We would like to express our thanks to Mr. Sopon Laosuwan of TEMCA for his commitment to take on the role as AFEEC president for an extra year, due to SECA’s absence in AFEEC Conference 2010 in the Philippines.

Our appreciation also goes to KECA for hosting the AFEEC Conference 2011 in- conjunction with the FAPECA Conference from 4 October to 6 October 2011 in Seoul, Korea.

With the current global economical risk escalated, we are concerned over the impact on our industry due to Euro crisis. We would like to suggest that all of us open our door for contribution by Member Countries to help AFEEC play a meaningful and significant role if possible.

Therefore we would like to welcome all Member Countries to air their view through email as and when possible. In the third quarter of 2011, Singapore GDP expanded by 6.1 % on a year-on-year basis. Overall 2010 the expansion was 14.5%. Just to report, for the last quarter of 2011, growth in the Singapore economy will likely weaken alongside deteriorating external macroeconomic conditions.

Headline CPI inflation, rose from 3.4% in the third quarter of 2010 to 5.4% in third quarter 2011. For 2011, CPI inflation is projected to average between 3 to 4 per cent.

The forecasted expansion for 2011 is 5% and 1.0 to 3.0% in 2012 adjusted by MTI in November 2011. As the new President of AFEEC, I wish all AFEEC Members a Merry Christmas and Happy New Year.

John Tan
AFEEC President (2011 – 2014)
7 December 2011