This can prove very demanding, particularly since data quality management in micro data is a very cumbersome process. Let me be clear here: micro data per se do not ensure highquality statistics. But it is true that if you have micro data you can check the quality of the data, pinpoint where the problems are and potentially revise them. In the case of aggregate data, you may not have the adequate means at hand to check their quality and correct them. An important issue for ensuring data quality is the proper identification of economic agents. In a complex and globalised world (and in particular in a monetary union where domestic transactions correspond to an area larger than your own country), the identification of counterparts to maintain high-quality statistics is simply essential. Since the European National Central Banks can only properly pursue their functions by previously identifying the financial corporations under their scrutiny and the non-financial counterparts of financial  2  market transactions, they have created their own register: the Register of Institutions and Affiliates Database, (RIAD). A key step forward to ensure there is adequate identification of agents at the European level would be to enhance cooperation in this field between the European Statistical System and the Eurosystem. This could be done, for example, by integrating their reference data directories (such as the ESCB’s RIAD and the ESS’s Euro Group Register).
We will continue to invest heavily in our people, especially our young, and equip the next generation with the right skills and cutting edge knowledge. We will continue to welcome global talent. To enhance Singapore’s magnetic pull, we are developing Singapore into a truly global city – a “cool” and “happening” place, with social and cultural vibrancy, good educational institutions, clean, green and safe environment and iconic international sporting events like F1 Grand Prix. But the strongest pull in this magnet is economic growth. Without economic opportunities, talent will not come or stay. What of the future? We did not foresee the Asian Financial Crisis coming in May 1997. Despite keeping a close watch, we may still miss something or misinterpret a blip on the radar screen. This is why I have emphasised the importance of maintaining the virtuous cycle of good governance and talent to generate growth. This is the best strategy to face whatever challenges ahead. Sustaining this virtuous cycle must be the task of all Singaporeans. Let me now say a few words about how I see the role of the SICC in Singapore’s future development. Given the diverse markets in which SICC members operate, your chamber can play an important role in helping our companies internationalise and seize global opportunities. The SICC can help your members move into new areas of growth like the Middle East. I am glad to note that more links and collaboration are being forged between SICC and your counterparts in the Middle East.