Singapore and China will keep improving economic cooperation and deepening two-way investment ties even as both countries forge ahead with their economic transformations.

The guidance came yesterday from the Ministry of Trade and Industry (MTI) after the Investment Promotion Committee (IPC) meeting in Beijing.

The event - co-chaired by Singapore's Minister for Trade and Industry (Trade) Lim Hng Kiang and China's Minister of Commerce Zhong Shan - affirmed the bilateral economic ties between the nations, including cooperation in governmental projects.

The meeting also noted growing and diversifying investments by Singapore firms in China. The ministers "exchanged views on how Singapore companies could capture new opportunities arising from China's 11 free trade zones and regional development initiatives", the MTI said.

China is also keen to support the internationalisation of Chinese companies under the Belt and Road Initiative by leveraging Singapore's infrastructure development, financing capabilities, and legal and dispute resolution services.

Also, the ministers noted the progress made on upgrading the China-Singapore Free Trade Agreement, which may be concluded by next year.

Mr Lim said: "The IPC meeting is an opportunity for Singapore and China to discuss new economic opportunities and explore new initiatives as both countries undergo economic transformation.

"There is scope for Singapore companies to forge closer partnerships with Chinese companies, be it in China, Singapore or in third-party markets."