Singapore firms in sectors ranging from logistics to education to jewellery retail inked agreements yesterday to tap consumer and technology-related opportunities in China's Guangdong province.
Twenty Singapore organisations signed deals for 16 projects in the consumer, logistics and technology sectors. The agreements were sealed in Guangzhou at the eighth Singapore-Guangdong Collaboration Council (SGCC) meeting co-chaired by Mr Ong Ye Kung, Minister for Education (Higher Education and Skills) and Second Minister for Defence, and Guangdong Governor Ma Xingrui.
The agreements signed include a joint venture between Love & Co International, Soo Kee Group's bridal specialist brand, and Global Crown Group to sell gold and diamond products. The joint venture aims to set up 550 point-of-sale outlets in China and Hong Kong by 2022.
EtonHouse International Pre- School inked a joint venture agreement with Shenzhen Mingyang Education Group to establish the Shenzhen EtonHouse International Pre-School, marking its first expansion into Shenzhen.
In addition, Mapletree signed a memorandum of understanding with Qingyuan Modern Logistics Park to build integrated logistics facilities, which will serve as an e-commerce hub for white goods manufacturers in the region.
In the tech sector, TechBridge Ventures - a technology commercialisation company established by Nanyang Technological University (NTU) - signed a joint venture agreement with Hong Kong electronics manufacturer PC Partner to establish InnoPartner, a corporate incubator that will groom promising Asian electronics start-ups focusing on clean technology.
Dr Lim Jui, chairman of TechBridge, said InnoPartner "exemplifies a win-win partnership between Singapore and international companies".
Number of Singapore organisations that signed deals.
"The joint venture will sharpen PC Partner's competitive edge, with access to innovative technologies, and also introduce PC Partner's development expertise to Singapore. This will not only boost the growth of Singapore's dynamic cleantech sector, but also potentially create new jobs and bring other economic benefits," added Dr Lim, who is also chief executive of NTUitive, NTU's innovation and enterprise arm.
Mr Ong noted that Guangdong was the starting point of China's market reforms and opening up and has experienced strong growth over the last 21/2 decades.
Guangdong has been Singapore's top provincial trading partner since 1988. Singapore-Guangdong bilateral trade reached around $36.5 billion last year. Said Mr Ong: "Singapore companies across manufacturing, IT, education, lifestyle, retail and logistics have set foot here, and will contribute to and tap the province's growth and dynamism.
"Beyond these areas, we are seeing stronger collaboration in R&D and start-up activities."
He added that he hopes the relationship will "deepen and broaden meaningfully in the coming years".