Singapore is Ireland's second-largest trading partner in Asia and trade minister George Yeo is here to strengthen those business connections, writes Dominic Coyle

George Yeo is a long way from home, paying tribute to an Irishman who was an early influence.

Singapore's Minister for Trade and Industry has travelled far from the days when he was a student in the Catholic school run by the De La Salle brothers in the nascent city state but he turned the clock back this week to honour Brother Joseph McNally by opening an exhibition of his work in Dublin and visiting his hometown of Ballintubber in Co Mayo.

Joe McNally left Ireland for south-east Asia in the aftermath of the second World War and was captivated by the place.

Mr Yeo, who is also talking to the Tánaiste, Ms Harney, and business leaders during his official visit, hopes a new generation of Irish people will follow that path, adding to the strong links between the two states.

"We are hoping to step up business links. . . particularly with the very many start-ups you have in ICT and software," says Mr Yeo. "I think for them Asia will become more and more important.

"Within a seven-hour flying radius of Singapore, there is half the world's population. The whole region will account for more and more of the additional growth in the world economy so you will find young Irish people increasingly looking towards Asia for opportunities. . . and when they go to Asia they will probably find Singapore almost half Irish and, therefore, a very comfortable base of operations for them."

The Irish have a rich heritage in the young city state. Much of the city's colonial buildings were the product of Irish architects and about half the current cabinet was educated in Catholic schools, the backbone of which were Irish missionaries.

More recently, Singapore has found itself having much in common with Ireland. With an economy and population roughly the same size as ours, it is an open economy, dependent on foreign direct investment,

In many cases, the 6,000 multinational corporations with facilities in Singapore match the list of those with an Irish presence. Often, one finds Ireland operating as a European hub and Singapore as a south-east Asian centre.

While there are just 19 Irish companies with a physical presence in Singapore - and even fewer Singaporean businesses operating here - Singapore is Ireland's second-largest trading partner in Asia. It is also one of the few with which we have a substantial trade deficit.

IBEC is looking at building on business links between the two, and Enterprise Ireland operates an office in Singapore, which includes a small number of incubator units for Irish companies looking for a toehold in the market there.

Mr Yeo is keen on the idea. Singapore accepts that, with a population of just four million, there is a limit to the number of entrepreneurs it can produce.

It is, therefore, facilitating the setting up in Singapore of small and medium-sized enterprises (SMEs) from other countries and has set up enterprise centres with a number of states, including France, Germany and Scotland.

"I have also put it to your Minister that if you wish for there to be an Irish enterprise centre in Singapore for those of your young entrepreneurs who are interested in Asia, we will facilitate its establishment.

"This gives concrete expression to our bilateral co-operation," says Mr Yeo, who adds that he sees more and more Irish companies examining opportunities in Singapore. "There are too many opportunities in Asia, which they cannot cut themselves away from."

While Malaysia, the US and Japan remain Singapore's main trading partners, it sees Europe as a key market and also one that ought have a greater presence in the region. According to Mr Yeo, this will not change with the awakening of the slumbering economic giant, China.

Singapore is keen on signing a free-trade agreement with the European Union.

"I believe it will happen in the not-too-distant future," says Mr Yeo. "My argument is that Asia is growing rapidly and Europe has historical assets there which are underutilised.

"We see the presence of Europe in Singapore and south-east Asia as being of strategic importance. It gives us more room to manoeuvre."

While Singapore is trying to encourage entrepreneurism and, like Ireland, moving towards a knowledge-based economy, it has no regrets about its courting of multinationals.

"If we had to do it all over again we would be even more supportive," says Mr Yeo.

"For us, they are a crucial part of our economic strategy and even as we promote SMEs, we are completely realistic in accepting that, without multinationals in Singapore, we would be in big trouble."

However, he accepts that SMEs are key to Singapore's development.

"It is almost like we are going through a period of climatic change when many of the old dinosaurs are dying and new mammals are appearing on the landscape.

"Sometimes being small and spry can confer a huge advantage."

While Singapore is increasingly an inspiration to others looking to develop economic dynamism and flexibility, Mr Yeo admits it is perfectly happy to continue borrowing ideas from elsewhere.

"Everytime we do something different, we scour the world for ideas so we do not waste time reinventing wheel. Recently we had a delegation looking at your education system because we see in your education system aspects which we wish we had."

Told that the same education system is often a source of worry here, he replies: "We like those who worry. It's those who don't worry, who worry us."

It's attitudes like that which have turned Singapore from a marshy island to a vibrant city state, against the odds, in just 37 years.