EU leaders to ensure Asia that Europe is still open for business

Prime Minister of Poland Donald Tusk (L) is welcomed by his Singaporean counterpart Lee Hsien Loong (R) before a meeting at Istana or Presidential Palace in Singapore, 04 November 2012. Prime Minister's Lee and Tusk witnessed the signing of a revised Avoidance of Double Taxation Agreement during the visit. EPA/STEPHEN MORRISON

The guests list for the top-level, biannual summit include 21 prime ministers and 14 heads of state from the 27 EU nations plus China, Japan, India, Russia, Australia, Pakistan, New Zealand, South Korea and Mongolia.

EU leaders are seeking ensure that the Asian business sector is aware that despite the eurozone crisis, "Europe is still an economic power," French president Francois Hollande told reporters.

On Sunday, Prime Minister Donald Tusk was in Singapore for talks with Prime Minister Lee Hsien Loong and President Tony Tan Keng Yam.

The talks agenda included Singapore’s relations with the European Union, notably the final stage of negotiating a free trade agreement, as well as Singapore’s investments in Poland.

A bilateral agreement was signed on avoiding double taxation and on preventing the evasion of taxes on incomes.

Mr Tusk also had a working lunch with representatives of the largest sovereign wealth funds in Singapore, during which he spoke about investment opportunities in Poland.

Among those taking part were the presidents of the Government of Singapore Investment Corporation GIC and of Temasek Holdings, which occupy the 8th and 9th place in the list of the world’s top sovereign wealth funds.

The former has already participated in privatisation transactions in Poland and has displayed an interest in further deals. More talks with representatives of sovereign wealth funds are held today and tomorrow by Poland’s Treasury Minister Mikołaj Budzanowski. (mk/pg)

source: PAP/Economic Times