Contrary of traditional investment agencies, Singapore does not seek for investors, it seeks for countries to invest in. One of the 11 honorary business representatives of Singapore worldwide, Süha Güçsav told us about the secrets behind this little countries' success and explained ways to do business with Singapore. Even though it is not only Southeast Asia’s but one of the world’s smallest countries, Singapore that manages a very large economy is a true success story. Thanks to its unique government system Singapore lowered corruption to zero, worked miracles on health and education systems and broke new grounds on technology. Since it does not have any natural resources nor land to invest in, the country can only transform its savings into investments abroad. Formerly known as Singapore Trade Development Board, IE Singapore that realized most of its investments in regional countries such as China, Malaysia and Vietnam is now looking for new regions to invest in. Newly appointed as the 11th member of Singapore’s Honorary Business Representatives Board, Akfen Holding CEO Süha Güçsav explains that he had the chance to get to know Singapore via PSA and TEMASEK whom they are partners with in Mersin Port. We had the chance to talk to Süha Güçsav about Singapore’s economy, secrets of its success and of course investment opportunities in Turkey. How did you come into duty? Can you inform us on the establishment process and activities of the representation office in Turkey? We have won the tender of Mersin Port’s privatization in 2005 and took over the port in 2007. Our partner PSA International is Singaporean government’s port operating company and it is also world’s largest container port operator. The company handles one out of every five containers in the world. Our partnership has been very coherent since 2007. During our collaboration we learned about Singaporean culture and visited the country many times. We have made business connections with different parties as well. It is a must to get to know Singapore: the state is very dominant on economy. Singaporean treasure owns two very large funds TEMASEK and GIC. Our partner PSA belongs to TEMASEK’s portfolio. Hence when you make business with one of the companies you get to develop a relation with TEMASEK. Country’s investment agency IE Singapore was in preparations to establish an office in Turkey. They told about their project and asked if I was interested in it. I responded “with pleasure” because I personally love Singapore. For example I have read many books written by Singapore’s founder Lee Kuan Yew whom we lost this year. There is a miracle in all this. After all Singapore was a marsh country with 300 dollars income per capita and no economy. Becoming one of the top three richest countries in the world while zeroing on corruption is a great story of success. What are the requirements for this duty? Is it to make Turkish companies invest in Singapore? Investment agencies primarily focus on drawing investments to their country. Singapore’s investment agency is quite the opposite because they do not have any land to invest in. Therefore what is important is to create business opportunities in foreign countries. Even though Singapore doesn’t have any natural resources, it is the largest oil exporter in the world. Thanks to its advanced refinery infrastructure, it processes then exports all crude oil in the region. Why nations in the region do not refine their own oil? Singapore’s technology is so advanced that they get maximum efficiency. For example they do not have any water resources however they purify sea water and they export the drinking water to Malaysia. What is behind Singapore’s success? In order to understand Singapore one needs to live it profoundly. It is a society with strict rules. However they receive a very valuable asset in return: corruption is really down to zero. One of the most criticized topic is that prime minister and the other ministers have very high salaries. Why the salaries are so high? To employ good employees one needs to pay enough. But when Singapore prime minister visited Turkey he did so with a scheduled flight of Singapore Airlines. For example their presidential palace is a place where all high state officials conduct their meetings. The palace is not residential, the prime minister continues to stay in his private residence. When almost all economy is state controlled how they prevent political interference to companies? There has been only 3 prime ministers in duty since Singapore separated from Malaysia and declared its independence in 1965. This is very important because the successor never begins from scratch. Founder of the state, Lee Kuan Yew governed the country uninterruptedly from 1965 to 1990. His deputy took over the prime ministry in 1990 and succeeded until 2004 where Lee Hsien Loong the new prime minister who is also the first prime minister’s son takes over. He is still the prime minister. In that way the accumulation of knowledge becomes enormous you grow progressively. Can we say that your appointment will pave the way for IE Singapore to realize new investments in the region? I was much aspired to be appointed for this duty because I knew Singapore’s greatness. Let me share a number with you: TEMASEK Holding makes 40 million worth of business every year worldwide. It acquires and sells companies. Its assets are worth over 200 billion Singapore dollars. Similar sizes can also be said about GIC a. 5 million people, two foundations each worth 200 billion dollars, 60 thousand dollars of income per capita and no land. It has to invest somewhere. When I took office I said: “fantastic” because they love Turkey and invest in emerging countries. Also we have a very successful partnership which is a good reference. Therefore there is no reason for more investment not to come. Have been successful on that? No. It is not because of us, unfortunately Turkey is going through an unlucky era. They are very hesitant to invest but once you partner with them the partnership can last very long since they maintain a very healthy relationship. I am the president of Foreign Economic Relations Board’s (DEIK) Turkey-Singapore Business Council. With either hats, when I am not at work, I spend my time for this duty. We welcomed their prime minister for the first time in history during our current president of the republic’s term in office. Contacts were initiated between ministers. Discussions for free trade agreement between two countries began. Hopefully when Turkey strives for development again I believe that we will receive a lot of investments from Singapore. You have stated that they have many decision criteria to realize an investment. What are the main reasons behind their difficulties to decide? Singaporeans have many check boxes before they invest in something. Without them they do not even look at the investment. Firstly it should be environmentally friendly and not harm humans. It requires a very high standards of corporate governance. It has to be transparent. No matter how profitable the business is they do not participate in it without these in the table. Our partner PSA is one of the most internationally operating companies in Singapore. But not all Singaporean countries are active as much. TEMASEK’s CEO is prime minister’s wife. However one mustn’t see the family as rulers of the country. That is never the case. A Singaporean’s first priority is human welfare. Singapore is one of the few countries that we have a surplus regarding trade. What can be done to increase the trade between two countries? In general Singapore is an import dependent country because it has no land. Therefore regarding foreign trade they experience deficit with many countries. It is one of the few countries we have trade surplus. We have a very trade volume trade with Singapore. It is considered to be around 700-800 million dollars. It can grow to higher numbers however we need to set our regulations right. For instance Singapore imports all of its food demand. Turkey is such an agriculture country, one can advance further on this field however compliance to their standards is a must. I am conducting a study around this subject. A grocery store chain owned by TEMASEK Holding is purchasing in serious amounts. It has a number of standards. I am working on it. They are new to this region. In time when we minimize the geopolitical risks I believe there will be significant developments. Not having the capacity to be able to work in countries with high level of corruption is one of the major difficulties experienced by Singaporeans. Let me tell you an anecdote: As neighbors in the same building, we welcomed IE Singapore Investment Agency with a box of chocolate when they first moved to their office. A Turkish employee told me later on that they had to fill out 50 forms when we brought the chocolate. Corruption for them is similar to be forbidden by religion. They are very strict about it. What are your thoughts on the scope of the free trade agreement? Accordingly, a Free Trade Agreement was signed by Turkey and Singapore in November in order to strengthen relations between two countries. However, as said before, the free trade agreement alone is not enough. In order for us to export to Singapore, our regulations will have to be synched with theirs Lastly, is there any opportunities in Akfen’s agenda for new partnerships with Singapore? We analyze opportunities for possible new partnerships with PSA across industries. My guess is that in coming years as Akfen we will be able to bring Singaporean investments for other industries in the country.