Singapore business community deepens bilateral trade with China
- Stronger business collaboration in port management, shipping, logistics, finance, real estate, tourism, education and health sciences
- Six Memorandum of Understanding (MOUs) signed between Singapore organisations and Chinese government agencies on the day of the 11th China-ASEAN Expo (CAEXPO) Opening Ceremony
- Singapore Business Federation (SBF) inks MOU with the China Council for the Promotion of International Trade (CCPIT) to establish China-Singapore Business Council (CSBC)
16 September 2014 [Nanning, Guangxi] – Two MOUs were signed at the Opening Ceremony of the 11th CAEXPO today. The signing parties of the MOUs are (1) Pacific International Lines (Pte) Ltd (PIL) and Guangxi Beibu Gulf International Port Group Co Ltd and (2) PSA International Pte Ltd (PSA) and the Guangxi Beibu Gulf International Port Group Co Ltd. With port cooperation the key focus of this year’s CAEXPO, the MOU signing was witnessed by ASEAN leaders from Brunei, Cambodia, India, Indonesia, Laos, Japan, Malaysia, Myanmar, Thailand, Vietnam and China.
The MOUs aim to further bilateral ties between the country’s collaboration in port-related areas, such as construction and operation of the port, integrated logistics system, trade and logistics and real estate.
Later in the day, SBF and CCPIT inked an MOU at the Roundtable with Chinese CEOs chaired by Prime Minister Lee Hsien Loong. The MOU was signed by SBF Chairman
Mr S.S. Teo and CCPIT Chairman Mr Jiang Zhengwei.
The SBF and CCPIT MOU aims to:
- Promote commercial and industrial relations between the People’s Republic of China and Singapore
- Establish the China-Singapore Business Council
- Maintain and strengthen trade and investment between China and Singapore
- Improve the economic development of China and Singapore
A total of four MOUs were signed and witnessed by Singapore Senior Minister of Trade and Industry and Ministry of National Development, Mr Lee Yi Shyan, and Chairman of Guangxi Zhuang Autonomous Region, Mr Chen Wu.
On 15 September 2014, SBF Chairman Mr Teo also witnessed the signing of six MOUs at the Guangxi-Singapore Business Forum - inked to promote tourism, real estate, education and health sciences.
“This has been an eventful day for the Singapore’s business community. The dozen or so MOUs between Singapore companies and organisations with Chinese government agencies point the way to more robust and dynamic business collaboration between both sides.” said SBF Chairman Mr Teo.
China is Singapore’s top trading partner, with total trade amounting to S$115.2 billion in 2013. In the same year, Singapore’s investments in China reached US$7.23 billion, becoming China’s largest investor country. Besides Singapore’s two flagship government-to-government projects – the Suzhou Industrial Park and the Tianjin Eco-city – both sides have also strengthened economic links through private sector-led initiatives. This includes the Guangzhou Knowledge City, the Jilin Food Zone, the Singapore-Nanjing Eco Hi-Tech Island, and the Singapore-Sichuan Hi-Tech Innovation Park.
Beyond economic cooperation, Singapore and China are also exploring new spheres of collaboration in education, culture, social management and finance. Recent initiatives include the Singapore-China Forum on Social Management, the education and research collaboration between the Singapore University of Technology and Design, the Massachusetts Institute of Technology, Zhejiang University, as well as the establishment of the China Cultural Centre in Singapore.
SBF led their largest SBF delegation to date, consisting of over 90 companies including nine TACs in conjunction with Singapore’s participation at the 11th China-ASEAN Expo (CAEXPO) in Nanning, Guangxi.
Last year’s 10th CAEXPO attracted a total trade volume of around US$1.9 billion and 52,000 trade visitors, with 118 international economic cooperation programmes signed.