Singapore, China reaffirm strong bilateral economic ties

Singapore, China reaffirm strong bilateral economic ties

Minister for Trade and Industry (Trade) Lim Hng Kiang and China’s Minister of Commerce Zhong Shan at the 5th Singapore-China Investment Promotion Committee Meeting on Tuesday (Dec 5). (Photo: Ministry of Trade and Industry)

SINGAPORE: Singapore and China reaffirmed their commitment to enhance economic cooperation and deepen investment ties between both countries on Tuesday (Dec 5) at the fifth meeting of the Investment Promotion Committee (IPC).

The meeting, held in Beijing, was co-chaired by Singapore's Minister for Trade and Industry (Trade) Lim Hng Kiang and China's Minister of Commerce Zhong Shan, said the Ministry of Trade and Industry in a press release on Tuesday.

The IPC is a platform for Singapore and China to share information on key economic policies and developments, with the objective of deepening investment linkages and economic collaboration between both countries.

“The IPC meeting is an opportunity for Singapore and China to discuss new economic opportunities and explore new initiatives as both countries undergo economic transformation, said Mr Lim. 

"Innovation and maintaining our linkages with the world are at the heart of the recommendations of the Committee on the Future Economy. There is scope for Singapore companies to forge closer partnerships with Chinese companies, be it in China, Singapore or in third-party markets,"he added.

DEEPENING ECONOMIC TIES

At the meeting, both ministers discussed ways to deepen investment ties and economic collaboration between Singapore and China.

This includes working towards a "substantive conclusion" next year for the upgrade of the China-Singapore Free Trade Agreement that has made "good progress" so far, said the Ministry of Trade and Industry.

Other suggestions for improving economic ties were also discussed, including Government-to-Government projects and the need to grow investments across various sectors and regions.

The ministers also discussed how Singapore companies could tap on China's 11 free trade zones and continue to support China as they internationalise their companies by providing resources such as dispute resolution services.

Singapore has been China's largest investor since 2013, while China was Singapore's largest trading partner in 2016.

Source: CNA/aa

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