SBF and IE Singapore lead largest business mission to Chongqing
- The Singapore business mission comprises almost 50 delegates.
- This is the first business mission led by SBF and IE Singapore to Chongqing since the launch of the Chongqing Connectivity Initiative in 2015.
14 April 2016 [Singapore] - The Singapore Business Federation (SBF) and International Enterprise (IE) Singapore will jointly lead a delegation of 29 companies to explore business opportunities in Chongqing from 15 to 17 April 2016. This mission is in conjunction with Minister in the Prime Minister’s Office Mr Chan Chun Sing’s official visit. This is the largest Singapore business delegation to visit the municipality since the Chongqing Connectivity Initiative (CCI) was launched in November 2015.
The Singapore business delegation comprises almost 50 senior representatives of companies from the financial services, aviation, transport and logistics, as well as information and communications technology (ICT) sectors, which are the focus sectors for the CCI. Also on the trip are the Industry Advisors to the CCI, who will lend their corporate and professional industry expertise to the project.
During the three-day mission, the Singapore delegation will meet local government officials and enterprises, develop a better understanding of Chongqing’s business environment, as well as gain insights to the CCI. The delegation will also attend the “Chongqing Connectivity Initiative Seminar” on 16 April 2016. The Seminar is organised by the Ministry of Trade and Industry and Chongqing Municipal Government, supported by the Chongqing Connectivity Initiative Office (Singapore’s project office) and the Chongqing Connectivity Initiative Administrative Bureau (Chongqing’s project office). At the Seminar, the delegates will have the opportunity to engage and network with representatives from the government, business and academia of Singapore and China on the topic of connectivity.
The CCI is the third Government-to-Government project between Singapore and China and it is focused on the western region of China. In addition to its status as one of the four direct municipalities in China and the only one in Western China, Chongqing plays a strategic role in key Chinese initiatives such as “One Belt, One Road” (OBOR), the Western Region Development and Yangtze River Economic Belt strategies.
OBOR is currently China’s top national-level strategy, and Chongqing has unique geographical advantages as it is positioned at the nexus of the Belt and Road. Since the introduction of OBOR, SBF has been actively promoting and supporting the Initiative, particularly through organising high-level business events. This business mission is part of SBF’s efforts to help Singapore companies explore and seize OBOR-related opportunities in Chongqing.
Mr S.S. Teo, SBF Chairman and CCI Industry Advisor, said, “The Chongqing Connectivity Initiative will further enhance collaboration between Singapore and China, bringing opportunities and investments that will benefit both countries and our businesses. Chongqing plays a vital role in China's regional strategies, such as "One Belt, One Road", to boost trade and investment along the overland Silk Road Economic Belt and the 21st Century Maritime Silk Road, connecting China with Southeast Asia, South Asia, Africa and Europe. We strongly encourage Singapore companies to set their sights on establishing and expanding their footprint in China, given Chongqing and Western China's strong potential for development and business opportunities arising from the various initiatives.”
Mr Lee Ark Boon, CEO of IE Singapore, said, “Over the last five years, West China accounted for over 20% of Singapore’s annual investment into China. It is now among the top investment destinations for our companies in China. At 11% GDP growth, Chongqing is one of China’s fastest growing cities. The Chongqing Connectivity Initiative (CCI) will further strengthen business ties between Singapore and Chongqing. The launch of daily flights will see more travels between Singapore and Chongqing, while newly introduced cross-border RMB initiatives will result in increased transactions. Singapore companies can leverage the momentum generated by the CCI to seize new opportunities in this region to meet potential partners and explore business collaborations.”
In recent years, there has been strong economic cooperation and investment interest from Singapore companies in Western China. According to the Chongqing Foreign Trade and Economic Relations Commission, by the end of 2015, there were 245 projects, accumulating to a total investment value of US$5.68billion in Chongqing. Singapore also became Chongqing’s largest source of foreign direct investment.