In a speech yesterday at the World Rubber Summit held in Singapore, Senior Minister of State for Trade and Industry Yi Huaren said that my country is currently one of the main centers of rubber trade and the amount of rubber trade handled is the value of global rubber trade. More than 50%.

　　He pointed out that Germany's Lanxess will invest 400 million euros (800 million SGD) to build Asia's largest butyl rubber production plant locally, further proving my country's ability as a rubber trading center.

　　The local butyl rubber production plant of LANXESS is expected to be completed in 2012. The plant is expected to produce 100,000 tons of butyl rubber per year.

　　Yi Huaren said that Singapore is also the pricing center of global rubber trade. 80% of the global rubber trade price is based on the rubber price of the Singapore Commodity Exchange (SICOM).　　 He pointed out that Singapore is not a natural rubber producing country or a major consumer market. It is a neutral rubber trading center that provides financing, procurement and risk management platforms for the rubber trading sector.

　　Yi Huaren pointed out that the slowdown in demand has spread to automobile companies around the world, and since tire manufacturing accounts for 70% of global natural rubber demand, this will also affect the price of rubber. Based on the uncertain economic outlook, Yi Huaren calls on companies in the rubber value chain to speed up adapting to the new rubber supply and demand situation.