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SINGAPORE: Singapore companies are looking to benefit from new business opportunities in China, by positioning themselves to leverage on the Shanghai 2010 World Expo.
The six-month event, hosted by China, is expected to attract around 70 million attendees. And Singapore companies want to get a piece of the action by providing hotel rooms and activities to promote product branding.
A heritage building from the 1930s, along Hengshan Road in Shanghai, is home to a swanky boutique hotel - as travel agency Commonwealth Travel Service Corporation (CTC) invested US$4 million in the city as part of its regionalisation efforts.
CTC hopes to set up other entertainment outlets at Shanghai's Yuyuan Garden, a famous classical garden in the heart of the city. It believes the Expo will help it recoup its investments two years earlier than expected.
"Our occupancy rate is above 80 per cent. Next year, we can expect new contracts with the Expo. It is another 100-room hotel set to open by May next year," said Wee Hee Ling, managing director, Commonwealth Travel Service Corporation.
Apart from the hotel sector, food manufacturers are also looking for a slice of the pie.
"More people will be going to Shanghai for the Expo. During those months, we can hold larger scale activities, focusing on food safety and quality of our products," said Liane Ong, regional director, Eastern China, International Operations Group, IE Singapore.
IE Singapore said that a Tier One city like Shanghai also presents opportunities in the retail and services sectors. In particular, it is timely to explore Pudong - which is China's financial and commercial hub.
"Perhaps Singapore was slow to tap on Shanghai's growth previously, but looking ahead we can seize opportunities in Pudong, which will lead the next wave of development in Shanghai," said Ms Ong.
As of 2008, Singapore companies have invested in 2732 projects in Shanghai, amounting to more than US$7.4 billion.
- CNA/sc
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