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IE Singapore: Public-private partnership viable model for companies keen on Jiangsu (Amended)
THE ninth Singapore-Jiangsu Cooperation Council (SJCC) meeting co-chaired by Minister of State for Manpower Teo Ser Luck and Jiangsu vice-governor Zhang Lei saw 13 memorandums of understanding (MOUs) signed at the council meeting, with more than 100 business and government delegates in attendance.
Said Mr Teo: "Public-private partnerships (PPP) are increasingly relevant to China, given the 'Belt & Road' initiative. PPP is one of the viable models of entry for those in the infrastructure, environmental services and logistics sectors. This serves as a strong platform for Singapore companies along the entire value chain to showcase their expertise and services for Jiangsu."
In 2013, the Chinese government encouraged greater involvement in infrastructure building and public utility projects by the private sector. Jiangsu adopted this model last year, issuing PPP guidelines. Since then, PPPs have become a potential model for companies to expand into Jiangsu, one of the fastest growing cities in China.
Teo Eng Cheong, chief executive officer of IE Singapore, said: "IE Singapore continues to see strong interest from Singapore companies in Jiangsu. These MOUs promote strong economic relations between Singapore and Jiangsu, enabling both sides to deepen collaborations."
In 2014, Jiangsu was Singapore's biggest foreign direct investment (FDI) destination in China, accounting for 33.8 per cent of Singapore's total cumulative FDI of US$72.33 billion in China. In the first half of 2015, Singapore's cumulative actual investment in Jiangsu reached US$24.7 billion with 4,011 projects.
Amendment: The IE Singapore and Suzhou Industrial Park Administrative Committee (SIPAC) MOU was signed at the 12th JCBC Meeting on 13th Oct, not at the SJCC Meeting.