Singapore Minister for Finance Heng Swee Keat, Co-Chairman of the SJCC said, “Singapore and Jiangsu have enjoyed a good and longstanding relationship. Building on this strong foundation, Singapore will continue to partner Jiangsu in supporting the development of the BRI. This will open up opportunities for companies to increase cooperation in third-party markets, trade and financial connectivity.”
At the meeting, Enterprise Singapore signed an MoU with the Suzhou Industrial Park Administrative Committee (SIPAC) to facilitate more partnerships between Singapore and Suzhou enterprises. Specifically, the agreement covers collaboration on the BRI, connectivity, logistics, and professional services support for internationalising Chinese companies. Enterprise Singapore will also connect Jiangsu enterprises to relevant Singapore partners in legal, financial and other professional services.
Further promoting third-party market collaboration, the China-Singapore Suzhou Industrial Park Development Company* (CSSD) and Sembcorp will partner to develop industrial parks in Southeast Asia. CSSD will leverage its experience gained from the Suzhou Industrial Park** (SIP), while Sembcorp contributes knowledge and experience in this region.
As Jiangsu companies internationalise, Singapore stands to benefit as an international business hub and regional springboard. These companies can utilise Singapore’s established financial market and international connectivity to expand their operations abroad, especially in Southeast Asia***. Singapore companies providing logistics solutions and professional services such as legal and financial services could also see more opportunities to collaborate.
SIPAC also signed MoUs with the Singapore Exchange (SGX) as well as banks DBS, OCBC and UOB to promote collaborations in fintech and facilitate investments into Singapore and Jiangsu. Additionally, Phillip Capital Management signed an MoU with the Bank of Suzhou to establish an onshore fund management joint venture in the SIP, bringing best international practices and service offerings to Jiangsu.
In line with both Singapore’s and Jiangsu’s common focus on promoting innovation, Sembcorp signed an MOU with Clean Energy Centre**** , DuralitePower and Nanjing College of Aerospace Engineering to set up a collaborative innovation centre for smart drone surveying technology for environment protection.
Oriental Energy Singapore International Trading will partner the China Eastern Central Western Demonstration Area for Regional Cooperation Cooperation to develop clean energy and a new materials processing base in Lianyungang.
Oriental Energy Singapore International Trading will partner the China Eastern Central Western Demonstration Area for Regional Cooperation Cooperation to develop clean energy and a new materials processing base in Lianyungang.
On the talent front, Business China signed an MOU with the Jiangsu Youth Federation of Entrepreneurs to explore more exchanges and collaboration opportunities between young entrepreneurs and enterprises from Singapore and Jiangsu. The Jiangsu Youth Federation of Entrepreneurs will also set up an innovation and entrepreneurship centre on the Singapore Nanjing Eco Hi-Tech Island***** (SNEHTI), to facilitate exchange of ideas between Singapore and Jiangsu entrepreneurs and youths.
The Singapore University of Social Sciences will also be collaborating with Jiangsu’s Soochow University on student exchanges, joint research collaborations, and cultural exchanges.
In his speech, Minister Heng shared that Singapore’s total trade with Jiangsu in 2017 was RMB78.4 billion, a 15.7% year-on-year increase. Singapore’s investment in Jiangsu province totalled RMB8.3 billion RMB6 in 2017. This is an increase of almost 20% from 2016. As of the first half of 2018, Singapore’s total cumulative investment into Jiangsu has reached RMB189.4 billion7 .
"Jiangsu accounts for approximately 30% of Singapore’s investment in China, and has consistently remained as the top investment destination for Singapore in China," he said in his opening speech at the meeting in Singapore. "Singapore is committed to partner Jiangsu in supporting China’s economic priorities."
In his speech, Minister Heng shared that Singapore’s total trade with Jiangsu in 2017 was RMB78.4 billion, a 15.7% year-on-year increase. Singapore’s investment in Jiangsu province totalled RMB8.3 billion RMB6 in 2017. This is an increase of almost 20% from 2016. As of the first half of 2018, Singapore’s total cumulative investment into Jiangsu has reached RMB189.4 billion7 .
"Jiangsu accounts for approximately 30% of Singapore’s investment in China, and has consistently remained as the top investment destination for Singapore in China," he said in his opening speech at the meeting in Singapore. "Singapore is committed to partner Jiangsu in supporting China’s economic priorities."
The SJCC is supported by Enterprise Singapore, the secretariat for the council. It will also look at furthering innovation and startup collaboration.
*CSSD is a joint venture between Singapore-Suzhou Township Development and the Suzhou United Development Company.
**The SIP began in 1994 as a bilateral project between Singapore and China.
***In 2017, Jiangsu companies invested in 175 projects in Singapore with an estimated value of S$1.99 billion.
****The Clean Energy Centre is a research centre in Temasek Polytechnic that aims to provide research & development capabilities and technological knowhow for Singapore’s clean energy industry.
*****The 15km2 project on Nanjing’s Jiangxinzhou island is jointly developed by Singapore Consortium and Nanjing city government. It aims to be a showcase of international, high-tech and sustainable development.
