The first Asia Expo of the International Council of Shopping Centers (ICSC) opened at Singapore's Suntec City International Convention and Exhibition Center Wednesday.

Over 1,200 developers, retailers and other industry professionals from more than 30 countries and regions are participating in the two-day event.

Apart from an exhibition of retail products, services and shopping center leasing opportunities, the Expo also includes conference sessions focusing on issues like retailing across borders and Asia's retail real estate investment revolution.

Speaking at the opening ceremony, Singapore's Minister of State for Trade and Industry S. Iswaran said there is tremendous growth potential for the retail industry in Asia.

He attributed the prospect to the sheer size and rapid growth of China and India, as well as the increase in personal wealth and higher disposable incomes in the region.

"To remain competitive, retailers in Asia will have to keep raising the bar in terms of quality, service standards, and product range and diversity," he said.

Singapore has been chosen to host the ICSC Asia Expo for the next three years.

Source: Xinhua