Singapore, China discuss further investment and trade collaborations

Singapore and China reaffirmed their commitment to collaborate with each other in investments and trade on Thursday at the fourth meeting of the Singapore-China Investment Promotion Committee (IPC). -- ST PHOTO: LIM YAOHUI
Singapore and China reaffirmed their commitment to collaborate with each other in investments and trade on Thursday at the fourth meeting of the Singapore-China Investment Promotion Committee (IPC). -- ST PHOTO: LIM YAOHUI

Singapore and China reaffirmed their commitment to collaborate with each other in investments and trade on Thursday at the fourth meeting of the Singapore-China Investment Promotion Committee (IPC).

The meeting, held in Singapore, was co-chaired by Singapore's Minister for Trade and Industry Mr Lim Hng Kiang and China's Minister of Commerce Mr Gao Hucheng.

The IPC meeting is a platform for Singapore and China to share information on economic policies to promote greater investment flows between the two countries.

At the meeting, the Ministers discussed opportunities for collaboration arising from China's ongoing economic reform and ways to facilitate investment cooperation in key growth sectors.

The meeting noted that Singapore companies are keen to play a more active role and participate in China's growing services sectors.

The Ministers also explored initiatives to further facilitate Singapore and Chinese companies' internationalisation plans to tap on these growth opportunities.

During the meeting, the Ministers also underscored the importance of reviewing the China-Singapore Free Trade Agreement (CSFTA) to ensure that it remains relevant and useful to businesses.

Singapore and China enjoy strong economic relations. China has been Singapore's top investment destination since 1997. In 2013, China was Singapore's top trading partner, while Singapore was China's largest source of foreign direct investment.

While in Singapore, Mr Gao also called on Deputy Prime Minister Teo Chee Hean and met with Singapore and Chinese companies based in Singapore at the IE Singapore Global Conversations hosted by Senior Minister of State for Trade and Industry Lee Yi Shyan.

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