HANGZHOU - A KEY task of the new Economic Strategies Committee (ESC) is to think of fresh ways for Singapore's companies to build themselves overseas, especially in Asia, said Prime Minister Lee Hsien Loong on Thursday.

Sharing with Zhejiang province party boss Zhao Hongzhu on Singapore's strategies to tackle the global financial crisis, Mr Lee told him that for the long term, it is critical to come up with new ideas to grow the economy.

'There are many ideas to look at but one of the ideas which we have to continue and enhance is how to have our companies and businesses go overseas and benefit from the opportunities and growth in Asia including in China,' he said at the start of his four-day visit to three Chinese cities in the Yangtze River Delta region - including Hangzhou, Ningbo and Shanghai.

The setting up of the ESC was annouced by Mr Lee in Parliament on May 27. The committee, chaired by Finance Minister Tharman Shanmugaratnam, is tasked with coming up with new and creative ways to grow the economy for the long-term.

'We have had some success over the last 15, 20 years as we have gradually learnt about the region and our business people have operated in China and we are more familiar with the environment,' Mr Lee said on Thursday.

'There are still many opportunities which will continue to open up and our people must understand this and take advantage of it.'

One such example is the Ascendas Singapore-Hangzhou Science and Technology Park, which will be opened by Mr Lee on Friday.

Such projects have helped trade between Singapore and Zhejiang soar to US$2.34 billion (S$3.38 billion) in 2008, up 12.8 per cent from 2007.

Mr Lee added that he hoped more Zhejiang companies can go to Singapore and be listed there, using the island nation as the Chinese enterprises' international headquarters.

Mr Zhao had earlier told PM Lee that there are 53 Zhejiang firms with a presence in Singapore, including six which are listed there.

Read the full report in Friday's edition of The Straits Times.