Singaporean business leader praises bilateral ties

Singapore businesses are buoyed by the upgraded bilateral relationship with China and are looking forward to more significant trade and investment opportunities between the two countries, a business leader said at the sixth annual China International Import Expo.

Kok Ping Soon, CEO of the Singapore Business Federation, said the past decade has seen China firmly establish itself as Singapore's largest trading partner, while Singapore has become China's largest source of foreign investment. Bilateral trade reached $55.63 billion in the first half of 2023, a year-on-year increase of 18.6 percent, which reflects a mutually beneficial partnership that is both wide in scope and deep in substance, he said.

The SBF led a delegation of more than 500 senior business representatives from 56 Singaporean companies to the CIIE. Its largest attendance since 2020 followed the elevation of the bilateral relationship between China and Singapore to an all-round high-quality future-oriented partnership earlier this year.

"The CIIE remains an important platform for Singaporean companies looking to gain a foothold in the Chinese market, as well as those looking to reconnect with existing partners and deepen their networks in the market," Kok said.

Occupying about 1,286 square meters, the Singapore Pavilion, spanning the consumer goods exhibition area, the food and agricultural products exhibition area and the trade in services exhibition area, showcased a wide range of innovative, high-quality, reliable products and services. About 40 percent of the Singaporean exhibitors were participating in the CIIE for the first time, including Applied Total Control Treatment, one of the country's largest metal finishing companies.

During the expo, the SBF organized the Singapore-China Trade and Investment Forum, a high-level bilateral business platform to foster dialogue and greater collaboration between Singaporean and Chinese companies. More than a dozen memorandums of understanding with an estimated value of more than S$87 million ($63.97 million) were signed at the forum, covering cross-border data flow, trade interconnectivity, education, food technology, healthcare, sustainable urban development and supply chain logistics.

"With more than double the number of the memorandums that were signed at last year's CIIE, the MOUs highlight the dedication of businesses from both countries to the promotion of trade liberalization, innovation and sustainable growth," said Kok. "With our steadfast commitment to cooperation and trade development, I am confident we will see more remarkable achievements through the collective effort of the businesses from both nations."

Under the framework of two MOUs signed between Singapore and China last year, which aim to foster collaboration in green development and digital economy, Kok expects broader space for cooperation between businesses from Singapore and China in emerging areas such as digital innovation and sustainability.

He also noted that collaboration between Singaporean and Chinese businesses should not be limited in China, and suggested enterprises from both nations join hands to seek greater prospects for development in third countries.