Singapore Exhibitors Reap More Deals At 2nd CIIE
- 26 MOUs were signed between Singapore and Chinese enterprises through tailored business matching sessions
- Tailored Business Pitching Sessions and WeChat digital business matching platform connected Singapore exhibitors with Chinese buyers
To date, 26 Memoranda of Understanding (MoUs), with a known value of SGD260 million (RMB 1.34 billion), were signed between Singapore companies and Chinese enterprises. Last year, 15 MoUs, valued at SGD152 million (RMB 780 million) were signed.
This includes 23 MoUs which were inked during the business matching sessions facilitated by the Bank of China Singapore Branch as the sole financial partner of SBF, from 6 through 8 November during the Expo. This year, close to 60 Singaporean companies signed up for the event, with each company scheduled to meet more than 50 Chinese buyers.
Companies that signed MoUs during the business matching sessions include Foodie Drools, The Ballet & Music Company, Prestige Accounting, Four Seasons Durians and Active Lifestyle.
Aaron Goh, Business Development Manager of Active Lifestyle said," Our company signed two MoUs at this year’s CIIE, helping us to deepen our relationships with Chinese buyers and widen our market presence in China. Our company first entered Beijing in 2001 and have since expanded to other cities. There is a growing interest in fitness in China and we hope to grow our presence as Chinese consumers seek healthier lifestyles.
Henry Lu, Managing Director of Prestige Accounting added, “ This is our first time exhibiting at CIIE. We have interacted with more than 100 potential business partners and customers with 3 MoUs inked. We are excited to meet with all the prospects that visited our booth. China is a strategic market for us due to its vibrant economy. We are confident that China’s economy still has room to grow for growth and look forward to expanding our presence there.”
Three MoUs were also inked at the Singapore-China Trade and Investment Forum held on Nov 6. These include:
- An investment agreement between Tembusu Partners (Singapore), Guiyang Ruishu Investment Management, and state owned Renhuai Moutai Flavor Liquor Industry Development & Investment on the launch of the first China-Guizhou Baijiu Fund to invest up to RMB 2 billion in the baijiu-related businesses. Renhuai Moutai Flavor Liquor Industry Development & Investment will anchor the Fund with RMB 650 million
- A strategic agreement between Westcom Solutions and Avic Phoenix Shanghai, a subsidiary of Chinese state-owned company China Aviation to appoint Avic Phoenix Shanghai as its exclusive business partner in China to promote its biotechnology solutions for food waste recycling
Singapore’s Minister for Trade and Industry Mr Chan Chun Sing toured the Singapore Pavilions and interacted with exhibitors on Nov 6, before participating in a dialogue at the Singapore-China Investment Forum.
SBF Chairman Mr S.S. Teo said, “The CIIE is an important platform for Singapore companies to showcase their products and services and to explore collaborations with Chinese and international companies looking to enter China’s market. Beyond the commercial outcomes, I think our exhibitors value the connections made and insights gained of the Chinese market and the latest trends as well as products and services that other international exhibitors have on offer.
“Even before the 2nd CIIE ended, SBF inked an MOU with the CIIE Bureau to signal our commitment to participate in CIIE 2020. With the support of Enterprise Singapore, we hope to encourage more companies to take part in this iconic Expo that continues to forge business opportunities and partnerships for our companies.”.
SBF CEO Mr Ho Meng Kit said, “For our small and medium-sized enterprises, especially those new to the China market, CIIE is an excellent avenue for them to get connected and to understand the market better. Over the years, the ease of doing business in China has improved, so much so that our smaller companies are looking at expanding into China, when previously it was dominated by larger enterprises. I’m glad to see so many of our SMEs participate and clinch deals in this year’s CIIE.”
This year, the SBF also introduced a new business pitching and networking session saw 12 Singapore companies showcase their products and services to Chinese buyers. Companies that took part include RSP Architects Planners & Engineers Pte Ltd, Commodities Intelligence Centre, Ninja Logistics Pte Ltd, OSIM and Four Seasons Durians .The event attracted close to 300 participants, including senior government officials, business leaders from various industries across Singapore and China.
SBF also launched a WeChat mini programme on October 31 to help buyers connect easily with Singapore exhibitors, allowing them to send messages and make appointments in real-time. To date, the business matching mini-programme has attracted about 800 Chinese buyers from various industries.
Please refer to the Chinese version of this media release here.