4th SCTIF Provides Key Platform for Singapore Businesses to Seize Opportunities in China
▪ Minister for Trade and Industry Mr Gan Kim Yong participated in the SCTIF Ministerial Dialogue and encouraged Singapore and Chinese companies to work together to tap on the continued growth of China’s domestic market, as well as areas of opportunities such as in the digital economy and in the green economy.
▪ Five MoUs signed between Singapore and Chinese businesses in the food, healthcare and office coworking sectors to bolster R&D capabilities and expand joint promotion and distribution channels in the growing China market.
▪ Tailored business pitching sessions and virtual digital business matching platform connects Singapore companies with Chinese buyers for long-term partnerships post-CIIE.
Saturday, 6 November 2021 [Singapore and China] - Held in conjunction with the China International Import Expo (CIIE) 2021, the Singapore Business Federation (SBF) with the support of Enterprise Singapore (ESG), organised the 4th Singapore-China Trade and Investment Forum (SCTIF) today. The event was held in a hybrid format with participants attending both virtually and physically in Shanghai, China at Hotel Indigo Shanghai Hongqiao.
The SCTIF serves as a high-level bilateral business platform to foster dialogue, exchanges, and cooperation between the business communities from Singapore and China. The theme of the 4th SCTIF is “Singapore-China: Seizing New Opportunities Together” and the event was attended by over 500 Singapore and Chinese business leaders, entrepreneurs, and trade delegates, on-site and virtually, keen to seek out new partnerships and business opportunities.
Mr Lim Ming Yan, Chairman of SBF said, “Over the past 30 years, China and Singapore have continued a strong and enduring relationship. This can be attributed to our two nations sharing a common vision and cooperating on new opportunities that have brought about growth and prosperity for all. Singapore’s presence at CIIE, even during this pandemic, is exciting. With 45 companies braving the odds to attend the expo physically in Shanghai, this sends a strong signal that China remains a key priority market for Singapore businesses.”
Minister for Trade and Industry Mr Gan Kim Yong graced the forum in Singapore as Guest-of-Honour where he delivered a keynote speech and participated in a Ministerial Dialogue moderated by CEO of SBF Mr Lam Yi Young. Minister Gan shared key insights on Singapore’s economic outlook, Singapore’s COVID-19 strategies and how Singapore and Chinese businesses can tap on the continued growth of China’s domestic market, as well as opportunities in the digital and green economy to boost business growth.
As a concrete showcase of the strong business and economic ties between Singapore and China, five MoUs were signed at the SCTIF today, including:
• An agreement between 12 Singapore enterprises and PetroChina Kunlun Hospitality Co. Ltd., a major retail chain of gas stations in China under PetroChina, and Sinaco Industries Pte Ltd., a wholly owned subsidiary of PetroChina in Singapore. The agreement will allow the 12 Singapore companies to sell their products online and offline through PetroChina Kunlun Hospitality’s Gas Station Retail System in China, offering a huge opportunity to reach a large group of Chinese consumers. Natura Biotechnologies will be the representative signatory on behalf of the 12 Singapore enterprises.
• A strategic agreement between Singapore-based All New International Pte Ltd with Shanghai Laiyifen Co. Ltd., expected to be worth USD$3 million by 2022, to source food products from ASEAN to distribute through the Chinese company’s more than 3,000 stores nation-wide. The collaboration showcases the excellent relationship between Singapore and Chinese companies in resource sharing and leveraging Singapore companies’ well-established business network in the region to support Chinese consumers.
• An agreement between Yeo’s, a food and beverage consumer household name in Singapore with The Onion Global, a NYSE-listed brand asset management company, to develop and sell Yeo’s products to Chinese consumers through The Onion’s cross-border e-commerce platform Omall. This partnership between Yeo’s and The Onion Global aims to build a brand of healthy food and beverage products targeted at young Chinese consumers.
• A partnership between Switch, the world’s first on-demand workspace platform with Henderson’s Being Cospace. This will establish Switch’s first booth collaboration with a coworking brand in China, which will allow Singapore and Chinese companies to tap on this innovative network for seamless cross border work in China and Singapore.
• A strategic co-operation between Easy M Smart Technologies Pte Ltd, a Singapore AI-company in the new retail space, with Wuhan ChuangWeiJiaHua Information Technology Pte Ltd to promote innovation, technology research and intelligent manufacturing. The agreement includes technical cooperation on Sharing Box 2.0, a leading smart retail solutions technology.
The SCTIF also provided value-added services for participating businesses, including a customised Business Pitching session where senior representatives from 12 Singapore homegrown brands such as Orient Crown Pte Ltd, GeTS Asia Pte Ltd, and Prestige Accounting Pte Ltd showcased their products and services to professional Chinese buyers, distributors, and potential business partners.
SBF also launched an inaugural virtual platform for SCTIF and Singapore’s participation in CIIE, to provide business matching services for Singapore exhibitors and prospective buyers and clients from China and the region. This digital platform will help maximise opportunities for Singapore exhibitors and allow them to establish relationships beyond CIIE, while giving Chinese visitors a convenient way to engage with the Singapore exhibitors.
Mr Lam Yi Young, CEO of SBF said, “Internationalisation remains a key strategy for Singapore businesses looking for growth. Through platforms such as the SCTIF, SBF will continue to help Singapore companies fulfil their internationalisation aspirations by connecting with new and existing customers and suppliers and securing deals to diversify and expand their business beyond Singapore shores.”
To better support Singapore exhibitors at CIIE this year, SBF has also expanded its partnership with financial service partners to include Shanghai Pudong Development Bank, in addition to the Bank of China, Singapore Branch. Singapore exhibitors can tap on the business networks and specialty services offered by these financial services partners to make successful inroads into China.