Singapore and Zhejiang boost business ties; 15 deals signed at trade council meeting

Singapore firms will see more opportunities to grow in Zhejiang as China’s fourth-ranked province by GDP prioritises urban sustainability, innovation and modern living, Senior Minister of State for Communication and Information Sim Ann said.

In her speech at the 14th Singapore-Zhejiang Economic and Trade Council (SZETC) in Hangzhou – where Singapore companies signed 15 deals with their Zhejiang counterparts – Ms Sim said there is great synergy for Singapore and the southern province to partner each other as both strive towards a sustainable urban future and quality living for their people.

Ms Sim, who co-chairs the council, said Singapore companies can ride on projects such as the Zhejiang Greater Bay Area Development and Zhejiang Pilot Free Trade Zone, while Zhejiang enterprises can also tap Singapore’s strengths as an international trade and financial hub to access the South-east Asian market.
Sustainable urban development has always been a focus for Singapore,” she said in Mandarin.

“I hope that Singapore can work with Zhejiang to build a sustainable, future-forward city in the Zhejiang Greater Bay Area, and together create a people-oriented community of the future.”

The 15 memorandums of understanding signed covered areas such as urban development, e-commerce and youth exchange.

The pacts include a collaboration between a Singapore consortium and the Jiaxing Municipal Government to develop an integrated township project with Singapore’s urban planning DNA, such as the inclusion of an integrated community living hub.

Singapore e-commerce firm Shopee also signed a deal to develop a cross-border e-commerce eco-system in Hangzhou that will feature one-stop access to logistics, incubation and customs clearance functions.

Bilateral trade between Singapore and Zhejiang grew by almost 25 per cent to reach US$4.91 billion (S$6.65 billion) last year. Investments by Singapore firms into Zhejiang doubled to over US$500 million compared to previous years, noted Ms Sim. Singapore firms have, to date, invested more than US$6.2 billion in the province.

Ms Sim, who is on a four-day business mission to Zhejiang, called on Zhejiang Governor Yuan Jiajun and Vice-Governor Zhu Congjiu on Tuesday (June 25). She will also meet Jiaxing Party Secretary Zhang Bing and Ningbo Party Secretary Zheng Shanjie during the trip, and is guest of honour at a Singapore-Ningbo innovation forum on Wednesday.

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