Here in Singapore, as we develop GIC to invest our national reserves, we have always looked towards NBIM in maintaining a close professional exchange of views and in mutual learning from one another. Over the past 12 years, the two organisations have actively exchanged best practices across a full spectrum of investment, risk management, operational and governance issues; the professional ties extend across many levels between the two organisations. These, I am told, have included a regular dialogue between GIC’s senior management and Governor Gjedrem of Norges Bank and his management team at NBIM. 5. This partnership extends into the international arena. In particular, the work undertaken by the International Working Group or IWG , IMF’s grouping of SWFs which includes both Norway and Singapore, has important relevance to the global community. I believe NBIM and Singapore’s GIC and Temasek share many common views of SWF best practices and serve as thought and practice leaders in the area of SWF investments. 6. I am pleased to note that the IWG has since advocated a meaningful and credible set of principles in the form of the Generally Accepted Principles and Practices or GAPP, for short. These principles serve to underpin the strategic investments of the SWF community. This is an important development because SWFs have become a significant investor group. According to the IWG, since 2005, at least 17 funds were created. There are now 38 SWFs. Last year, SWFs collectively managed over $ trillion of assets.
Ajith Nivard Cabraal: Inequality, poverty and development Inaugural address by Mr Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka, at Annual Sessions of the Sri Lanka Economic Association (SLEA), Colombo, 10 August 2007. *  *  *  Mr. Chairman, Distinguished Invitees, Ladies and Gentlemen, At the outset, I wish to congratulate the Sri Lanka Economic Association (SLEA) for their initiative at organizing this important and timely event, the Annual Session focusing on Inequality, Poverty and Development. This forum would give a wonderful opportunity to all the participants to share their valuable thoughts and eventually enable them to contribute to the prosperity of this country and the well-being of our people. I am also delighted to have been invited to deliver the inaugural address to this distinguished audience and I must say that I consider it a great honour and a privilege. The SLEA has been organizing events of this nature for many years and at most such events I have been an active participant. I have myself benefited immensely from these fora, and I know most of you academics, and professionals have also gained from these well balanced sessions and fruitful discussions. Further, the themes that have been selected by SLEA and the calibre of the resource persons they have invited during the past prove their willingness to make an important contribution to the development in this country.