Singapore and China have always had deep business ties, and over the past decades, those ties have only been strengthened. While China has become the world’s second-biggest economy, Singapore has also become one of the world’s foremost financial hubs and one of the most dynamic business-friendly countries in Asia. Over the years, firms in Singapore have done a lot of business with firms in the Chinese province of Sichuan developments; Singapore announced 17 new deals today. The new deals are a bid to further strengthen the business relationships between Singapore and Sichuan, with a special emphasis on setting up partnerships in new sectors.
For instance, the latest deals are going to help in closer cooperation with regards to sectors like logistics, lifestyle, and most importantly medical technology. The signing of the 17 Memoranda of Understanding (MOUs) took place at the 20th Singapore-Sichuan Trade and Committee and in the presence of the Singaporean minister as well as the Vice Governor of Sichuan Li Yunze. The Singaporean Minister Ng Chee Meng also spoke about the full scope of the deal and how Singapore should be used as a platform for expansion in the rest of South Asia. He said,
Sichuan companies are strong in construction, engineering, and have significant financial, human and technological resources. Singapore companies have strong networks in the region, complementary strengths in urban solutions, transport and logistics, and modern services.
However, it is also important to keep in mind that signing of the deals came through at a time when the entire world is reeling from the effects of the trade war between the United States and China. Since 2018, Singapore has been the biggest investor in the province of Sichuan, and the announcement of these deals is a further indication that the ties are going to be forged far stronger in the years to come. While speaking to the delegates, Ng further spoke about the financial scope of the deals that were signed today. He said,
Despite uncertain global economic conditions, trade between Singapore and Sichuan posted strong growth of 42.8 percent year on year to reach US$1.44 billion.