The 7th biennial Investment Promotion Committee meeting in Beijing marks a significant step forward in Singapore-China economic cooperation, focusing on digital economy and green development
In a notable stride towards enhancing bilateral economic collaboration, the 7th Investment Promotion Committee (IPC) meeting between Singapore’s Ministry of Trade and Industry (MTI) and China’s Ministry of Commerce (MOFCOM) convened in Beijing. Chaired by Minister for Trade and Industry Gan Kim Yong and PRC Minister of Commerce Wang Wentao, the meeting emphasized the commitment to deepen economic ties in mutually beneficial areas.
Affirming the robust trade and investment connections between the two nations, the ministers discussed ongoing projects, including the China-Singapore Suzhou Industrial Park approaching its 30th anniversary, the China-Singapore (Chongqing) Connectivity Initiative, and the China-Singapore Guangzhou Knowledge City. Building on agreements from previous IPC meetings, the ministers highlighted the significance of Memorandums of Understanding (MOUs) on Green Economy, Digital Economy, and Electronic Commerce Cooperation, signed last year, which have paved the way for further collaboration.
A key achievement was the finalization of a joint study on green economy cooperation, identifying initiatives for the next phase of collaboration. The ministers also explored digital initiatives on paperless trading with cities like Beijing, Chongqing, Shanghai, and Suzhou. They encouraged businesses from both nations to leverage platforms such as SGTraDex to enhance supply chain visibility.
Minister Gan expressed optimism about the potential for collaboration in digital and green economies, stating, “We had a productive meeting, and both sides have identified new and concrete initiatives that can benefit our businesses and people. I am confident that our bilateral partnership will continue to grow in the years to come.”
Singapore and China have a robust economic relationship, with China being Singapore’s largest merchandise trading partner, and Singapore ranking as China’s fifth-largest trading partner within ASEAN. The nations have seen significant investment flows, with China as Singapore’s top investment destination since 2007 and Singapore being China’s largest foreign investor since 2013. Total cumulative investment from China increased by 15.9% year-on-year. On April 1, 2023, both countries upgraded their relations to an “All-Round High-Quality Future-Oriented Partnership.”
Minister Gan, accompanied by Minister of State for Trade and Industry Low Yen Ling and officials from MTI, is on an official visit to China from December 3 to 8, 2023. In addition to the IPC meeting, he will attend the 19th Joint Council for Bilateral Cooperation and related Joint Steering Council Meetings in Tianjin on December 7, 2023.
Source – MTI
