Singapore is setting up the Infocomm International Advisory Panel to help realize its goal of becoming a regional infocomm hub, Minister for Information, Communications and the Arts (MICA) Lee Boon Yang announced Tuesday.

"This platform allows Singapore to have continual dialogues at the strategic level with leading industry leaders for a healthy exchange of ideas," said Lee, adding that key figures from industry giants such as IBM, Microsoft, Oracle and Hewlett Packard have agreed to join the panel. Speaking at the official opening of the Infocomm Media Business Exchange (IMBX) 2005, Lee also announced a new policy framework

for Internet Protocol (IP) Telephony services, aiming to facilitate the entry of such companies into local market.

"We expect growth in IP Telephony to bring about reduced costs in providing telephone services, and in turn, translate to reduced prices and more service choices for businesses and consumers," Lee noted.

According to the latest figures released by the country's Infocomm Development Authority, the industry's revenue grew by 5 percent to reach 34 billion Singapore dollars (about 20 billion US dollars) in 2004, and is forecast to further expand by 3 to 5 percent over the next two years.

IMBX, comprising conferences, exhibitions and activities, is showcasing the latest technologies and applications in infocomm and media industries, which are expected to help improve both business efficiency and quality of life.

Source: Xinhua