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FUJIAN: China is developing a new economic zone to transform southern Fujian province. Together with the Pearl River Delta and the Yangtze River Delta, the hub will form an economic powerhouse in the region.
Tourism plays an important role in Fujian's economy and the government is hoping to tap into this with the recent development of a new economic zone in the province.
Some Singapore companies are capitalising on this and have started projects in Fujian. One of these firms is Straco Corporation, developer of tourism attractions.
Straco has invested more than S$20 million in its latest project to construct Underwater World Xiamen. Singapore's Senior Minister, Goh Chok Tong, officiated at the groundbreaking ceremony of Phase 2 of the new attraction on Tuesday.
Wu Hsioh Kwang, executive chairman of Straco Corporation, said: "Underwater World Xiamen hopes to build on the momentum of this new exchange initiative by building The Cross Strait Aquarium – a showcase of the marine life and natural environments of China and Taiwan, as well as a new centre for aquatic-related research and conservation education."
Besides Straco, Mr Goh also took the opportunity to visit other Singapore firms such as the Riyuegu Hotsprings Resort – an investment by Singaporean businessman Chen Hsing Chung.
Earlier, the senior minister was briefed on current and future expansion plans of YCH, a logistics and supply company, which was one of the first few Singapore firms to enter the China market in 1992.
Bilateral trade between Singapore and Fujian hit US$1.37 billion last year, making Singapore the 4th largest foreign investor in Fujian and top investor among Southeast Asian countries.
Fujian is hoping that this figure will continue to rise and more investors will be attracted to start projects in the province, with the development of the new economic zone.
- CNA/so
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