Singapore and Chongqing deepen collaboration in financial services, healthcare and other sectors

[SINGAPORE] Thirty agreements were inked between Singapore and Chongqing organisations on Monday (Apr 11), as the Republic and the major Chinese city look to further collaboration in areas such as financial services, healthcare and logistics.

These included the renewal of the memorandum of understanding (MOU) between Singapore's Information and Media Development Authority (IMDA) and Chongqing Big Data Development Bureau to cooperate in the field of information, communications and media.

The agreement will see the continuation of the Joint Innovation Development Fund, which has facilitated partnerships between Singapore and Chongqing companies. The fund has supported 18 projects in various areas like trade logistics and smart manufacturing so far.

The MOUs were signed at the 7th Joint Implementation Committee meeting for the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, which was held virtually on Monday, the Ministry of Trade and Industry (MTI) said in a statement.

The meeting was co-chaired by Minister for Communications and Information Josephine Teo and Chongqing mayor Hu Henghua. Minister of State for Communications and Information Tan Kiat How also attended the meeting.

During the meeting, the co-chairs reaffirmed the progress achieved by the joint initiative. In particular, they welcomed the approval granted to Singapore's flag carrier Singapore Airlines to utilise Chongqing as its bonded distribution base for its aircraft parts.

This will strengthen air connectivity between Singapore and China, and support Chongqing's development as an aviation hub, MTI noted.

Teo and Hu also discussed ways to deepen and further collaboration under the joint initiative's three other priority sectors: financial services, information and communications technology, and transport and logistics.

Both sides agreed to also explore opportunities in emerging areas such as the digital economy and green economy.

Said Teo: "Our commercially driven and government-supported approach puts us in a good position to capture growth opportunities in these new and emerging areas. "With its multifaceted approach to connectivity, the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity has the flexibility to explore wide-ranging collaborations, pilot initiatives, and develop mutually beneficial projects."

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