One-stop centre set up for Singapore firms in Shanghai

Small and medium enterprises (SMEs) looking to venture into China will now have a new point of contact in Shanghai.

Launched on Tuesday, the Singapore Enterprise Centre is a one-stop location that will provide one-to-one advisory services, market information and business leads to companies.

The centre was jointly initiated by trade agency International Enterprise (IE) Singapore and the Singapore Chinese Chamber of Commerce & Industry (SCCCI).

Over the next three years, the centre aims to reach out to over 4,000 SMEs, said Mr Teo Eng Cheong, IE's chief executive.

At Tuesday's event, a memorandum of understanding (MOU) was also signed between the centre and the Waigaoqiao International Trading Operation Centre, to facilitate the entry of Singapore companies into the Shanghai Free Trade Zone.

The new zone will ease restrictions on foreign investments as well as liberalise trade and service segments such as banking, shipping, education and medical services.

The SCCCI also signed two other MOUs at the event. One was with the Bank of China Shanghai Branch to assist member companies with their ventures in China, including 10 billion yuan in credit over the next three years. The other was with Xinhua Net Portal to strengthen the Chamber's online outreach in China.