Singapore and China Strengthen Ties Through Industrial and Trade Collaboration
On 19 March 2024, the International Industrial Cooperation Conference (Singapore) and the Chinese Electromechanical Products Brand Exhibition were inaugurated, marking a significant event in the collaborative efforts between Singapore and China in trade and industrial sectors. The conference, held in Singapore, saw a gathering of exhibitors from various Chinese provinces and cities, alongside industry professionals, trade group representatives, and government officials from Singapore, Malaysia, Cambodia, Laos, Indonesia, and Thailand.
The event underscored the robust and close economic ties between Singapore and China, with China being Singapore’s largest trading partner since 2013, and Singapore being a major foreign investor in China. The bilateral trade volume between the two countries reached SGD 167 billion in 2023. Highlights of the conference included discussions on the long-term bilateral relations that have provided a platform for businesses in both countries to leverage new economic growth opportunities.
Keynote speakers emphasized the importance of embracing “green digitalization, integration of industry and education, park cooperation, and compliant operations” as future economic directions. The theme resonates with the need for cooperation in digital economy, green economy, and e-commerce, aiming to foster advancements in digital trade, renewable energy, and low-carbon technology innovation.
Education integration was another focal point, with initiatives to ensure students are prepared for the future and encourage continuous learning and skill enhancement among workers. The conference also celebrated the 30th anniversary of the development and construction of the Suzhou Industrial Park, a prime example of Singapore-China government-to-government cooperation, focusing on green economy, biomedical sciences, and digital economy.
The event further highlighted Singapore’s commitment to promoting regional economic integration and trade cooperation, leveraging its network of 27 free trade agreements, including the Regional Comprehensive Economic Partnership (RCEP), which encompasses about a third of the world’s population and GDP. The ongoing upgrade negotiations of the ASEAN-China Free Trade Agreement aim to enhance cooperation in digital transformation and the green economy.
Local enterprises such as DBS Bank, OCBC Bank, UOB, and Tat Hong Holdings showcased their products and services in a specially designated Singapore Pavilion, illustrating the dynamic opportunities for financing and collaboration available to attendees.
The conference concluded with gratitude expressed to the organizers and participants for their contributions to fostering closer business ties and trade cooperation between Singapore, China, and the region, with hopes for the event’s continued success in facilitating mutual growth and collaboration.
