higher costs
-Bank of Nanjing H1 net profit up 10.6 pct on increased lending
-Sinovac swings to H1 net profit of 3.5 mln usd on strong drug sales
-Aida Pharmaceuticals swings to Q2 net loss on lower sales
- China Development Bank issues 15 bln yuan in 1-yr fixed-rate bonds
-Gui Zhou Tyre issues 400 mln yuan of 1-yr discount bills on Aug 16
-CITIC Guoan bond issue plan approved by regulator
TAIWAN:
-Q2 current account surplus 4.98 bln usd vs revised yr-earlier 4.51 bln
-Taiwan prosecutors confirm appealing acquittal of opposition leader Ma
-UMC names COO to oversee 12-inch-wafer operations
-Chinatrust to inject 12.50 bln twd into banking unit
-Hon Hai group says unaware of any interest in Elan Electronics
-Taiwan Glass H1 parent net profit 1.28 bln twd vs 1.13 bln
- China Airlines says all passengers, crew members safe after Naha fire
- China Airlines ratings not affected by aircraft fire - Taiwan Ratings
-Taiwan orders China Airlines to inspect B737-800 airplanes after Naha fire
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Document AFXASI0020070820e38k0063j

Investments_in_Country_Hit_$35_Billion'>Foreign Investments in Country Hit $35 Billion
by Kunle Aderinokun

1,206 words

20 August 2007

03:00 AM

All Africa

AFNWS

English

(c) 2007 AllAfrica, All Rights Reserved
Abuja, Aug 20, 2007 (This Day/All Africa Global Media via COMTEX) --
The Nigeria Investment Promotion Commission (NIPC) has said the country is fast becoming the preferred destination for investors, with the total foreign direct investments (FDIs) into the economy now at about $35 billion. Out of this, China's investment alone accounts for $10 billion.
This is set to be boosted with the possible injection of another $375 million into the economy by Standard Bank of Africa if its proposed deal with IBTC Chartered is approved by the Nigerian bank's shareholders today.
The FDI inflow, according to the NIPC, is now growing at a rapid rate and translates to an average of about $4 billion over eight years, starting from 1999 to 2007.
Disclosing this in an exclusive interview with THISDAY in Abuja, the Executive Secretary of NIPC, Engr. Mustapha Bello, said most of the investments came from telecoms and oil and gas sectors.
According to Bello, "as at 2002, the World Economic Forum reported that Nigeria received about $22 billion FDI and substantial part of it came from oil and gas, followed by the telecoms sector. That was about the time we had the auction of the GSM licences and GSM companies began to move in their foreign capitals to be able to establish the infrastructure to support the distribution of GSM service.
"But as at today, we are in the neighborhood of $33 to $34 billion. Even going by the CBN record, it's an average of $2 to $3 billion a year but if we are able to fast-track our growth to a target of 10 per cent, we must be able to drive a minimum of $3 billion a year, then we can keep pace with the 10 per cent growth. If we are able to make much more than that, then we should see a growth of 10 per cent just like the Chinese.
"Again we can only talk relatively because we have 10 per cent of Chinese population and the land area is 10 per cent. Even if we are able to achieve 10 per cent, it doesn't mean 10 per cent growth of Chinese. That means we can on year-in, year-out be removing a certain class out from poverty. Between 1999 and 2007, we have taken up $33 billion over 8 years. An average of $4billion," he added.
Bello however said if the nation could focus more on the non-oil sector, it would experience faster growth in FDIs into the economy, which would in turn translate to higher gross domestic product (GDP) growth.
"If we get more into the non-oil which is the target of the government now, then we would even see much faster growth because what investment of $5 million in the non-oil will do, that of $50 million in the oil and gas will not do. Because $5 million in the non-oil gas in the non-oil and gas should be able to create at least 500 jobs. Our drive is to get more into that," he said.
He said, "currently the Central Bank said that remittances or transfers into the economy from Nigerians in Diaspora was $8 billion, but you will notice most of it have come in to invest in the petroleum sector, small percentage of it goes into helping parents, relations."
Bello argued that "we don't really need that kind of money to go into those areas, we need it to go into other productive sector to support non-oil and gas activities particularly value addition.
"Take for example, our cocoa, it about $1,800 per ton. If you can add value to the same cocoa, you would be able to sell it 10 times faster, people will get employed. If we consume it here, you can get more than 20 times because if you sell out, it is regulated by the global commodities market, but if you sell locally, it depends on availability."
On China's investment in the economy, Bello said the Asian tiger's commitment in Nigeria jumped from $26 million in 1999 to $10 billion in 2007.
While saying many had expressed discontentment at some un-scrupulous Chinese companies, which had been corrupting the economy, Bello, however, advised that the country should find ways of dealing with the bad eggs, so that they would not affect the thriving Nigeria-China investment and business relationship.
According to him, "actually, if you look at the total investment of China in Nigeria, I think it moved from $26 million as at 1999/2000 but today when you include even the facilities the Chinese Gover-nment has given Nigeria, it is over $10 billion. If Chinese authorities can commit that to help us develop our railways, which is a major infrastructure, develop dams to be able to produce about $12,000 MW, this is our friendly country. Whatever some of their citizens are doing, we must try to find ways of tolerating them and then stopping them from misbehaving. If I come in to work and I give you over $10 billion, then you have to find ways of making me your friend so that I can give additional billions of dollars.
"Whatever they have done, then you would be prepared to moderate and make them realise what they are doing is wrong. The Chinese Government has been making effort to assist this country build infrastructure, in building capacity. Some of their IT enterprises are helping us develop rural telephony, ZTE, Huwaei Technology amongst others. I believe we are getting a lot more than whatever problems we have with the Chinese and I believe what we need to do is to continue to engage ourselves."
Meanwhile, as the IBTC Chartered Bank Plc tender offer, which is expected to culminate in the merger with Standard Bank of South Africa, ends today, it is not clear if the latter would secure 51 per cent controlling stake in the enlarged institution.
This is because securing the 51 per cent controlling stake would to a large extent depend on the willingness of some of the big shareholders of IBTC Chartered Bank to sell their shares. If the shareholders decide to hold back and Stanbic does not secure 51 per cent stake, it would have to renegotiate with IBTC Chartered Bank.
This does not, however, stop Stanbic from being the biggest shareholder in the enlarged IBTC Chartered Bank Plc.Stanbic Bank will now have to enter into a management agreement with IBTC Chartered.
But if Stanbic Bank succeeds, portfolio investment worth about N50.3 billion will flow into the country.
The first leg of the merger of the two institutions had commenced September 22 last year when Standard Bank Africa signed a Memorandum of Understanding (MoU) with IBTC Chartered Bank. The second leg is the Court-Ordered Meetings of shareholders of Stanbic Bank - Standard Bank's local subsidiary and IBTC Chartered, which is billed to hold in Lagos today. Shareholders of both institutions are expected to vote for the merger.
The third leg is the tender offer by shareholders of IBTC Chartered Bank, which also holds today.
Document AFNWS00020070820e38k0005l

Greater China economic and corporate news summary
631 words

20 August 2007

Xinhua Financial Network (XFN) News

XIFINN

English

(c) 2007 Xinhua Financial Network, Ltd. All rights reserved
BEIJING (XFN-ASIA) - A summary of Greater China economic and corporate news at 0600 GMT:
HONG KONG: - HSBC unit in talks for possible acquisition of majority stake in Korean bank -Sino Land to invest 2.12 bln yuan in Chongqing property JV - CLP Holdings Jan-July electricity sales volume up 1.9 pct yr-on-yr -Fosun signs deal on 1.5 bln yuan iron ore JV with Hainan Steel -Shenhua Energy H1 net profit 10.32 bln yuan vs 8.61 bln -Shenhua H1 net profit up 19.8 pct on strong coal sales, prices - Beijing Capital Land H1 net profit 102 mln yuan vs 86.74 mln
CHINA: -China CPI growth still under control; other imbalances remain - stats bureau -China central bank launches yuan currency swap trading -China, Kazakhstan agree on Sino-Kazakh oil pipeline extension to Caspian Sea -Shanghai stock exchange sets new rules to curb wide stock price moves -Q2 TD-SCDMA network market value 7.2 bln yuan - Analysys Intl -China starts work on 12 bln yuan wind farm in Hebei
- China Southern Airlines resumes flights to Nigeria -Hong Kong-listed China Mobile adds 5.6 mln subscribers in July - China Unicom end-July GSM mobile subscribers 113.68 mln vs 112.57 mln end-June - China Telecom July net new subscribers 60,000, down sharply vs June -Sinopec plans 14.23 mln tons of crude oil throughput in Aug -WuXi PharmaTech completes US IPO -Beijing Construction Engineering to issue 400 mln yuan in 1-yr discount bills -American Dairy plans to buy 49 pct of Ausnutria (Hunan) -Denmark's Saxo Bank opens Beijing rep office -Yanzhou Coal H1 net profit 1.11 bln yuan vs 1.36 bln - CAS -Industrial Bank H1 net profit 3.64 bln yuan vs 1.75 bln -Jiangsu Expressway H1 net profit 784.71 mln yuan vs 548.71 mln - CAS -Bank of Nanjing H1 net profit 349.39 mln yuan vs 315.84 mln -China State Shipbuilding H1 net profit 199.34 mln yuan vs 106.67 mln -Xinjiang Bayi Steel H1 net profit 134.53 mln yuan vs 61.96 mln -China Shen Zhou Mining Q2 net profit falls to 1.3 mln usd on interest expenses -China Medicine Q2 net profit rises 328 pct yr-on-yr on robust drug sales - Jinpan International H1 net profit more than doubles on strong China sales -Industrial Bank H1 profit more than doubles; to issue bonds, MBS -China State Shipbuilding H1 net profit up 86.87 pct on engine demand -China GrenTech Q2 net profit down 60 pct to 2.1 mln on higher R&D costs - Yucheng Technologies Q2 net profit up 50 pct yr-on-yr -Jiangsu Expressway H1 net profit up 43 pct on higher toll road traffic -China Ritar Power Q2 net profit up 43 pct at 1.0 mln usd on battery sales -China Kangtai Cactus Q2 net profit up 42 pct yr-on-yr as revenue rises 49 pct -China Shenghuo Pharma Q2 net up 29.3 pct yr-on-yr on 52 pct growth in revenue -Yanzhou Coal H1 net profit down 18.4 pct on higher costs -Bank of Nanjing H1 net profit up 10.6 pct on increased lending -Sinovac swings to H1 net profit of 3.5 mln usd on strong drug sales -Aida Pharmaceuticals swings to Q2 net loss on lower sales
TAIWAN: -Taiwan prosecutors confirm appealing acquittal of opposition leader Ma
-UMC names COO to oversee 12-inch-wafer operations -Chinatrust to inject 12.50 bln twd into banking unit -Hon Hai group says unaware of any interest in Elan Electronics - China Airlines says all passengers, crew members safe after Naha fire
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Document XIFINN0020070820e38k003xr

Greater China economic and corporate news summary
631 words

20 August 2007

AFX Asia

AFXASI

English

(c) 2007, AFX Asia. All rights reserved.
BEIJING (XFN-ASIA) - A summary of Greater China economic and corporate news at 0600 GMT:
HONG KONG:
- HSBC unit in talks for possible acquisition of majority stake in Korean bank
-Sino Land to invest 2.12 bln yuan in Chongqing property JV
- CLP Holdings Jan-July electricity sales volume up 1.9 pct yr-on-yr
-Fosun signs deal on 1.5 bln yuan iron ore JV with Hainan Steel
-Shenhua Energy H1 net profit 10.32 bln yuan vs 8.61 bln
-Shenhua H1 net profit up 19.8 pct on strong coal sales, prices
- Beijing Capital Land H1 net profit 102 mln yuan vs 86.74 mln
CHINA:
-China CPI growth still under control; other imbalances remain - stats bureau
-China central bank launches yuan currency swap trading
-China, Kazakhstan agree on Sino-Kazakh oil pipeline extension to Caspian Sea
-Shanghai stock exchange sets new rules to curb wide stock price moves
-Q2 TD-SCDMA network market value 7.2 bln yuan - Analysys Intl
-China starts work on 12 bln yuan wind farm in Hebei
- China Southern Airlines resumes flights to Nigeria
-Hong Kong-listed China Mobile adds 5.6 mln subscribers in July
- China Unicom end-July GSM mobile subscribers 113.68 mln vs 112.57 mln end-June
- China Telecom July net new subscribers 60,000, down sharply vs June
-Sinopec plans 14.23 mln tons of crude oil throughput in Aug
-WuXi PharmaTech completes US IPO
-Beijing Construction Engineering to issue 400 mln yuan in 1-yr discount bills
-American Dairy plans to buy 49 pct of Ausnutria (Hunan)
-Denmark's Saxo Bank opens Beijing rep office
-Yanzhou Coal H1 net profit 1.11 bln yuan vs 1.36 bln - CAS
-Industrial Bank H1 net profit 3.64 bln yuan vs 1.75 bln
-Jiangsu Expressway H1 net profit 784.71 mln yuan vs 548.71 mln - CAS
-Bank of Nanjing H1 net profit 349.39 mln yuan vs 315.84 mln
-China State Shipbuilding H1 net profit 199.34 mln yuan vs 106.67 mln
-Xinjiang Bayi Steel H1 net profit 134.53 mln yuan vs 61.96 mln
-China Shen Zhou Mining Q2 net profit falls to 1.3 mln usd on interest expenses
-China Medicine Q2 net profit rises 328 pct yr-on-yr on robust drug sales
- Jinpan International H1 net profit more than doubles on strong China sales
-Industrial Bank H1 profit more than doubles; to issue bonds, MBS
-China State Shipbuilding H1 net profit up 86.87 pct on engine demand
-China GrenTech Q2 net profit down 60 pct to 2.1 mln on higher R&D costs
- Yucheng Technologies Q2 net profit up 50 pct yr-on-yr
-Jiangsu Expressway H1 net profit up 43 pct on higher toll road traffic
-China Ritar Power Q2 net profit up 43 pct at 1.0 mln usd on battery sales
-China Kangtai Cactus Q2 net profit up 42 pct yr-on-yr as revenue rises 49 pct
-China Shenghuo Pharma Q2 net up 29.3 pct yr-on-yr on 52 pct growth in revenue
-Yanzhou Coal H1 net profit down 18.4 pct on higher costs
-Bank of Nanjing H1 net profit up 10.6 pct on increased lending
-Sinovac swings to H1 net profit of 3.5 mln usd on strong drug sales
-Aida Pharmaceuticals swings to Q2 net loss on lower sales
TAIWAN:
-Taiwan prosecutors confirm appealing acquittal of opposition leader Ma
-UMC names COO to oversee 12-inch-wafer operations
-Chinatrust to inject 12.50 bln twd into banking unit
-Hon Hai group says unaware of any interest in Elan Electronics
- China Airlines says all passengers, crew members safe after Naha fire
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Document AFXASI0020070820e38k0035z

My nation in 2017
4,875 words

20 August 2007

Business Times Singapore

STBT

English

(c) 2007 Singapore Press Holdings Limited
Describe the Singapore you would like to see come Aug 9, 2017. What do we need to do now to ensure that this vision becomes reality?
A gracious society is what I hope to see in Singapore. The pursuit of economic targets and better infrastructure has been highly successful despite difficult conditions. Good planning, a robust system and an entrepreneurial government have done it. Creation of a gracious society will, however, require a new approach.
The basis of a gracious society is respect for the individual and the human frailties that come with each imperfect person. Such values are hard to cultivate in a society struggling for survival, but is well within reach for Singapore.
The difficult part is that such a gracious society cannot be mandated from above, but has to be created bottom-up. Role models help. Prime Minister Lee Hsien Loong's government has been moving in the direction of caring for the less fortunate. Members of his government serve as excellent role models.
There is no easy path to a gracious society but for each one of us to ask ourselves each day what have we done for our fellow men/women.
I hope the contributors to this series and readers of this newspaper would join together to create more role models for our young. It will take years, but the result should be there for all to see by 2017.
- Su Guaning President NTU
SINGAPORE is already very advanced in many ways, but hopefully in 10 years time, we will become a more open and progressive society. With global travel, the world is shrinking - and as Singaporeans become more exposed to different cultures I hope we will become a society that is more tolerant and accepting of new ideas. I also wish that the new generation of Singaporeans will be more daring and less inhibited, more willing to go off the beaten track and pursue unconventional careers. All this will really make Singapore a more exciting place to live in and where regional talent will flock to and local talent will want to remain. Singapore can truly become a creative hub for the region where research and development for revolutionary products take place.
- Glenn Tan Group Chief Executive Motor Image Enterprises
MANY may dream of prosperity, but beyond a threshold, the connection between being rich and being happy weakens. We need to reduce this obsession of the rat race in the pursuit of the Five Cs and instead install a happy, giving and gracious society, where people greet passers-by, drivers are more considerate, citizens reach out to each other, ageing parents are taken care of, art and culture become a part of everyday life, and some of our resources are donated to bring a smile to the less fortunate. These are some of the changes I would like to see within a decade.
- Pinaki Rath Managing Director Gold Matrix Resources
THE first thing that I would like to see 10 years from now is the narrowing of the income gap between the 'haves' and 'have-nots', which has been increasing slowly but surely. In addition, I would like all fellow Singaporeans to be able to afford a roof over their heads, particularly so given the burgeoning property prices. Furthermore, it would be good if all citizens are able to retire comfortably with a tidy nest egg.
All this would be possible with some assistance from the government in terms of sound policies and an active drive to promote financial literacy, including awareness of the need for investment among Singaporeans. One possible avenue is support for the financial literacy club in schools.
- Sam Yap S G Executive Chairman Cherie Hearts Group Int'l
I THINK that come 2017, Singapore can be a truly global city very similar to London or Geneva. On the business front, we can be Asia's premier centre of excellence for private banking, wealth management, healthcare, transportation, logistics and other areas, by competing at the very top end of the economic value chain.
To realise this vision, we must continue to attract the movers and shakers of the global business community, because these are the men and women with the ability and resources to introduce new knowledge-based dimensions for the local economy.
These movers and shakers are invariably high net worth individuals (HNWIs). Hence, the key challenge is to convince more HNWIs to relocate here.
How do we do that? HNWIs generally have complex financial needs. Therefore, financial institutions operating here must continue to offer sophisticated wealth-creation options to cater to this well-heeled and financially-savvy group. Secondly, Singapore must position itself as an ideal place for them to live, work and play. And that means we have to continue developing exclusive properties, attracting world-class sporting or entertainment events, providing high-quality lifestyle amenities and so forth.
The present government policies are already steering Singapore towards this desired outcome. Continued social, economic and political stability, coupled with a skilled and dedicated workforce, will be vital in the years ahead.
- Goh Chong Theng General Manager, Singapore Rabobank International
NO COUNTRY or society can remain static. Change is the key to progress, especially in today's globalised economy and rapid IT advancement.
Singapore's evolution from third world to first, in less than one generation, has been remarkable to say the least. And come Aug 9, 2017, there will be, among other things, a new landscape and a striking new skyline in Marina South with the Integrated Resorts, new botanic gardens, world-class entertainment, museum, retail and culinary complex, high-rise residential and office blocks plus a myriad of colourful sports activities on the bay.
Sentosa and a few adjacent islands will have been turned into 'a tropical island paradise' and 'Monaco of the East'. Older estates and 'under-developed' parts of the city will have been completely transformed to make way for new developments and modern amenities to create a first-class living environment. The search for excellence and new economic, recreational and cultural frontiers to keep ahead of competition and take advantage of opportunities arising from globalisation, will no doubt continue.
Thus, 10 years down the road, Singapore, I am convinced, will become an even more vibrant, exciting, sophisticated and a fun and safe place to work and live in.
While this transformation is essential as part of progress, it may also pose problems. One concern is whether, in the process, our fundamental and traditional Asian values, the social fabric and character of the society would be adversely compromised. How would we cope with undesirable effects of the IR (crime, prostitution, money laundering and gambling problems, to name a few)? Growing income gap compounded by the influx of foreign talent may lead to anxiety and uncertainty among a certain section of the community. These are some of the issues Singapore, I believe, will face.
However, I am hopeful that the government would be able to mobilise Singaporeans to work together to effectively tackle these issues.
- Boon Yoon Chiang Chairman Jardine Matheson (Singapore)
COME 2017, I hope we would have become a truly gracious society, where Singaporeans no longer need to be reminded to be polite and considerate. I also hope to see a more outward-looking nation; a greater willingness to embrace differences among people, cultures and an openness towards things outside the established norms.
By that, I hope Singaporeans would be more willing to explore challenges and opportunities, not just for economic gain.
I hope Singaporeans would become more flexible and less dependent on the paternalistic Government. To achieve these, we need to cultivate the right mindsets in our young. By that, I hope we will be more successful in developing their inquisitive spirit, creative abilities, freedom of expression, ability to articulate intelligent and constructive views and challenge the status quo.
Empowered with the ability to think differently without forgetting our Asian values and a sense of fun, I hope they will learn not to self-impose censorships and come up with fresh and novel ideas to transform Singapore. Only then can we produce our uniquely Singapore wave and export that to the rest of the world.
- Monica Alsagoff CEO Communications DNA
COME 2017, Singapore will be the regional hub for finance, research, education, tourism and the arts. A vibrant metropolis, Singapore will continue to attract investments from global enterprises as well as private individuals, which will encourage an influx of foreign talents vying for citizenship. The establishment of the integrated resorts will not only boost tourism, it will also present us with a buoyant employment market, which will provide ample employment for older workers and give both foreigners and locals a fair chance in climbing the corporate ladder.
To keep up with the demand for a skilled workforce, more tertiary educational institutions need to be established, providing local and foreign youths with an opportunity to pursue local degrees that are globally renowned and sought after. In our government's current efforts to breed a pool of talented scientists, we hope more MNCs will set up their global research hubs in Singapore.
Although Singapore may be a small dot on the world's map, it will certainly be big in terms of its image, reputation and credibility. While Singapore continues to grow into a bustling city, it is important that we do not lose the true heart of Singapore - our cultures and traditions.
Even today, I see old buildings being torn down to make way for modernisation. As a boy growing up in Chinatown, my favourite haunts were the food stalls lined up along the street, where hawkers peddled food ranging from wonton noodles to kacang puteh.
As a global traveller, these are the memories that kept me glued to Singapore, as this will always be home. What makes Singapore a truly unique city are the diminishing old shop houses and open-air getais and wayang shows. I hope that our children will still get to enjoy these experiences first hand and not have to read about them from history books.
- Benjamin Low Managing Director, S-E Asia, India Secure Computing
Happy Birthday Singapore!
I do not think we should wait till Aug 9, 2017, to see a new Singapore. On Aug 9, 2015, we will celebrate the golden jubilee of the independence of Singapore. Yes, Singapore 50 will be the golden era of Singapore, the Land of Golden Prosperity. Population five million; workforce three million; student population one million; fourth generation leaders in position leading a new Singapore; upper and lower house of parliament to maintain check and balances on the government; MRT lines linking with Sentosa, Pulau Tekong, Jurong Island, Johor Baru, Batam; HDB ownership 90 per cent; a single mother/father policy; literacy 100 per cent; retirement age 65 years, Third Age university; world cup, etc.
To realise this, first our society and government must loosen up more. More leeway/space should be given to Singaporeans to express themselves. More choices should be available for Singaporeans, with greater variety in terms of health, education and environment.
Greater participation by both the private sector and people sector should be ensured in policy making in order to instill a sense of ownership and identity. While local media should open up to more divergent views, foreign media should be welcomed to share global views.
Together we will make a big difference and stronger Singapore!
- Derek Goh Executive Chairman/Group CEO Serial System
IN THE year 2017, I envision Singapore to be a vibrant, thriving and cosmopolitan 'Global-polis', a city that will be pulsating with life, inexhaustible energy and vitality. The cultural, racial, religion harmony in Singapore will flourish exceedingly well; this cosmopolitan society will be an iconic, world-class attraction, offering multi-faceted lifestyles for both Singaporeans and people from all over the world.
On Aug 9, 2017, I envisage that global citizens will heartily celebrate World Harmony Day instead of National Day together. We all are stakeholders in this global city. Singapore will also be one of the world's most sophisticated financial, educational and transport hubs.
In order to ensure that this vision becomes a reality, Singaporeans need to strive to be innovative, socially cohesive, resilient in the face of challenges, nimble, knowledgeable and adaptable, prepared to take risks, willing to accept diversity in ideas and constantly taking calculated risks. Last but not least, the business leaders must also do its part in encouraging continued investment in research and development, harnessing information technology in the constant upgrading of human capital.
- Erman Tan CEO Asia Polyurethane Mfg
A SINGAPORE culture in 2017. I would like to see different races with their own cultural identities evolve into one national culture - one that reflects the state of the nation maturing from half-a-century of independence. The one culture needs to encompass the Singaporean way of life, our values and priorities which, when exposed to the world, will be recognisable and quoted as reference. Integration and assimilation must be done as a top-down and bottom-up two-pronged approach.
Nation-building cannot be left as a concept. It should start today as a ministry that exists on the support of the various community organisations.
- Fahmi Rais CEO iBrand Strategy Group
I thank Jesus for His blessings on Singapore and pray for His continued protection and great blessings on all in Singapore. My prayers for Singapore are that we would continue to have wise and committed leaders who will lead us, and all Singaporeans and those who call this place home would together create a society that provides a safe environment for our children to have greater opportunities to learn, grow and contribute to Singapore and rest of the World.
- Eugene Wong Managing Director SIrius Venture Consulting
THE Singapore I would like to see come Aug 9, 2017, is a country similar to Switzerland. The per-capita income of every Singaporean will be hopefully identical to the resident of Switzerland. Multi-lingual, multi-religious residents in Singapore will be happy and healthy in 2017. For us to realise our dream, the government should offer more assistance to people in the fields of education and business - just like the way Switzerland has been doing.
- Ng Kong Yeam Group Executive Chairman Sino-America Tours Corporation
TEN years from now, the IRs and the Marina Bay Financial Area will have been completed and new MRT lines like the Circle and Downtown lines will be running. The city area will probably be much more vibrant and busy with not just more businessmen and tourists but also residents who will be staying in the CBD. The new sports hub will have been completed and we will be ready to host a major sports event like the Asian Games. In the heartlands, we will see a lot of 40 to 50-storey HDB flats, thereby freeing more spaces for greenery and parks.
Rather than just making physical changes to the cityscape, I hope that by the time we celebrate our 52th National Day, Singapore will become a more responsible society caring about their fellow Singaporeans as well as the environment. Electric-fuelled cars on the roads would become the norm rather than the exception. And as we prosper further, some of the 'ugly' Singapore traits like being 'kiasu' etc would make way for a caring attitude.
- Wee Piew CEO HG Metal Manufacturing
Recognising that the past 42 years has helped lay the foundations for a vibrant and dynamic Singapore society, our nation continues to move forward with our society's core content intact, but our global reach continuing to expand and prosper. Today, placing value in this vibrancy and openness, we see a transformed Singapore 10 years hence that shall claim leadership of a truly global character. One that strives towards equitable and universal access to total human development as the over-riding principle in its goal to live and promote racial harmony, as well as foster economic, environmental and transnational security awareness.
This harmonious global co-existence, which has indeed been the imprint of our national character, shall be so strongly entrenched and world-renowned in the years to come such that when people think of travelling to Asia, they think of Singapore as their main destination - a financial hub, a centre for educational excellence, a model of economic dynamism in the knowledge-based era, a place to celebrate racial harmony and, therefore, a stabilising force in the Asia-Pacific region and in the world.
To get moving in that direction requires an outward-looking Singapore leadership and citizenry, and also requires to take in new ideas, to co-exist harmoniously with an influx of global talent and to gear for a pivotal capacity for advancing global socio-economic interests by diversifying our economic interests and intensifying international cooperation in various fronts. There is, therefore, a need to strengthen Singapore society and its mechanisms, with a notable emphasis on constructing knowledge-based economic integration strategies that align with people's aspirations for generating long-term, dynamic and equitable growth. Consequently, Singapore must continue to pledge a significant investment in human resources, continue to narrow the so-called digital divide and reduce whatever socio-economic disparities still exist within our society.
- Dora Hoan Group CEO Best World International
WITH all the hard work that is going on in Singapore led by an able government, our future looks bright in the days ahead. Singapore 2017 should symbolise enhanced infrastructure around an efficient business and economic platform that draws investors, capital, skilled workforce and consequentially more infrastructure. Singapore will excel at creating stakeholder value, employment and quality of life that will drive the economy to even greater heights as we rapidly establish ourselves as a global power - music to every Singaporean ear, but 'with power comes responsibility' as the adage goes.
I look forward to a Singapore that is healthy in mind and spirit. A land where opportunities are extended to all, irrespective of their societal standing, a community that builds arts and intellect along with sky scrapers, where creation of intellectual wealth, emotional happiness and human value are pursued as intensely as economic prosperity. A Singapore that contributes icons to the hallways of human history through creativity, collaboration, knowledge and research.
This eventuality will be delivered by the teens and young adults of today. They will be the stewards of the 2017 AD society.
- Deb Dutta Vice President, APJ Brocade
I HAD the privilege of being one of the spectators at the national day parade and I must say it was a spectacular show. The precise execution of the whole event demonstrates the organisational capabilities of the show producer and his team. It makes me feel proud to be a Singaporean.
Singapore has grown and matured in many ways. Our people are now more educated, more worldly and more demanding. I believe that Singapore will continue to be prosperous in 10 years' time. But, besides economic success, I would like to see a more gracious Singapore with the focus of family and community as the core values of each citizen.
We need to encourage building of family and community ties. We need to teach our youths the right attitude towards work and life values. We need to prepare our young people with marriage counselling to keep families intact. If every Singaporean keeps family and community as their life focus, the economy will prosper and the country will continue to thrive and grow.
- Fong Loo Fern Managing Director CYC The Custom Shop
COME 2017, Singapore will be the cosmopolitan centre of Asia - attracting global businesses from the Indians, Chinese, Saudis, Russians, Nigerians, Brazilians, New Zealanders and from around the globe. Capitalising on our vibrant arts culture, Singapore in 2017 will also bring direct entertainment to a global audience, interspersed with a vibrant multicultural milieu.
Because of the way work has been transformed, and the new possibilities for play and learning, work-life harmony - once considered a major challenge in fast-paced and success-oriented Singapore - will no longer be an issue as Singaporeans will have more leisure time and personal space to pursue the many things they want to indulge in.
Play for our children will take on a new high, beyond what it is today. Desktop computer games will be replaced by affordable immersive environments. These will serve as virtual reality playgrounds, laboratories and classrooms for our children to play and learn in, any time, any where.
I believe in the capabilities and capacities of our country. What Singapore can imagine, Singapore will deliver. Singaporeans will need to continue to stand united as a nation, work with our leaders, harness the power of technologies and take advantage of opportunities presented by the transformation to make our home an extraordinary place to live, work and play not only for Singaporeans but for foreign talents as well to add to our diversity.
It is also important that Singapore continue to strengthen our relationship with our Asean neighbours to ensure the region remain an oasis of peace and political stability.
Last but not least, as we make this vision a reality and something that all Singaporeans can look forward to, we must make sure that our less fortunate and less privileged citizens are not left behind.
- Lim Soon Hock Managing Director Plan-B Icag
I WAS born and raised in India, and in 1997 I made Singapore my home because I saw it as a global city with Asian roots. I hope to see an even more vibrant business climate, with local and multinational businesses flourishing side by side, competing with and complementing each other. As the country becomes more prosperous, I look forward to resolute efforts in philanthropy and corporate social responsibility, so that our growth and gains are made even more valuable by our increased ability to give back to our environment and the larger society in the region.
Our already vibrant arts scene should continue to grow and become the soul of a cosmopolitan city. We need to encourage our children to think globally, and instill in them a sense of love for Singapore so that they can go out, explore the world, and then home to shape our future.
- Harish Nim Chief Executive Emerio Corporation
THE countries that can attract and quickly mobilise the best talent, resources and capabilities required to turn innovations into viable business opportunities and solutions will become world-class players in the economy of the future. I envision that Singapore will grow from strength to strength and be a leading contender in the global market, raising the benchmark and setting the pace across industries not only in Asia Pacific but also globally as we continue to strengthen our first-rate infrastructure and provide trustworthy governance, world-class business and financial services.
We need to continue to nurture a culture where the speed of response to market needs, effective product and service differentiation, practical solutions to fit niche markets, innovative and flexible management ideas and processes, and the capacity to operate within business networks become a strong value proposition, expectation and reality of how we operate in Singapore. As long as we do this diligently, we will meet the changing market landscape and any challenges in the years to come and ensure that this vision becomes reality for us and our children.
As responsible individuals living in and contributing to Singapore's future, we have to be accountable for our career development, look out for suitable opportunities that match our competencies within the paradigm of market trends and continuously enhance our skills to remain relevant in tomorrow's workforce.
- Dhirendra Shantilal Senior Vice-President, Asia Pacific Kelly Services
THE National Day celebration at Marina Bay is testament to Singapore's vibrant economy and more - world-class infrastructure and global connectivity by land, sea and air amid cultural diversity and harmony.
I believe we can add more buzz to cement our position as a global city. We can create mini themed areas within Singapore. With the coming of the IRs, certain streets can be dressed up 24/7 with neon lights, billboards, hanging banners, large-screen plasma TVs etc, thus allowing for more creative use of aerial space.
I also hope Singapore can become a Spa & Wellness City. For example, other than spas, we can have spa food eateries, spa museums (educating the public on spas), or even a spa research institute. In Thailand, Japan and Europe, spas are widely seen as a form of holistic lifestyle that is not only for the rich but for everyone to rejuvenate the body, mind and spirit.
We also foresee the need to place more emphasis on health as the ageing population continues to increase in the next 10 years. Singapore has the capacity to be a premium spa and wellness hub for this group, which can also be made available for tourists and expatriates as well.
- Theresa Chew CEO and Co-founder Expressions International
OCCASIONS marking our National Day, from the NDP to celebrations by individual organisations, inevitably imbue us with notions of Singapore's past and present achievements and visions of Singapore's future.
'Living The Next Lap' was the slogan the government planners adopted in mapping our future to realise the vision of translating Singapore towards a tropical city of excellence. The planned goal was to create a city-state that balances work and play, culture and commerce; and a city of beauty, character and grace, with nature, water-bodies and urban development woven together.
We have in many ways succeeded, as our nation's hardware has advanced in leaps and bounds. We are now a major city-state with well-developed business infrastructure, and an economically buoyant society that is politically stable and about to reach global city status.
With Singapore's population projected to rise to more than five million, keeping our hardware updated and robust will remain important. Just as important is the improvement of Singapore's software, which covers aspects like social graces, civic spirit, social cohesion, creativity and service culture. This must complement our hardware to foster an integrated, harmonious whole for Singapore to truly be a living, liveable city offering a better quality of life to all, in spite of the demands from shifts in population, infrastructure, business and increased affluence.
I wish to see in 2017 a new Singapore where 'There is no place I would rather be' still resonates not only from Singaporeans but visitors.
- Tan Tiong Cheng Managing Director Knight Frank
WITH its strong socio-economic growth combined with its diverse multi-ethnical population, Singapore will by 2017 be well-positioned to take a global leadership role in the following areas:
Being a gateway, think-tank and a broker of where East meets West in of terms understanding and formulating Asian values, economic and foreign policy, science, arts and sports.
Singapore could lend its know-how and capabilities to high-profile humanitarian and peace-keeping engagements on a global basis similar to what Sweden and Switzerland have done, as it will also help open up new opportunities for trade and new alliances.
Role model for both industrialised and developing countries: Singapore has, with its national fabric, a unique position in the world as a role model for prosperity and racial harmony and this could be capitalised on in many mutually beneficial ways.
Finally in 2017, with three generations being born under the flag of an independent state, a strong national identity will have been formed which is truly unique not only as a 'Lion-City' with a 'can-do' attitude but also with a ' Lion-Heart' which reaches far beyond our borders.
- Karl Mouantri Managing Director Asia-Pacific BPM Partners
FIRST of all, I would like to congratulate Singapore on achieving 42 years of independence. The strong foundation that the nation has built, as well as its excellent vision and planning in the face of rapid globalisation and technological advancements, will serve it well into the future.
By 2017, we look forward to enjoying the results of various initiatives such as the government's iN2015 master plan. With high-speed communications, multimedia and convergence enabling a world of seamless mobility, we look forward to helping create a secure environment where Singaporeans can communicate and conduct business anywhere, at any time from any device including the refrigerator and the TV. This will be a world where new digital services will benefit every area of our lives, from education to healthcare.
This will also help to pave the way for a truly mobile workforce, better levels of customer service and a stronger work-life balance. Work will be a job people do, rather than a place people go to. This will also have a beneficial effect on traffic! We believe businesses will have adopted the concept of staying safe and secure online as naturally as they have previously accepted the requirement for safe driving. Internet security will be viewed as an essential process for doing business, rather than a technology add-on as it is today.
Come Aug 9, 2017, we look forward to an even more vibrant, innovative and connected Singapore, and perhaps the possibility of everyone attending the grand parade - at least virtually.
- Chee Heng Loon Vice-President, Asia Pacific SonicWALL
Document STBT000020070819e38k0000w

News

The Age Diary

Lawrence Money and Daniel Ziffer

1,071 words

8 August 2007

The Age

AGEE

First

24

English

© 2007 Copyright John Fairfax Holdings Limited. www.theage.com.au
Violence Against Women: it's not all right but it is all white
SOMETHING seem odd to you about those new TV ads from the federal thought police? Violence Against Women: Australia says no! They come to you from the Aussie Government, but you have to ask: are they talking about Australia? After all, this is the multicultural utopia, the globally envied Land Down Under where the streets are thronged with happy folk from many lands. Yet have a look at those TV ads: not an Aboriginal, Lebanese, Chinese, Vietnamese, Nigerian, Maori or other non-white face to be seen. In contrast to our Aussie utopia, the VAW ads portray only one type of offender: the rotten white male. There they are: sullen, resentful, a tad bewildered but guilty as hell.
Is Diary imagining this? Let us look at the VAW website, an "Australian Government initiative". Hell, it's true! Apparently only male Caucasians are guilty of belting, molesting and assaulting the fairer sex. And there are plenty of them. Take rotten white mongrel "Brett" (above). He's even got a rotten Anglo name. Brett met Julia at a party and soon went "all the way" despite the fact that Julia cried "no". "Afterwards she was really upset and crying, but I thought she'd get over it," said this white cad. "No means no!" lectures the VAW website.
Now meet young Nick, the Caucasian son of worried Caucasian parents Jon and Angie. There they are, pictured below. "I have a pretty good relationship with my son Nick," says Jon, "so it was a big shock to hear him talking on his mobile phone to his mates about some of the girls at school. Everyone was getting labelled either a 'slut' or 'frigid'." Another rotten white mongrel.
Then there is "Sophie's story". Sophie had a call from her mate Rachel about boyfriend Ian. There is a poignant photo of white brunette Rachel being consoled by white blonde Sophie as she pours out her tale of physical abuse. Seems Marcus (no picture of him but he doesn't sound as if he's an Afghan) treated poor Rachel so badly she had no self-esteem left and hooked up next with Ian (no picture of him but he doesn't sound Chinese) who put her in hospital. Two more rotten white thugs.
Strangely, though, while the website says that all these examples are "based on people's real-life experiences", police and hospital records don't pick up this shocking truth: that marauding Caucasian brutes are the real problem. But then, the cops and medical folk aren't peeing their pants in terror at losing votes in those delicate multicultural seats. Mind you, the website does say that the "people in the photographs used in this booklet are models". It just doesn't say they are white models.
Erratum: Actually it is not strictly true to say there are no non-Caucasian faces on the VAW website: we found one young lady of Asian appearance. You'll find her looking distressed on the page headed "About This Booklet". No prize for guessing why: she has obviously been bashed/molested by some rotten, white Anglo-Saxon male.
Mongrel!
Having a lend
DAGNAB it. Diary may well have to swallow its pride and admit: dour new Premier Bumblebee might actually have a sense of humour. Consider the new cabinet: we have a Finance Minis-ter named Lenders, a Water Minister named Holding, a Small Business Minister named Helper. Fair dinkum, if the Premier ever slots in Dick Wynne as gaming minister or Peter Batchelor as minister for women's affairs, he's got our vote!
Starved out
TWO months ago veteran Melbourne foodie John Chalker announced that he might have to close down. Yesterday he did, but for a different reason. In June, Chalker was hit by 85 per cent increases in power charges by Origin Energy but he pruned those back to 30 per cent by changing firms. However, in a furious email to the world yester-day, Chalker barked: "Today is the last day of a wonderful business, The Owl & The Pussycat, after 14 years, caused by the bastardry and unconscionability of the landlord!" He told Diary he had been squeezed out after rent was lifted $20,000 a year and the associated hotel (owned by the same company, MSF Ltd) undercut his prices and directed clients elsewhere. Chalker, who pre-viously ran Chalkies in Lygon Street, says he spent $50,000 on legal fees and got nowhere. Now it is finis, kaput and arrivederci. He's giving food biz away.
Monkeying around
REVIEWER for The Age reported that fashion-conscious songstress Gwen Stefani (below) "looked in fantastic shape" at her concert at Rod Laver arena last weekend. But the backstage crew weren't taking any chances. One stagedoor Johnny tells us that most of the support gang were running around in anti-microbe masks, a la Michael Jackson. No sign of the monkey.
Polls apart
WITH one eye on the rickety stockmarket, a nervous nation awaits the predicted hike in interest rates. But Pro-fessor James Tostevin, the former dummy-bidding pioneer, sees something else in his crystal ball. In another of his cheery Marshall White letters to householders - or junk mail to those stuck on his mailing list - the Prof predicts a "possible" rate rise "just beyond the election". An accompanying newsletter brags that James addressed the Australasian Real Estate Conference in May and was "one of only 12 who were selected from all over the world as experts in their field". We assume that's flogging houses - not fortune-telling for the Reserve Bank.
Hitting paydirt
LITTLE Pommy songmonger Leo Sayer is writing a book on Aussie larrikins. At least, that's what he was telling revellers in Darwin last week-end. Having wowed them at the Darwin Cup ball on Saturday night, Sayer was strolling the beach next day and chanced on Sporting Bet chief Michael Sullivan. He landed a mini-gig at the SB "recov-ery" party and wowed 'em again. Then Sayer got himself invited to the Darwin Cup on Mon-day, professing never to have been to a race-track before. Said one turf veteran: "Reckon there'd be enough at the cup for four or five chapters."
Damn right.
Document AGEE000020070807e3880004p
Political Dynamics Affecting the Business Climate in Nigeria Political Dynamics Affecting the Business Climate in Nigeria
2,405 words

1 August 2007

State Department Press Releases And Documents

STDP

English

Copyright (c) 2007 Federal Information & News Dispatch, Inc.
Africa-related Issues
Donald L. Heflin, Acting Office Director, West African Affairs Advisory Committee on International Economic Policy Washington, DC July 31, 2007
Assistant Secretary Sullivan, Vice President Gadbaw, and esteemed guests, I am honored to discuss with you today the political dynamics and business climate in one of Africa's most pivotal countries and one of our most important strategic partners--Nigeria. Both the challenges and the opportunities are enormous.
Overview
A prosperous Nigeria remains vitally important to our security, democracy, trade, and energy needs and objectives. Nigeria is one of our most dependable African allies on a wide array of diplomatic initiatives including Darfur, peacekeeping, counter-terrorism, to HIV/AIDS--where recent data indicates that prevalence rates for AIDS in Nigeria actually may be declining. As an emerging market of 140 million people, Nigeria welcomes U.S. investment and technology. Nigeria now accounts for 11% of U.S. oil imports and is currently our fourth largest exporter of crude oil to the United States. Most Nigerians are positively disposed toward the United States and have a strong affinity for U.S. products. Nigerian businesspeople are eager to form partnerships with U.S. counterparts. Nigeria has a bright future on the world stage, but the notable macro-economic reforms achieved over the past few years must be translated into improvement in living standards for all Nigerians, who comprise about one-fifth of Africa's population. Nigeria also must become more competitive in attracting foreign investment, and do more to improve road, rail and port infrastructure, power generation, and to remove various barriers to trade.
Yar'Adua Administration
I'd like to start by discussing the biggest new political development in Nigeria, the election of President Yar'Adua. Although it is too early to predict the performance of his administration or his recent cabinet picks, there is no reason to believe Nigeria's policies of macroeconomic reform and close ties with the United States will diminish. In fact, President Yar'Adua seems to be taking a series of deliberate steps to establish his independence and credibility. Ironically, a flawed electoral process appears to have brought to power a man of integrity. This result is important. The United States shares with Nigerians their disappointment over the conduct of the April 2007 elections, and some critics will no doubt urge us to isolate Nigeria. But the stakes are too great to walk away. In our judgment, the best way to nurture Nigerians" fragile democracy is for the United States to engage on the very issues at risk: political reform; regional security; and economic opportunity. As our recent Ambassador John Campbell told the Nigerian press, democratic culture has grown in the past three years, and the United States will continue to walk beside Nigeria on its pilgrimage to democracy. We will continue to support the Nigerian government and civil society in their efforts to strengthen and improve electoral law and tribunal system, to promote judicial and legislative independence at the national and state levels, and to fight corruption.
Niger River Delta
Of course, one of the biggest challenges facing President Yar'Adua and the other new political leaders is how to address the unrest in the oil-rich Niger River Delta. The problems there are real and, while they may seem daunting, they can be addressed and resolved. We acknowledge the legitimate aspirations of the people of the Niger Delta and would like to offer development and other expertise to help pursue goals such as controlling piracy, corruption, and other crime. However, a strict "top-down, outside-in" approach to development has not worked in the past, and we don't have reason to believe it would work better in the future. Solutions to these challenges reside not in Washington, London or Beijing but in the cities and villages of the Delta. The issue at hand is not a lack of resources or talent. It is the commitment and willpower of the federal and various state governments.
However, we must face the fact that forces resistant to change will continue to attempt to hinder progress. Nigeria's institutional foundations have been hollowed from decades of neglect and corruption that will continue to make the country susceptible to recurring crises in the coming years. The government has not stemmed lawlessness and insecurity, and Nigerians are demoralized from worsening living conditions. We have often said that the greatest obstacles to Nigeria's advancement are deeply entrenched poverty and unemployment, continued pervasive corruption, ineffective governance, and the need for electoral reform. Decades of unaccountable rule have eroded health and education infrastructure, suppressed democratic institutions, and stifled job creation.
However, we believe that the U.S. private sector, by building partnerships with local communities, non-governmental organizations, and the oil majors can do more to create more jobs, reduce more poverty, and generate more wealth than any public sector initiative can achieve. In this regard, we are urging Nigerian authorities to work with the U.S. private sector to provide opportunities for profitable agricultural livelihoods, technology development, constructive use of currently "flared" natural gas, enhancing refining capacity, cultivating biofuels, promoting environmental remediation and clean drinking water, building greater public access to telecommunications networks and health care, developing information technology and aviation transport, and curbing oil theft. By offering a variety of education, training, and mentoring programs, private enterprise could be the engine that creates a sense of ownership and control for the people of the Delta over their own resources and fate. This is key to lasting peace.
Let me now spend a few minutes highlighting the current situation in the energy, power, infrastructure, and financial sectors.
Energy
The problems in the Delta are inextricably linked to Nigeria's energy picture. Globally Nigeria is a major petroleum producer, with large reserves and growing production. At the beginning of 2006, production capacity was about 2.5 million barrels per day (bpd). Since that time, it has grown to about 3 million bpd and is set to grow further this year. Unfortunately, violence in the Niger River Delta has thrown over 600,000 bpd off-line. Although most new production is off-shore, militants have shown they are able to attack off- shore facilities. Despite Nigeria's growing capacity, the recurring attacks on oil infrastructure mean that Nigeria's actual production is somewhat erratic and unpredictable. While there is hope that the new administration will bring a new focus and attention to the problems afflicting the Delta, it is unlikely there will be a quick resolution.
Production is limited most significantly by the Government of Nigeria's ability to finance its own investments in the sector. The majority of Nigerian oil and natural gas projects are funded by joint ventures with the national petroleum company (NNPC) as the major shareholder. (Deepwater offshore projects are funded through production sharing contracts.) As a result, private sector oil companies are limited to investing amounts that the government can match each year. NNPC is exploring other avenues, in addition to direct government funding, to finance its share of projects and increase the pace of new investment.
The lack of qualified technical staff is a constraint. Violence in the Delta has made recruiting expatriate staff increasingly difficult, especially for the oil services companies. We understand that the oil majors estimate that over a thousand positions are unfilled, slowing progress on new projects.
Nigeria also has large reserves of natural gas and has several Liquefied Natural Gas (LNG) projects underway. The first of these has begun shipping gas to the U.S. and shipments are projected to grow rapidly. Europe is looking at Nigerian gas as a supplement or back up to Russian supplies. LNG projects face the same difficulties in attracting qualified staff as oil projects, though natural gas projects have not yet faced the kinds of attacks that oil facilities have.
The long-delayed, World Bank-assisted West African Gas Pipeline, which now will not be commissioned until June 2008, continues to face physical security issues, environmental degradation, and especially securing reliable gas supplies for export, given Nigeria's looming domestic energy crisis, fueled by price supports.
Despite abundant oil and gas, the Nigerian domestic market is poorly supplied. The country's four refineries function erratically or not all, forcing Nigeria to import most, if not all, refined products. Supply infrastructure for both petroleum products and natural gas are regularly vandalized, not only affecting supply but also creating serious health and environmental problems.
Power
Nigeria's power infrastructure is in dire straights. Of about 7500 megawatts of installed capacity, Nigeria's plants produced merely 1500-2300 megawatts last year. Estimated demand is 15-25 times as high as production. It is not surprising that Nigeria leads the world in amount of power produced by private generators. Perhaps the biggest issue has been securing fuel to new plants. There are also a host of regulatory and collection issues that need to be resolved. The lack of power is a major hindrance to better economic and social development in Nigeria.
Infrastructure
Nigeria faces other infrastructure constraints. Road transport is difficult and expensive because of poor conditions. The railway system is moribund. The ports are crowded and not automated. The government interferes with independent civil aviation safety and security oversight. The World Bank has estimated that it is more costly to ship a container within Nigeria than from Europe to Lagos. Real progress has barely begun to address shortfalls in each of these areas.