Inauguration of Norsk Hydro's Regional Headquarters in Singapore

It is a great pleasure for me witness the inauguration of Norsk Hydro's regional headquarters for Asia.

Norsk Hydro is the flagship of Norway's industrial development in this century. Today's inauguration confirms its ambitious strategy to further expand its activities in the region. This is indeed not a first step for Hydro in the South East Asia. Over the last years the company has steadily increased its presence here in Singapore and in the neighbouring countries.

Norway came to Asia by sea. We never had any colonial presence nor have we ever held any such ambition. But our merchant fleet has been plowing the seas of Asia for more than 150 years. Today, Norwegian ships are still the most visible bearer of the Norwegian flag in the South East Asian region.

Over the years, however, a broad scope of Norway's manufacturing industry has followed in the waters of the merchant fleet, offering a remarkable spectrum of state-of-the-art industrial products and services.

Today, 110 Norwegian companies are present in Singapore. For many of them, including Norsk Hydro, Singapore has become the bridge to the markets of South East Asia. Hydro's decision to make Singapore it's home base for Asia is a manifestation of Singapore's qualities as a country for expanding industries and as a hub for growing industrial activities in Asia.

A common denominator for Hydro's activities is energy. Today, the company is in the forefront in the exploration of oil and gas resources in the rough environment of the North Sea. Based on advanced technology, efficient production and extensive market knowledge, Hydro holds a world class position in diversified activities ranging from fertilizer, aluminum and magnesium to fish farming. Over the years, Hydro has adapted its activities to stringent environmental requirements in Norway. As a result, Hydro ca offer world class environmental and safety standards to Asia.

Hydro has decided to expand from today's main emphasis on trade and sales to more production and investment. Hydro will offer the Asian market the best that Norwegian industry can deliver. It's increased presence will have great spin-off effects, encouraging more Norwegian companies to concentrate on the Asian market.

The Norwegian Government is firmly supporting this development. Together, Government and companies have devised a common approach towards Asia based increased political dialogue, increased trade and economic cooperation and increased cultural exchange. This week I have had the opportunity to pursue this through meetings with political leaders in Indonesia and here in Singapore.

I wish Norsk Hydro and all the men and women working for the company the best of luck in the challenging and promising years lie ahead.

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