Chinese business delegation enhances business cooperation with Singapore counterparts

SINGAPORE -– The Singapore business community welcomed a senior business delegation led by China Council for the Promotion of International Trade (CCPIT) on November 13, to exchange views and share insights into regional connectivity, infrastructure, investment and financing opportunities in the 21st century Maritime Silk Road.

Led by Chairman of CCPIT, Mr Jiang Zengwei, the official delegation of more than 80 senior business leaders of Chinese enterprises met their Singapore counterparts to enhance business cooperation.

The visitors were from various sectors, including construction, engineering, real estate, finance and investment, urban and industrial park development, trading, tele-communications.

Together with the high level business delegation are members of Singapore-China Business Council (SCBC) established by SBF and CCPIT in 2016 to strengthen business relations and trade between Singapore and China.

The first SCBC meeting held prior to the Singapore-China Trade and Investment Forum, marked a dynamic phase of closer Singapore and China collaboration to map strategies, particularly in relation to working as catalysts and partners in the Belt and Road Initiative.

Co-organised by SBF and CCPIT, with the support of Singapore Chinese Chamber of Commerce & Industry, Business China, Chinese Enterprises Association and Singapore China Business Association, the Singapore-China Trade and Investment Forum was the highlight of the official and business delegates' three-day visit to Singapore.

As the very first significant business platform following the recent 19th CPC National Congress, the Forum has a head start in encouraging vibrant business ties between Singapore and China.

Four Memorandums of Understanding (MOUs) were signed at the Singapore-China Trade and Investment Forum – including the MOU renewal between SBF and CCPIT to intensify co-operation and partnership, MOU between CCPIT and Business China, and MOU between Singapore Chinese Chamber of Commerce and Singapore China Business Association.

These commitments further affirm the close partnership between the Singapore and China business communities.

Important topics, including Trade and Investment Opportunities through Enhanced Partnership & Cooperation, Singapore as an Internationalization Hub for Chinese Companies, as well as Investment and Financing Opportunities under the Belt and Road Initiative were shared by experts and speakers from both Singapore and China government agencies and business communities.

"Intensifying business collaboration and project partnership with the Chinese enterprises to develop infrastructure along the Belt and Road countries are crucial for Singapore enterprises that focus on internationalisation as the key strategy to sustain their businesses in a volatile economy", said Mr Teo Siong Seng, the Chairman of SBF in his welcome speech during the forum held at Shangri-La hotel, Singapore.

"Singapore is the most important global trading and shipping hub, as well as the regional financial centre in the Asia-Pacific region; it is also one of the most robust and prosperous economies in the world. Together with SBF, CCPIT is committed to co-build a pragmatic platform to enhance cooperation between the business communities of the two countries in all fields. We wish to make a significant contribution to infrastructure development under the Belt and Road Initiative. We trust the intensified efforts would continue to drive the development of bilateral economic and trade relations between China and Singapore," commented Mr Jiang Zengwei, Chairman of CCPIT.

The Forum is part of SBF's activities under the Belt & Road Initiative (BRI), in support of the BRI Connect Platform – an online and offline portal positioned as an aggregator and catalyst for infrastructure development driven by BRI.

BRI Connect is expected to benefit Singapore professional service providers whose core competencies will greatly benefit key stakeholders involved in current or new projects.

"Developing a holistic portal to educate, share and match interested parties for further collaboration is critical for SBF to enable Singapore enterprises to tap this massive global trade infrastructure initiative involving some 70 countries across Asia, the Middle East, Europe and Africa, accounting for almost two thirds of the world's population", commented Mr Ho Meng Kit, CEO of SBF.

"Positioned as the gateway to ASEAN markets, our Chinese counterparts recognise the importance of partnering Singapore enterprises to intensify the progress of the BRI initiative. The multiplying benefits to key stakeholders involved in projects under development will boost economic and social growth in the region", added Mr Teo.