Media Releases 29 Jul 2019 Updated 02 Sep 2019 Economic revitalisation in Liaoning brings opportunities for Singapore businesses in sustainable development, connectivity and modern services Share: 11 Singapore companies signed agreements at the 10th Singapore-Liaoning Economic and Trade Council meeting MR No.: 033/19 Singapore, Monday, 29 July 2019 More opportunities in sustainable development, connectivity (trade and logistics) and modern services are now available for Singapore companies in Liaoning province, which is undergoing economic rejuvenation to attract foreign investments. Mr Masagos Zulkifli, Minister for the Environment and Water Resources, and Mr Tang Yijun, Liaoning Governor, the Co-Chairmen of the Singapore-Liaoning Economic and Trade Council (SLETC), discussed these opportunities at the 10th SLETC meeting in Shenyang today. Said Minister Masagos, “There are many areas for mutually beneficial partnerships as Liaoning continues to transform its economy and undergo rapid urbanisation. In particular, our companies can contribute to environmental sustainability in various sectors, given their track record and experience gained through Singapore’s development. We also welcome Liaoning enterprises to tap into Singapore’s network to access the growing Southeast Asian market.” Opportunities in sustainable development, connectivity and modern services As part of its regional development strategies1 to boost economic growth, the Liaoning government is focusing efforts on developing the Shenfu New Area. Strategically located between Shenyang and Fushun, the 171-sqkm Shenfu New Area is a new township that will focus on the development of key industries – Smart Manufacturing, Headquarters Economy2 and FinTech. To date, there are more than 160 projects in the development zone, with a total investment of about RMB$95 billion. This new township brings added opportunities for Singapore companies, particularly in sustainable development and modern services in healthcare and education to meet the needs of its growing population. The Liaoning Free Trade Zone3 (FTZ) is another project that will play a key part in the province’s ongoing transformation. Spanning 120 sqkm across Dalian, Yingkou and Shenyang, the FTZ will enhance the province’s connectivity and encourage more trade flows. This offers opportunities for Singapore companies across logistics, warehousing, manufacturing and e-commerce. Singapore companies’ growing interest in Liaoning Minister Masagos is currently on a business mission to Liaoning from 29 to 31 July 2019, with a delegation comprising over 30 Singapore companies from different sectors. Singapore companies continue to show interest in Liaoning, with 11 Singapore companies signing project agreements at the council meeting. More than half are on modern services and connectivity-related sectors. Key projects include: Lion TCR Pte Ltd and Dalian Lvshun District Government will develop manufacturing and research facilities in. Lvshun. Occupying a space of 5,000 sqm, these facilities aim to develop and commercialise products used in the treatment of cancer; Aoxin Q&M Dental Group Limited will acquire four Chinese dental clinics to further their expansion plans in Liaoning; and Brothers Holdings Co., Ltd signed an investment agreement to develop an integrated project including hotels, service centre, and commercial facilities in the Shenyang Free Trade Zone. Minister Masagos called on Liaoning Governor Mr Tang Yijun, and will meet Shenyang Party Secretary Mr Zhang Lei and Dalian Party Secretary Mr Tan Zuojun during the trip. He will also visit Sembcorp’s water supply plant and Aoxin Q&M Dental Hospital in Dalian. Annex 1: List of MOU signings at the 10th SLETC meeting Annex 2: Speech by Minister Masagos at the 10th SLETC meeting Annex 3: Background on Liaoning and Singapore-Liaoning economic relations -End- For media enquiries and/or photos, please contact: Ms Karen Koh Business Partner Corporate Communications M: +65 9889 8816 E: Karen_KOH@enterprisesg.gov.sg About Enterprise Singapore Enterprise Singapore is the government agency championing enterprise development. We work with committed companies to build capabilities, innovate and internationalise. We also support the growth of Singapore as a hub for global trading and startups, and build trust in Singapore’s products and services through quality and standards. Visit www.enterprisesg.gov.sg for more information. About Singapore-Liaoning Economic Trade Council The Singapore-Liaoning Economic & Trade Council (SLETC) was established on 18 November 2003. The launch of SLETC was witnessed by then Singapore Prime Minister Goh Chok Tong and Chinese Premier Wen Jiabao. The Council promotes economic exchanges and cooperation between Liaoning province and Singapore. It is formed by leaders, government officials and private sector representatives from Singapore and Liaoning. The Council shall endeavour to achieve its objective through the following means: Exchange of economic data and information, and familiarise each other on the respective economic policies; Promote, guide, and assist in bilateral trade and investment; Organise exchange activities in the areas of economic, trade, and investments; Coordinate and help businesses solve problems in joint businesses; Other work that are mutually beneficial for economic and social development. 1 In November 2017, Liaoning Government announced a 3-year plan to boost their economy through five regional development strategies. 2 Headquarters economy is a development model that provides ancillary services to attract a cluster of corporate headquarters to the region. 3 The Liaoning FTZ was set up in 2016 and among the third batch of FTZs approved by the Central Government.