Guangzhou companies sign LoIs with Singapore entities

Source: Guangzhou Municipal Government. Cai.

The Guangzhou municipal government has hosted a roadshow in Singapore to discuss openness, innovation and collaboration between the two commercial hubs. Two letters of intent (LoI) were signed, between the Sino-Singapore International Joint Research Institute and Chinese Academy of Sciences Holdings Company,  and between Guangzhou Gas Group, Guangzhou Port Group and industrial group Royal Golden Eagle.

Guangzhou Vice Mayor, Cai Chaolin, who is also Party Secretary of the Communist Party of China (CPC) Nansha District Committee, and Director General of the Administrative Committee of the Nansha Development District (Nansha Free Trade Zone), said Guangzhou and Singapore share many similarities, including city scale, cultural background, languages.  “What’s more, our forward-thinking outlook and cooperation through the years have enabled us to pursue meaningful projects together that enrich our economies. What lies ahead is exciting, and we look forward to more collaborations,” he said.

Guangzhou is one of the most important business centres in China and a gateway to the outside world.  In the last five years, Guangzhou’s GDP saw an average increase of 10.1%  with the local service industry’s growth approaching that of developed economies, representing 66.77% of total GDP in 2016. Guangzhou has continued to increase its investment in advancing technologies and talent, and to improve the convenience, effectiveness and efficiency of trade facilitation and services. As a result, the relationship with, and opportunities for, Singapore in the region have been further expanded.

In recent years, Guangzhou has introduced a series of policies to encourage even more innovation in the region, and is providing on-going support for enterprises, startups and talent. Guangzhou also continues to further optimise the local business environment and reduce the burden on foreign enterprises through governmental self-reforms, including the streamlining of administrative examinations and approval permissions.

To develop a more business-friendly environment, Guangzhou has reduced administrative fees, set up government funds, implemented policies to lower insurance rates, and continues to provide incentives for foreign corporations.

“With more than 2,230 years of history, we are surely an ancient city,” said Vice Mayor Cai. “But today, all eyes are on the future and what tremendous things are still to come for the region.”