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Singapore is among the top ten petrochemical hubs in the world and one of the largest trading centers in Asia. By leveraging Singapore's connectivity with major Asian cities, the Singapore Branch effectively functions as a sub-station for Business Units trading in various chemical commodities, including basic and intermediary chemicals, polymers and specialty chemicals, and we are now seeking to cultivate chemicals business across Asia and in other markets, from Oceania to the Middle East and Africa.
One notable case is our butadiene* business. Mitsubishi Corporation(MC) is a leading trader of butadiene, commanding nearly 50% of the Southeast Asian market. Being located in Singapore, we are close to both the market and supply sources, and this enhances our supply chain management capabilities. We have been Toray Plastics Malaysia's (TPM) sole butadiene supplier since 2006, managing butadiene supplies from Singapore, India, the Middle East, and Thailand. Our competitive edge comes from our ability to provide customized lifting and delivery schedules to suppliers and TPM through location and time swaps. Our fleet of time-charter vessels allows us greater control of cargo flow.
Many new petrochemical plants will be coming on stream in the Middle East over the next few years. This will have a great impact on the Asia market. Supply of some essential chemicals and plastic polymers may outstrip demand, causing increased market volatility. However, these challenges will also bring opportunities through which we can further expand our role. We are eager to meet these challenges head-on as we continue to identify potential business in support of head office strategies and to strengthen knowledge-intensive activities, such as supply chain management and risk management.
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Butadiene is a raw material for synthetic rubber, used in tires, and for plastics, such as ABS, used in parts for automobiles, appliances and construction materials. |
Singapore continues to transform itself as it pursues new development. This January, the third terminal of Changi Airport was opened, and in March, the world's largest Ferris wheel, which MC helped to build, began operations; next year, major casino resorts will open in two locations. These are just a few of the many large-scale developments now in the works. Visitors to Singapore in the years ahead will surely be able to attest to the great changes underway here.
In Japan, Singapore is commonly thought of as a clean, orderly nation and a popular tourist destination, but Singapore has actually developed a solid manufacturing base, active in petrochemicals and other industries. The government has steadfastly worked to improve both soft and hard aspects of its infrastructure and it is aggressively recruiting tourists, students, researchers and multinational companies from around the world in order to foster new business and cultural and artistic development—this is the kind of cosmopolitan nation that Singapore is striving to become.
Although Singapore is not much larger than central Tokyo, its total population exceeds 4.6 million when you factor in the more than one million foreign residents, including employees of multinational companies and their families. The government is moving forward with plans to raise the population to approximately 6.5 million in the next few decades. Like in Japan, the population in Singapore is aging, but the government is actively working to offset the trend, such as by recruiting human resources from overseas.
Lacking its own natural resources, Singapore has continuously sought to attract people, goods and capital from around the world since its independence in 1965. While working to improve the lives of its own people, Singapore has simultaneously developed a strong business infrastructure and an attractive living environment for foreign companies and their employees. While tapping into the growth of China, India, the Middle East and other regions, Singapore is always striving to increase its appeal as a nation.
MC has long had a presence here, with the Singapore Branch being established in 1955. The activities of the branch have evolved in step with the nation's development, largely focusing on wide-ranging trading activities, centered on petrochemicals and consumer-oriented goods, and participation in domestic infrastructure development, primarily through machinery-related projects.
Many affiliates of the MC Group are also located in Singapore. These spin-offs and business investment companies are similarly engaged in wide-ranging trade activities and business development. The Singapore Branch regularly exchanges information with these companies and works to promote collaboration. The way we develop business in concert with the MC Group is one of the key traits of the Singapore Branch.
There are many things that MC can learn from Singapore, with its tradition of making bold, strategic moves with an eye to the future, and its unwavering determination in carrying out reform. Members of the MC Group are now coming together here, in one of the world's innovation centers, to make strides toward realizing the vision of "A New Industry Innovator".
Thanks to its rich multicultural heritage, Singapore has developed a reputation as a "food paradise", offering a wide variety of cuisine from around the globe. One dish worth mentioning is chili crab, the unofficial national dish of Singapore. It is prepared with fresh crabs, cooked in a hearty sweet-and-spicy sauce. Chili crab is often served with French bread or Chinese buns called mantou, so diners can mop up the savory chili sauce. You shouldn't be timid when eating chili crab—this is one meal that is best eaten with your fingers! In addition to being the "signature dish" of many local restaurants, chili crab has also become popular abroad. The Singapore Chili Crab Festival, held every year in Brooklyn, New York, attests to the dish's far-reaching international appeal.
The Chingay Parade, which literally means "parade of decorated miniature stages", was started in 1973 to celebrate the Lunar New Year following Singapore's ban on firecrackers. People in festive costumes donned over-sized heads while others performed Chinese lion dances and walked on stilts. The event has continued to evolve over the years and many participants now come from neighboring countries, making the parade an extravaganza of dazzling performances and splendidly decorated floats. Today, Chingay is an internationally acclaimed multicultural festival and many tourists visit Singapore during this period so they can see the parade. This year, Singapore Branch GM Yasuhiko Kitagawa led a team of 300 Japanese dancers as the president of the Japanese Association, Singapore. Dressed in colorful costumes, the troupe entertained the audience with its vibrant Japanese folk dance.
When visiting Singapore, you will be amazed by the many large clusters of beautiful, high-rise towers. These housing complexes, managed by Singapore's Housing and Development Board (HDB), are a common sight across Singapore. Known as "HDB flats", they are home to approximately 85% of the population. HDB flats form the core of housing estates that function as self-contained satellite towns, complete with schools, shops and facilities for dining and recreation. As they are well connected to transportation networks, they typically offer easy access to the city. There are various types of flats and layouts, with units ranging in size from 70 m2 to 150 m2. So the next time you are in Singapore, why don't you visit some HDB flats for a revealing glimpse into life in Singapore?
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