Singapore was Sichuan's largest foreign investor in H1 2021: ESG

SINGAPORE was Sichuan's largest foreign investor in the first half of 2021, injecting some US$8 billion across 685 projects.

These projects range from infrastructure, transport and logistics to modern services industries, Enterprise Singapore (ESG) said in a press statement on Friday.

Bilateral trade between the cities also reached US$808 million in January to June 2021 period, growing 10 per cent year on year. In 2020, bilateral trade between Singapore and Sichuan grew 9.8 per cent on the year to US$1.84 billion, according to data from the Sichuan Department of Commerce.

A total of seven memoranda of understanding (MOU) was signed at the 22nd Singapore-Sichuan Trade and Investment Committee (SSTIC) meeting on Friday. These MOUs cover industries such as biotechnology, financial services and urban design, to name a few.

Singapore biotech company Celligenics inked an MOU to set up an advanced therapeutic development centre and its China headquarters in the Chengdu hi-tech zone. It also entered into another MOU for the animal study of its therapeutic product for wound healing.

UOB China has also signed an agreement with Changhong International Holding (HK) Limited to deepen collaboration in areas such as financial services and consulting. UOB China will also support Changhong's internationalism and overseas business development.

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Moving forward, Singapore and Sichuan will continue to collaborate in trade, connectivity and innovation. Sichuan, in particular, has plans to "revitalise" its urban areas - which will create opportunities for Singapore companies.

Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry, said in a speech that Singapore and Sichuan can work together in urban revitalisation, planning and management, as well as sustainability initiatives.

"Singapore has built strong 'hardware' capabilities in urban infrastructure development to optimise the use of our resources.

Our companies are also constantly innovating on 'software' solutions, such as experiential designs to liven up precincts and rejuvenate buildings," Dr Tan added.

Sichuan is a key economic centre of Western China. Its gross domestic product grew 3.8 per cent in 2020 to hit S$4.86 trillion yuan (S$1.01 trillion), above China's national average of 2.3 per cent. Foreign trade also reached US$114.8 billion in the same year.