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Shanghai's services sector attracts more Singapore investors (Amended)
SINGAPORE and Shanghai on Wednesday inked four agreements in the services sector, in particular the areas of healthcare, education and media services, International Enterprise Singapore (IE Singapore) has announced.
These include an agreement between IE Singapore and the Shanghai Municipal Commission of Commerce to promote trade in services as well as exploring collaboration in trade, finance, insurance, education, environmental services and smart city developments.
The three other project signings were: Raffles Medical Group to partner Shanghai Lujiazui Group to set up a 400-bed international general hospital in Shanghai Qiantan; EtonHouse Education Group to establish its third international preschool in Shanghai at the Shanghai Hongqiao Vanke Business Centre; and Singapore-owned MyChina Channel to collaborate with China Business Network to distribute the latter's media programme in the region through its core team of media professionals.
IE Singapore CEO Teo Eng Cheong said: "As Shanghai continues to grow as a vibrant cosmopolitan city, Singapore companies can participate in its growth, especially in the services sector.
"IE's Shanghai Overseas Centre and IE-SICCCI Singapore Enterprise Centre will help Singapore companies access such opportunities in the market."
In 2014, Singapore's investments into Shanghai grew over 78.1 per cent year on year to US$2.19 billion. Meanwhile, bilateral trade increased 5.6 per cent year on year to US$12.8 billion.
To date, Shanghai has attracted an estimated 10 per cent of Singapore's total foreign direct investments into China, with over 3,900 projects across a wide spectrum of sectors.
Clarification: IE Singapore previously stated that Raffles Medical Group will be partnering with Shanghai New Bund International Business District Investment Group to set a 400-bed integrated international hospital. However Raffles Medical Group is in fact partnering with Shanghai Lujiazui Group to set up a 400-bed international general hospital.