Singapore's trade promotion agency aims to deepen economic cooperation with the coastal province of Jiangsu, one of China's smallest but most populous provinces.
Specifically, International Enterprise (IE) Singapore is committed to working more closely with the Jiangsu Provincial Government and Suzhou Industrial Park - a joint effort between Singapore and China.
IE's agreement with the Suzhou Industrial Park Administrative Committee reached yesterday will help Chinese firms expand abroad, particularly in South-east Asia, by providing expertise that Singapore firms have in professional services such as legal, finance and advisory services.
IE Singapore and the Jiangsu Provincial Department of Commerce agreed to increase economic cooperation that is in line with China's "One Belt, One Road" initiative, which aims to rebuild Silk Road trade infrastructure with Asia and Europe. Both sides will also explore and facilitate greater cooperation through public-private partnerships (PPPs).
PPPs were also singled out as a means of promoting cooperation between companies and deepening bilateral relations at the ninth Singapore-Jiangsu Cooperation Council (SJCC) meeting yesterday held at the Shangri-La Hotel.
Minister of State for Manpower Teo Ser Luck, who co-chairs the SJCC, said in a statement: "PPPs are increasingly relevant to China, given the 'Belt & Road' initiative. PPP is one of the viable models of entry (into China) for those in the infrastructure, environmental services and logistics sectors.
"This serves as a strong platform for Singapore companies along the entire value chain, to showcase their expertise and services for Jiangsu," he said.
Thirteen memorandums of understanding (MOUs) were signed at the SJCC meeting, attended by more than 100 business figures.
Mr Teo Eng Cheong, chief executive of IE Singapore, said: "IE Singapore continues to see strong interest from Singapore companies in Jiangsu. These MOUs promote strong economic relations between Singapore and Jiangsu, enabling both sides to deepen collaborations."
In the first half of this year, Singapore's cumulative actual investment in Jiangsu reached US$24.7 billion (S$34.6 billion) with 4,011 projects.