S'pore, Zhejiang to boost tie-ups in areas like trade, urban management
Pandemic shows cooperation on both sides is strong, resilient, says Sim Ann; seven MOUs inked
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Senior Minister of State for Communications and Information Sim Ann (in red) in a virtual meeting with Zhejiang Vice-Governor Zhu Congjiu yesterday. She said three areas that the two sides are working on - trade and connectivity, innovation, and sustainable urban management - "are not only 'pandemic-proof' but also areas that will help power the future growth of Singapore and Zhejiang".
PHOTO: ENTERPRISE SINGAPORE
Collaboration between Singapore and Zhejiang in eastern China will be stepped up in areas like trade and connectivity, innovation and sustainable urban management, Enterprise Singapore said yesterday.
"Zhejiang's 'Future Communities' initiative and integration with the wider Yangtze River Delta region also presents opportunities for Singapore companies in urban planning and environmental services," the government agency said.
It was referring to the coastal province's initiative to develop model future communities that are more people-oriented, environmentally friendly and digitalised.
Seven commercial memorandums of understanding (MOUs) in areas like urban governance, water technology and environmental protection were signed yesterday at a virtual meeting co-chaired by Singapore Senior Minister of State for Communications and Information Sim Ann and Zhejiang Vice-Governor Zhu Congjiu.
Bilateral trade between Singapore and Zhejiang, which has the fourth-highest gross domestic product among China's 31 provinces, hit US$4.41 billion (S$5.9 billion) in the January to September period, up 18 per cent from a year earlier.
Last year, trade increased 5.8 per cent to US$5.2 billion, compared with US$4.91 billion in 2018.
Cumulative actual investments from Singapore to Zhejiang in the first nine months of this year were worth US$7.39 billion, for 1,422 projects. This was up from US$6.63 billion for around 1,360 projects as at December last year.
So far, 262 Zhejiang companies have invested in Singapore, with their cumulative actual investments hitting US$3.41 billion.
Ms Sim, who is also Senior Minister of State for National Development, said the coronavirus pandemic has shown that cooperation between Singapore and Zhejiang is strong and resilient.
Three areas that the two sides are working on - trade and connectivity, innovation, and sustainable urban management - "are not only 'pandemic-proof' but also areas that will help power the future growth of Singapore and Zhejiang", she said.
Zhejiang expanded its free trade zone by 119.5km to include provincial capital Hangzhou and cities Ningbo and Yiwu in September.
262
Zhejiang companies that have invested in Singapore, with their cumulative actual investments hitting US$3.41 billion (S$4.6 billion).
With Zhejiang's aspirations to be a new international trading centre and international shipping logistics hub, the expanded free trade zone present opportunities for more Singapore companies in trade, transport and logistics, said Enterprise Singapore.
An example is international trade consultancy Global eTrade Services, which is working with Zhejiang ePort and Ningbo International Logistics Development to connect small commodity suppliers in Zhejiang to South-east Asia.
Separately, the Monetary Authority of Singapore has followed up on the 16th Joint Council for Bilateral Cooperation between Singapore and China held earlier this month.
The central bank and the China Securities Regulatory Commission held a video call yesterday, with key areas of discussion including how to manage financial, operational and technology risks during the pandemic.
