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Singapore and Liaoning ink 16 projects at Singapore-Liaoning Economic and Trade Council meeting
SINGAPORE and Liaoning have inked 16 projects spanning high-technology manufacturing and modern services at the ninth Singapore-Liaoning Economic and Trade Council (SLETC) meeting which was co-chaired by Minister for Social and Family Development Tan Chuan-Jin and Liaoning Governor Chen Qiufa. Of this, almost half were small and medium-sized enterprise (SME) projects.
Said Mr Tan: "The less competitive environment in Liaoning makes it an ideal location for SMEs to build their presence. Coupled with the rise of consumerism in Liaoning and the government's focus on improving the standards of living for its people, there are opportunities to cater to the new needs and demands. These include the education, healthcare and lifestyle-related sectors."
As a key node in the Sino-Mongolia-Russia Economic Corridor, Liaoning is expected to drive transformation of the region into an important hub for North-east Asia cooperation. Given this geographical location, gateway cities such as Dalian and Shenyang could become future international business centres and connectivity nodes for the region.
Trade and investment ties between Singapore and Liaoning have been on the rise since SLETC was established in 2003. In 2015, bilateral trade between Singapore and Liaoning increased by 4.2 per cent to US$3.98 billion. There was also an increase in Singapore's actual investments by 11.53 per cent from 2014, reaching US$245.6 million in 2015. As at May 2016, Singapore's cumulative actual investments into Liaoning hit US$5.73 billion with a total of 956 projects. Currently, Singapore is Liaoning's fifth largest investor and trading partner.
The meeting, which took place in Singapore, was organised by the International Enterprise (IE) Singapore, the Singapore secretariat for the Council. Over 170 government and business representatives from Singapore and Liaoning attended the meeting.