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Media Releases
25 Sep 2019 Updated 09 Oct 2019

Singapore professional services companies band together to seize opportunities in Jiangsu

Urban solutions and transport & logistics remain key sectors of interest for Singapore companies in Yangtze River Delta

MR No.: 053/19

Singapore, Wednesday, 25 September 2019

  1. Ms Indranee Rajah, Minister in Prime Minister’s office and Second Minister for Finance and Education, and co-chair of the Singapore-Jiangsu Cooperation Council (SJCC), is currently leading a 120-member delegation to Suzhou and Nanjing, in Jiangsu province, from 24 to 27 September 2019. With over 30 business representatives across legal, accountancy, intellectual property (IP) and finance in the delegation, this is the first time a full spectrum of Singapore professional services players is curated to tap on opportunities in Jiangsu, as more of its firms internationalise under the Belt and Road Initiative (BRI).

  2. Singapore and Jiangsu also affirmed closer cooperation in areas including BRI and Jiangsu Pilot Free Trade Zone (FTZ), with the renewal of the SJCC Memorandum of Understanding that was signed at the 13th SJCC meeting, co-chaired by Minister Indranee and Jiangsu Governor Mr Wu Zhenglong in Suzhou today. Vice co-chairmen, Dr Koh Poh Koon, Senior Minister of State (SMS) for Trade and Industry, and Mr Guo Yuanqiang, Jiangsu Vice Governor, were also present at the meeting.

  3. Said Minister Indranee, “We see potential for Singapore businesses to participate in Jiangsu’s growth in many areas, including innovation, IP and professional services, as the province enhances its integration with the wider Yangtze River Delta and looks overseas under the Belt and Road Initiative. Singapore has a good ecosystem for the commercialisation of IP assets. At the same time, our professional services enterprises have the expertise and networks that can be helpful to Jiangsu firms looking to expand into the region.”

  4. Partnering Jiangsu firms in their internationalisation efforts

  5. Many leading Jiangsu enterprises such as Envision Group, Oriental Energy, Gold Mantis and Wuxi Biologics have tapped on Singapore to expand internationally. To connect Jiangsu enterprises to more Singapore professional services players that can support their overseas ventures, Enterprise Singapore is co-organising two business-matching sessions in Suzhou and Nanjing with the YRD Overseas Investment Promotion Office and Jiangsu Department of Commerce respectively, during the visit.

  6. Singapore companies can bring expertise in infrastructure planning and development, project structuring and advisory, dispute resolution, and IP protection to Chinese companies hoping to expand their international operations. Singapore has been strengthening efforts to establish itself as a centre for international arbitration and dispute resolution1, and as a marketplace for companies to hold, value and commercialise their IP assets. The establishment of Infrastructure Asia in October 2018 has also helped to put together the resources, networks and collaborative capabilities of the public and private sectors across the region to work together on regional infrastructure needs.

  7. Urban solutions and transport & logistics remain key sectors of interest

  8. Singapore companies are also pursuing new partnerships arising from YRD integration and Jiangsu Pilot FTZ. The integration of YRD region, comprising Anhui, Jiangsu, Shanghai and Zhejiang, will spur demand for new transport hubs and urban centres to boost regional connectivity. The Jiangsu Pilot FTZ could also see new policies that will encourage further economic reforms and opening up of the different focus sectors2 in the FTZ sub-zones in Lianyungang, Nanjing and Suzhou.

  9. These developments will catalyse more opportunities for companies in urban solutions, infrastructure, and logistics. Mapletree and Ssinolog will develop industrial and logistics parks in Wuxi and Zhenjiang, while Pioneer Environmental Technology will provide a water & exhaust gas treatment facility in Suzhou. These are among the 16 projects signed at the 13th SJCC.

  10. Minister Indranee and SMS Koh also called on Jiangsu Governor Wu and attended the Innovfest Suzhou today. Minister Indranee will speak at the Singapore-Jiangsu Collaboration in Professional Services Seminar in Nanjing on 26 September and visit the Singapore-Nanjing Eco High-Tech Island (SNEHTI) on 27 September.
  11.  

    Annex 1: List of signings at the 13th SJCC meeting

    Annex 2: Opening speech by Minister Indranee at the 13th SJCC meeting

    Annex 3: Closing speech by SMS Koh Poh Koon at the 13th SJCC meeting

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


    1 In January 2019, Singapore and China, through the Singapore International Mediation Centre and the China Council for the Promotion of International Trade (CCPIT), set up an international panel of mediators for the BRI, to jointly develop rules, case management protocol and enforcement procedures for BRI dispute cases submitted for mediation. In August 2019, 46 countries signed the Singapore Convention on Mediation, which provides cross-border enforcement of mediated settlement agreements. .

    2Announced in August 2019, the Jiangsu Pilot FTZ spans 120 sq km and comprises three zones sited across the cities of Nanjing, Suzhou and Lianyungang. It aims to create a leading innovation cluster in Nanjing, develop a modern and high-value industrial zone in Suzhou, and build an Asia-Europe transport hub in Lianyungang.

     

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    E : jessie_ng@enterprisesg.gov.sg

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    About Singapore-Jiangsu Cooperation Council

    The Singapore-Jiangsu Cooperation Council (SJCC) was officially launched on 1 November 2007. Ms Indranee Rajah, Minister in Prime Minister’s office and Second Minister for Finance and Education, and Mr Wu Zhenglong, Jiangsu Governor are Co-Chairmen of the Council. Dr Koh Poh Koon, Senior Minister of State for Trade and Industry and Mr Guo Yuanqiang, Jiangsu Vice Governor, are the Vice Co-Chairmen of SJCC.

    The Council aims to promote multi-faceted cooperation between Singapore and Jiangsu Province, ranging from economic, tourism to education exchanges. Council representatives comprise government officials and businesses from Singapore and Jiangsu