S'pore investors urged to consider coastal cities in China's Jiangsu province
By Channel NewsAsia's Glenda Chong | Posted: 26 November 2009 2115 hrs

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SINGAPORE: Singapore investors have been urged to tap into the potential of coastal cities in China.

This is especially true for Jiangsu province where the coastal region has been earmarked for development.

China has just endorsed the Jiangsu Coastal Development Plan which promises development for coastal cities in the province.

Singapore Health Minister Khaw Boon Wan, said: "This year, they alleviated to a national level sort of emphasis which I think should mean greater investments and more business concession policies from Beijing.

“Therefore it means greater and faster opportunities so our businessmen are excited by this prospect.

“Singapore is a more mature economy so if you are looking for double digit growth rate you have to explore new markets like China and especially in a place like Jiangsu which is quite ahead in development so that means plenty of opportunities up there."

Coastal cities like Liangyungang, Yancheng and Nantong will open up opportunities such as port management, urban solutions, environmental services and transport and logistics.

The 3rd Singapore-Jiangsu Cooperation Council meeting co-chaired by Singapore's Health Minister Khaw Boon Wan and Jiangsu Party Secretary Liang Baohua has just been concluded.

And it marks greater ties between the two sides.

The Singapore-Nanjing Eco High-Tech Island joint venture company has signed agreements with eight Singapore-based and foreign companies to explore partnerships in the project.

These companies include Singapore-based ST Engineering and Etonhouse International as well as foreign ones like Ivy Group and Leaderank.

JV company also signed agreements with the Bank of China, ICBC and Bank of Shanghai to get a 7.2 billion Renminbi credit line.

Singapore water treatment firm Hyflux also signed an agreement with Bank of Jiangsu to provide 3 billion Renminbi worth of financing facilities to the firm over the next 3 years.

Mr Khaw said: "We were able to expand beyond the traditional industrialization projects to new capabilities which Singapore is good at especially in the area of environmental technology and water treatment, water recycling.

“So there were quite a number of projects we could do with Jiangsu people and finally after 15 years of co-operation we are now expanding the scope, geographical footprint of the projects in Jiangsu to the north of Jiangsu.

“It means Singapore remains relevant, our experience remains valuable and useful to them even at this fairly mature stage of development as they upgrade, move up trying to be a first world country."

Besides these industries, Jiangsu officials also expressed interest in learning from Singapore's health services.

Mr Khaw added: “Because I'm from Health Ministry, they have particular interest in how we are able to provide affordable healthcare of high standard to our people so we spent half a day just discussing on their health reforms and sharing our experience.

“We face common problems so nobody monopolises wisdom here and we can learn from them and they can learn something from us. I think that will continue to consolidate bilateral relations between Jiangsu and Singapore."

Bilateral trade between Singapore and Jiangsu for the first nine months of this year amounted to US$5.7 billion.

Last year, bilateral trade between Singapore and Jiangsu was US$9.84 billion making Singapore Jiangsu's ninth largest trading partner. - CNA/vm