Guangxi to strengthen economic cooperation with Asean and Singapore businesses

Seven agreements were signed to promote business projects and increase cooperation between companies here and in the region and organisations from Guangxi.
Seven agreements were signed to promote business projects and increase cooperation between companies here and in the region and organisations from Guangxi.ST PHOTO: KEVIN LIM

SINGAPORE - Ties between Singapore and the Guangxi region in Southern China were bolstered at a forum here on Monday (May 13) that included new agreements being struck that will enhance business collaboration across the region.

The forum focused on the new land-sea corridor that aims to facilitate trade between South-east Asia and western China through Singapore.

Seven agreements were signed to promote business projects and increase cooperation between companies hereand in the region and organisations from Guangxi.

They included an investment cooperation pact between Guangxi Investment Group and Grab Singapore and a renewed partnership between United Overseas Bank and Guangxi LiuGong Machinery to facilitate supply chain financing for the Chinese company's customers as it expands across South-east Asia.

There was also a ceremony to establish the China-Asean Multimodal Transport Alliance, which will bring Asean countries into the China-Singapore Nanning International Logistics Park.

The alliance, which includes representatives from the 10 Asean countries, the logistics park and the Asean Federation of Forwarders Association, aims to boost multi-lateral trade by strengthening the logistics and supply chain industry in Guangxi.

It will also contribute significantly to the Belt and Road Initiative and the land-sea corridor, an alliance spokesman said.

 
 

Manpower Minister Josephine Teo told the forum at the Mandarin Orchard hotel: "As China's gateway to Asean, Guangxi plays a key role in the development of the (New International Land-Sea Trade Corridor under the Chongqing Connectivity Initiative).

"Not only will this create greater room for deeper collaboration between Guangxi and Asean, it will also provide businesses of both sides access to each other's huge and growing markets."

Singapore Business Federation chairman Teo Siong Seng added: "Guangxi, with its advantageous location, excellent business environment, wide economic hinterland and innovative reforms, is actively creating a strategic transport channel connecting the Belt and Road with efficient service and competitive pricing in the shortest time possible.

"With the establishment of the China-Asean Multimodal Transport Connectivity Alliance, we hope to work closely with our partners and friends around the world to expand on third-party market collaboration ... so that we can, together, contribute to the success of the (land-sea) corridor."