The founder of modern Singapore, Sir Thomas Stamford Raffles, first set foot on the island in 1819. Realising its immense potential he negotiated a treaty with the local rulers that granted Britain the right to establish a trading post in Singapore. Although his objective was to open a trade route for the East India Company, the principles he laid down at its establishment played a key role in the development of modern Singapore. The landing site of Raffles is today marked with his statue by the Singapore River.