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Media Releases
25 Jun 2019 Updated 28 Jun 2019

More opportunities for Singapore companies in Zhejiang as it moves to build sustainable cities and communities of the future

MR No.: 025/19

Singapore, Tuesday, 25 June 2019


1. Singapore companies will see more opportunities in key sectors including urban development, logistics and e-commerce in Zhejiang, as the province moves towards a future of urban sustainability, innovation, and modern living1. Singapore’s strengths in city infrastructure and connectivity as well as experience in community development can contribute to the common goal of Singapore and Zhejiang to develop innovative and sustainable solutions for the next generation of urban clusters.

2. The above were discussed at the 14th Singapore-Zhejiang Economic and Trade Council (SZETC) meeting in Hangzhou, Zhejiang province today, co-chaired by Senior Minister of State for Communication and Information, & Culture, Community and Youth Ms Sim Ann, and Zhejiang Vice Governor Zhu Congjiu. Positive progress for 14th Singapore-Zhejiang Economic and Trade Council

3. The Council has seen good progress in collaborations under its five Working Groups2: (a) Oil Trade and Maritime Services; (b) Technology and Innovation; (c) Youth and Cultural Exchange; (d) Financial Connectivity, Legal and Professional Services; and (e) Sustainable Urban Development. At the meeting, Singapore companies signed 15 Memoranda of Understanding (MOUs) in line with these areas. Key highlights include:

a. Urban development: Collaboration between a Singapore consortium (represented by GSH Properties (PRC) Pte Ltd and KOP Properties Pte Ltd) and the Jiaxing Municipal Government to develop an integrated township project, incorporating Singapore’s experience in master-planning to feature an integrated community living hub with innovative commercial and retail for MICE and tourism-related activities

b. E-Commerce: MOU between Shopee and the Hangzhou Cross-Border E-Commerce Comprehensive Pilot Area Committee to develop a cross-border e-commerce ecosystem through (i) establishing an information and knowledge sharing channel, (ii) co-constructing a one-stop solution includes logistics, incubation, custom clearance, etc. for Zhejiang sellers to access Shopee’s e-commerce platform, (iii) provision of e-commerce training programmes and (iiii) co-building a cross-border e-commerce industry belt in Hangzhou. Shopee also officially opened its Hangzhou Operation Centre in the Pilot Area this morning.

c. Youth and cultural exchange: Agreements between National University of Singapore (NUS) and Zhejiang University (ZJU) to collaborate on joint educational framework in Biomedical Engineering and more; MOU between National Youth Council (NYC) and Zhejiang Youth Federation to organise exchange programmes such as immersion trips. (Please refer to Annex 1 for details on MOUs)

4. Ms Sim Ann said, “We see great synergy for Singapore and Zhejiang to partner each other as both strive towards a sustainable urban future and quality living for our people. Singapore companies can ride on developments such as the Zhejiang Greater Bay Area Development3, Zhejiang Pilot Free Trade Zone, and Hangzhou Cross-border E-commerce Pilot Zone to pilot their solutions in Zhejiang. Zhejiang enterprises can also tap on Singapore’s strengths as an international trade and financial hub to access the Southeast Asian market.” (Please refer to Annex 2 for Ms Sim’s speech)  

Singapore enterprises making headway in Zhejiang

5. Bilateral trade between Singapore and Zhejiang grew 24% year-on-year, reaching US$4.91 billion in 2018. As of December 2018, there were over 1,200 Singapore projects in Zhejiang, amounting to US$6.06 billion worth of cumulative actual investments.

6. In particular, projects in quality living and urban development have taken off in Zhejiang. These include the Zhongxin Ningbo Innov Park in Haishu by CapitaLand and the Jiaxing High Speed Rail City by a Singapore consortium comprising GSH Corporation and KOP Limited. In the clean environment space, Century Water and Ann Aik are collaborating with Zhejiang partners to co-innovate solutions in industrial water and waste management solutions. (Please refer to Annex 3 for details)

7. The SZETC is supported by Enterprise Singapore, the Secretariat for the council. Ms Sim Ann is currently on a business mission to Zhejiang from 24 to 27 June 2019, with a National Youth Council delegation4 and over 80 business representatives5. She called on Zhejiang Governor Yuan Jiajun and Vice Governor Zhu Congjiu today. She will also meet Jiaxing Party Secretary Zhang Bing and Ningbo Party Secretary Zheng Shanjie during the trip. Ms Sim Ann is also the Guest-of-Honour for Capitaland’s Singapore-Ningbo Innov Forum 2019 happening tomorrow.

Annex 1: List of MOU signings at the 14th SZETC meeting

Annex 2: Opening Speech by SMS Sim Ann at the 14th SZETC meeting

Annex 3: Information on sustainable urban development projects in Zhejiang

Annex 4: Background on Zhejiang and Singapore-Zhejiang economic relations  

 

- End -

 

1In 2019, Zhejiang has outlined five key initiatives to drive economic growth, which include: (i) promoting the “Made in Zhejiang” standard, (ii) encouraging township development, (iii) improving connectivity, (iv) reducing environmental pollution and (v) prioritising development of education.

2With the aim of better facilitating trade and investment collaboration, Singapore and Zhejiang established 5 Working Groups (WG) under the Council in 2018 to advance issues of mutual interest. Each WG comprises government and business representatives from Singapore and Zhejiang.

3The Zhejiang Greater Bay Development plan aims to enhance transport connectivity by connecting the Hangzhou Bay economic rim, the Ningbo-Taizhou-Wenzhou port industrial belt, and the Yiwu-Ningbo-Zhoushan area.

4Youth delegation of 11 representatives from media, entertainment and professional service sectors

5From more than 40 companies across sectors in finance, infrastructure, logistics and more.



For media enquiries and/or photos, please contact:

Ms Ong Shi Man
Assistant Business Partner
Corporate Communications

T : +65 6279 3849
M : +65 9783 4851
E : ong_shi_man@enterprisesg.gov.sg

 

Ms Karen KOH
Business Partner
Corporate Communications

T : +65 6279 3628
M : +65 9889 8816
E : karen_koh@enterprisesg.gov.sg

 


 

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About Singapore-Zhejiang Economic and Trade Council

The Singapore-Zhejiang Economic and Trade Council (SZETC) was established on 18 November 2003. The launch of the SZETC was witnessed by then-Singapore Prime Minister Goh Chok Tong and then-Chinese Premier Wen Jiabao.

Ms Sim Ann, Senior Minister of State, Ministry of Culture, Community and Youth & Ministry of Communications and Information and Zhu Congjiu, Zhejiang Vice Governor, are Co-Chairmen of the Council.

The SZETC consists of government and private sector representatives from Singapore and Zhejiang and aims to promote economic exchanges and cooperation between Zhejiang Province and Singapore through the following:

a. Exchange of economic data and information, and familiarise each other on the respective economic policies;

b. Promote, guide and assist in bilateral trade and investment

c. Organise exchange activities in the areas of economic, trade and investments;

d. Coordinate and help companies solve problems in joint businesses; and

e. Other work that are mutually beneficial for economic and social development.