China-Singapore economic and trade mutually beneficial cooperation has broad prospects

 In recent years, China-Singapore economic and trade cooperation has been continuously deepened, showing a good momentum of rapid growth, showing broad prospects for cooperation between Chinese and Singapore enterprises in a wider range and more dimensions.

Data show that from January to July this year, the total import and export volume between China and Singapore was US$60.29 billion, a year-on-year increase of 15.4%. As of 2021, Singapore’s cumulative investment in China has reached US$120.8 billion, and it has maintained its status as the largest source of new foreign investment in China for nine consecutive years. Singapore is also China’s largest investment destination country in ASEAN. At present, China’s direct investment stock in Singapore has exceeded 60 billion US dollars, ranking fifth among China’s foreign investment destination countries and regions. Chinese enterprises have also actively participated in Singapore’s infrastructure construction, contracting projects in various fields such as subways, highways, shipyards, wharves, and power stations. The cumulative turnover of contracted projects has exceeded 45 billion US dollars.

A few days ago, Zheng Chao, executive vice president and chairman of the Expert Committee of the China Chamber of Commerce and Industry, said at the 25th Singapore Small and Medium Enterprises Conference hosted by the Singapore Chinese Chamber of Commerce that at present, China-Singapore economic and trade cooperation in various fields is forward-looking, innovative and It has played a positive role in promoting the implementation of international business strategies by enterprises of the two countries and the transformation and upgrading of their respective economies. Projects such as Suzhou Industrial Park, Tianjin Eco-city, and China-Singapore (Chongqing) Strategic Interconnection are examples of inter-governmental cooperation projects. The cooperation provides new impetus and creates new business opportunities.

In Zheng Chao’s view, Singapore has obvious advantages as a platform for Chinese companies to “go global”. At present, more than 40% of the global multinational companies have their Asia-Pacific headquarters in Singapore. Chinese-funded enterprises expanding their business in Singapore have developed from initial trade, engineering and labor cooperation to investment holding companies, regional headquarters companies, and expanded to R&D centers and strategic centers. Investment cooperation in countries and regions along the “Belt and Road”.

In recent years, China has been committed to optimizing investment policies, creating a better development environment for global investors, including Singaporean companies, to invest and start businesses in China.

Regarding the development opportunities of Singaporean enterprises in China, Zheng Chao believes that, on the one hand, China is an important market for investment by global enterprises. China’s huge market size, coupled with favorable conditions such as complete industrial facilities, complete infrastructure, and abundant human resources, can provide huge and lasting development momentum for companies investing in China. On the other hand, China can become an important global production base for Singaporean companies. China has a complete industrial chain and a complete value chain. Enterprises investing in China can easily find supporting upstream and downstream suppliers in China. China attaches great importance to and encourages innovation, and the threshold for foreign R&D centers to enjoy preferential policies has been further lowered. Singaporean enterprises can further enhance their competitive advantages by investing in China and using China as a global production base.

The economic and trade cooperation between China and Singapore has achieved remarkable results, and people-to-people economic and trade exchanges have been active. In the face of the growing demand for investment and cooperation under the new international situation, more and more people in the industry realize that it is urgent to speed up the establishment of an institutionalized cooperation platform and service channels between the business associations of China and Singapore, so as to effectively integrate the resources of both parties. advantages in order to better promote and promote the new development of economic and trade cooperation between the two countries.

After years of hard work, the China Chamber of Commerce for Import and Export of Machinery and Electronic Products has created high-end foreign investment and cooperation promotion activities, and built a number of high-quality brand service projects such as international industrial cooperation platforms, legal services, and exhibitions. “At the end of 2020, the Chamber of Commerce of Electromechanical Industry proposed to build an international industrial cooperation mechanism, and jointly discussed and cooperated with the Chinese General Chamber of Commerce to build a non-governmental support service platform for international industrial cooperation that connects global high-quality resources and serves China-Singapore and even ASEAN enterprises.” Zheng Chao said that in the future , The Chamber of Commerce and Industry is willing to work with colleagues in the Singapore industry to jointly play the role of guidance, promotion and service platform for promoting China-Singapore economic and trade cooperation.

China-Singapore economic and trade mutually beneficial cooperation has broad prospects