Urban development work in Zhejiang beckons for Singapore companies

Singapore

SINGAPORE companies can expect more business opportunities in Zhejiang, as the Chinese province moves to build sustainable cities in its pursuit of quality living and urban development.

This comes as a total of 15 memoranda of understanding were signed by Singapore companies at the 14th Singapore-Zhejiang Economic and Trade Council meeting in Hangzhou on Tuesday.

The agreements will pave the way for collaborations in sectors such as urban development, e-commerce as well as youth and cultural exchange, according to a media release from Enterprise Singapore.

One of the key projects to anticipate is the development of a cross-border e-commerce industry belt in Hangzhou, supplemented by the provision of e-commerce training programmes and more.

The project will be undertaken by Singapore e-commerce platform Shopee, in collaboration with the Hangzhou Cross-Border E-Commerce Comprehensive Pilot Area Committee.

Also in the works is the development of an integrated township project by a Singapore consortium comprising GSH Properties (PRC) and KOP Properties, in collaboration with the Jiaxing Municipal Government.

It will feature an integrated community living hub with commercial and retail facilities for tourism and Mice (meetings, incentives, conventions and exhibitions).

Collaborations between companies from Singapore and Zhejiang are plentiful. As at December 2018, there were over 1,200 Singapore projects in Zhejiang, with cumulative actual investments amounting to US$6.06 billion. Some of these projects include the Zhongxin Ningbo Innov Park in Haishu by CapitaLand, as well as the Hangzhou Technology and Innovation Centre by engineering firm Century Water.

"We see great synergy for Singapore and Zhejiang to partner each other as both strive towards a sustainable urban future and quality living for our people," said Sim Ann, Senior Minister of State for Communications and Information and Culture, Community and Youth.

According to latest figures, bilateral trade between Singapore and Zhejiang grew 24 per cent year-on-year to reach US$4.91 billion in 2018. A collaboration would also augur well for both Singapore and Zhejiang, she said at the meeting in Hangzhou.

"Singapore companies can ride on developments such as the Zhejiang Greater Bay Area Development...to pilot their solutions in Zhejiang. Zhejiang enterprises can also tap Singapore's strengths as an international trade and financial hub to access the South-east Asian market."

Ms Sim, who co-chaired the meeting with Zhejiang vice-governor Zhu Congjiu, is in Zhejiang until Thursday.