There is vast potential for tech companies from Singapore and the Chinese city of Chongqing to cooperate, as they can leverage one another's strengths and open up new opportunities, Emeritus Senior Minister Goh Chok Tong said yesterday.
This cooperation will also lead to dividends on the bilateral account, as greater information and communications technology (ICT) connectivity will help boost physical and digital trade between Singapore and China, said Mr Goh.
He was delivering the keynote address at the opening ceremony of the inaugural Smart China Expo, where he described how technology was a key aspect of cooperation under the Chongqing Connectivity Initiative (CCI), a joint government project between Singapore and China. The CCI aims to spur growth in China's less developed western region by enhancing transport and trade links. A key part of the project is the Southern Transport Corridor, which links the Belt and Road Initiative's land and sea trade routes.
The project has exceeded the initial expectations of both countries since its launch in 2015, said Mr Goh.
But there is still a lot of potential for cooperation in the area of ICT. China is the second-largest ICT market in the world, Mr Goh noted, adding that this market is expected to reach US$880 billion (S$1.2 trillion) by 2025.
Urging firms from both countries to cooperate, he said: "A vibrant and dynamic ICT connectivity between Singapore and Chongqing will help further facilitate physical and digital trade between the two countries."
There has been "good progress" so far, with smart city and tourism pilots launched in Chongqing.
"Singapore has a reliable ICT infrastructure and vibrant ecosystem of leading digital companies, and we are committed to grow our digital economy," said Mr Goh, adding that Singapore can also be a bridge for Chinese companies seeking to expand to South-east Asia.
The expo is one of the highest-level events Chongqing has held, and the organisers, which included the Chongqing city government and other national agencies, have attracted over 500 enterprises with exhibits showcased at the Chongqing International Expo Centre.
In addition to businessmen and academics, Chinese and foreign leaders including Chinese Vice-Premier Han Zheng and Laos' Deputy Prime Minister Somdy Douangdy have attended the event.
Speaking at the opening ceremony, Mr Han said smart tech is changing the world profoundly and major countries are grappling with this and trying to form national strategies to develop their smart industries. China, too, is pushing for increased digitalisation in commerce, politics and civil life, he said.
"We will drive core innovation through intelligent technology," said Mr Han. Though he did not reference it directly, the country's "Made in China 2025" strategy aims to develop cutting-edge tech in sectors ranging from robotics to IT.
Mr Han called on businesses to play a leading role to help build an environment of innovation, encouraging Chinese artificial intelligence companies to also go global.
Mr Goh, speaking to the Singapore media yesterday after a tour of the Republic's pavilion at the expo, said he was impressed by the technology on display.
"I'm very positive about what they can do for themselves and for Singapore in the future. We now have very strong relations with China through the CCI and that provides a very valuable platform for Singapore companies to ride on," said Mr Goh, who was accompanied by Senior Parliamentary Secretary for Trade and Industry and Foreign Affairs Tan Wu Meng and other government officials.
Earlier on Wednesday, he met Mr Han and Chongqing party secretary Chen Min'er separately, and bilateral cooperation, including the CCI, was discussed. Mr Goh returns to Singapore today.
