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$13b investment boosts Sino-Singapore cooperation
Updated: 2016-08-03
By Qiu Guizhen, chinadaily.com.cn
The authority in charge of Sino-Singapore projects recently said that Chongqing attracted investments totaling $13 billion from Singapore during the first half of this year.
The first group of 12 projects with a total volume of $6.56 billion was signed on January 8. Eight projects pertaining to cross-border financing, private equity and Chongqing-Singapore air flights have settled in the area.
Singapore signed 25 project contracts with Chongqing on May 19 with a total volume of $6.58 billion and another 80 projects are under consideration.
Those projects have accelerated development of other Sino-Singapore demonstration projects especially in financial services, the aviation industry, traffic and logistics and information and communications.
Due to the Development Bank of Singapore’s cooperation with the Chongqing municipal government, the Industrial and Commercial Bank of China, the China Construction Bank and the Chongqing Rural Commercial Bank have secured abundant capital for new projects.
Flights between Chongqing and Singapore each week have soared from five to 14. Chongqing Jiangbei Airport is proceeding with construction of its T3 terminal and third runway.
Sino-Singapore smart county pilot areas are under construction.
Chongqing’s Banan district, Singapore Y3 Co and the Singapore-YCH Group promised in May to build a multimodal transport platform on the border between Vietnam and Laos.
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