than that for the entire world fleet. We also have a high level of political stability, and we provide very efficient
low cost infrastructure, like
and
telecommunication.
BILLINGS: A few years ago Singapore was considered by the International Transport Workers Federation as a flag of convenience. You are not considered to be that now. How did you persuade ITWF to take you off their list?
MINISTER: You must remember that we have only been independent for the last 25 years. You probably have an understanding of how we got ourselves into a bit of misunderstanding. Shortly after we became independent in 1965, we rushed head on into wanting to start a registry without understanding fully the different configurations that was necessary. As a result there was some misunderstanding in the 70s. We have since then shown the records, explained in great detail to ITF and also to UNCTAD. I'm happy to say that they have looked at the evidence very carefully and both these organisations agree with us that we are not a flag of convenience.
BILLINGS: I'd like to turn now to a problem which has had wide publicity piracy not in Singapore waters but very
-
near concerning ships on their way to Singapore or leaving Singapore.
MINISTER: As you rightly pointed out, none of these attacks occur in Singapore's territorial waters because of the rigorous vigilance in our territorial waters. We are aware of the fact that some of these incidents do take place in international waters.
BILLINGS: But very close to Singapore?
MINISTER: Singapore is in such strategic location that in terms
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