'S'pore can benefit from China's global drive'

As Asia's logistics, maritime and aviation hub, Singapore stands to benefit directly from China's internationalisation drive, said Speaker of Parliament Halimah Yacob yesterday.

She noted that China's "One Belt, One Road" initiative - which aims to revive economic development along the ancient Silk Road - is a "grand strategy" to promote wider economic integration across Asia and Europe.

"We must therefore pay attention to the latest infrastructure requirements, development priorities and financial deepening in the Asian region, so that Singapore can serve as a catalyst to further promote greater economic integration in regional trade and investment," Madam Halimah said.

She was delivering the keynote speech for a two-day meeting and seminar at the Ritz-Carlton Hotel organised by China Minsheng Investment (CMI) Corporation, which ranks among the largest private investment firms in China.

The event was aimed at generating discussion on investment opportunities among global corporates.

Madam Halimah said that Singapore has been embarking on "tireless efforts to plan and strategise so as to stay ahead of the competitive curve".

To that end, Singapore "offers good prospects for future cooperation in diversified areas" with China, including the internationalisation of the yuan, infrastructural financing, logistics support and Asean-related issues, she noted.

The Shanghai-based CMI Corp last year set up its Singapore unit, CM International Holding, with an initial capital of US$1.5 billion (S$2.1 billion).

The unit's chief executive, Mr Laurence Liao, told a media briefing that Singapore, as an "international financial centre", offers many investment opportunities for the company.

However, he declined to reveal further details about deals in the pipeline.

A version of this article appeared in the print edition of The Straits Times on October 30, 2015, with the headline ''S'pore can benefit from China's global drive''. Subscribe