Mr Nowell examined the business and trading ties between Singapore and New Zealand and how the untapped potential could best be realized.

Singapore was an important trading partner for New Zealand and ranked high on its list of ASEAN trading partners. However, total bilateral trade still only amounted to NZ$1.3 billion dollars, which was low by international standards. Considering Singapore's immense strength as a regional launching pad, Mr Nowell believed that there was scope for improvement.

Singapore is New Zealand's largest source of imports from the ASEAN region but only the fifth largest destination for New Zealand exports with diary products forming the bulk of the trade. However, as an economy with a high per capita income, there should be greater interest in the wealth of innovative high- quality products that New Zealand was capable of producing.

Singapore exports had experienced healthy growth in the last few years. In particular petroleum, oil and fuel transmission apparatus saw a 100 per cent increase from 2003. Meanwhile, New Zealand exports to Singapore had languished.

It was an indication that Singapore had utilized their strategic strengths in the trading relationship but New Zealand's strategic strengths had not gone far.

On the tourism front, New Zealand continued to be an attractive holiday destination for Singaporeans. But tourist numbers were disproportionately small in comparison to its population size. Mr Nowell argued that New Zealand had many unique features and was a much cheaper and nearer destination than the United States or Europe. He was also alarmed that few young Singaporeans were choosing to study in New Zealand and vice versa.

Potential Areas for Improvement

New Zealand companies must leverage off their strengths as a primarily pastoral, agricultural nation especially when clean, safe food is presently of utmost concern. Isolation had also bred inventiveness particularly in its agricultural, biotechnology and food processing industries. In the areas of creative IT solutions and a number of expert service capabilities especially in engineering, New Zealand companies have proven to be winners.