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SINGAPORE : Singapore and China's Shandong province have signed several agreements to work together on developing infrastructural, education and environmental services.
Among the agreements inked - Hyflux has committed to work on municipal water projects in the city of Linyi, while the Singapore Cruise Centre will provide consultancy and management services to the Qingdao City Construction Investment Group to help boost tourism.
Singapore's Jollibean Foods has also signed a joint venture deal with Soya China to open specialty stores in the province under the Jollibean brand name.
"Singapore firms can make full use of the next one year or two, when the demand is weak worldwide, to explore new possibilities, new markets and new project possibilities with Shandong, so that when the economy recovers, (they) will be in very good position to take advantage of that growth," said Minister of State for Trade & Industry, Lee Yi Shyan.
Other areas of cooperation include healthcare, technical training and sports facility management.
Mr Lee said trade and investment between Singapore and Shandong grew by over 80 per cent in 2007. Singapore has invested in a total of 1,160 projects in Shandong, amounting to US$2.6 billion, with 26 projects coming in the first nine months of this year.
The minister of state added that Shandong is one of the provinces that will benefit from the Chinese government's stimulus package worth some RMB 4 trillion.
Going forward, the Shandong government has already set out 240 key projects involving close to RMB 800 billion for agricultural, energy, water conservancy, high tech and urban infrastructure development. And these present new opportunities for Singapore companies. - CNA /ls
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