Opportunities for S'pore firms in Liaoning: Masagos

Minister for the Environment and Water Resources Masagos Zulkifli meeting Governor of Liaoning province Tang Yijun yesterday. He is on a business mission to the province with a delegation of more than 30 Singapore firms.
Minister for the Environment and Water Resources Masagos Zulkifli meeting Governor of Liaoning province Tang Yijun yesterday. He is on a business mission to the province with a delegation of more than 30 Singapore firms.PHOTO: MEWR

There are opportunities for Singapore businesses in Liaoning as the area undergoes economic revitalisation, Minister for the Environment and Water Resources Masagos Zulkifli said while on a visit to the north-eastern Chinese province.

The potential areas for partnerships include sustainable development, establishing connectivity in terms of trade and logistics, as well as the provision of modern services in healthcare and education.

Mr Masagos and Liaoning Governor Tang Yijun discussed these opportunities at the 10th Singapore-Liaoning Economic and Trade Council meeting in Shenyang, the capital of Liaoning, yesterday. Both are co-chairmen of the council.

"There are many areas for mutually beneficial partnerships as Liaoning continues to transform its economy and undergo rapid urbanisation. In particular, our companies can contribute to environmental sustainability in various sectors, given their track record and experience gained through Singapore's development.

"We also welcome Liaoning enterprises to tap into Singapore's network to access the growing South-east Asian market," said Mr Masagos.

He is on a business mission to the province from yesterday to tomorrow, with a delegation of more than 30 Singapore companies.

At the council meeting, 11 Singapore companies signed project agreements to provide greater connectivity and services in the region.

The Liaoning government had announced a three-year plan to boost its economy through regional development strategies in November 2017. Part of the plan is to focus efforts on developing the Shenfu New Area, which is strategically located between Shenyang and Fushun.

This new area, spanning 171 sq km, will see the development of key industries such as smart manufacturing, fintech and the "headquarters economy", which refers to a model that provides services to attract corporate headquarters to the region.

There are now more than 160 projects in the development zone, with a total investment of about 95 billion yuan (S$19 billion).

This provides opportunities for Singapore firms to provide sustainable development and services in healthcare and education for the growing population there, said Enterprise Singapore in a statement.

The Liaoning Free Trade Zone is another project in the province's transformation. The zone spans 120 sq km across Dalian, Yingkou and Shenyang and will enhance the province's connectivity and encourage more trade flows.

Enterprise Singapore said this offers opportunities for Singapore firms to develop areas such as logistics, warehousing, manufacturing and e-commerce there.

A version of this article appeared in the print edition of The Straits Times on July 30, 2019, with the headline 'Opportunities for S'pore firms in Liaoning: Masagos'. Print Edition | Subscribe