The Singapore-Jiangsu Cooperation Council (SJCC) aims to boost opportunities for companies from both regions in areas like collaboration in third-party markets, trade and logistics, and financial services. This contributes to the existing Singapore-Jiangsu economic partnership and advances the Belt and Road Initiative (BRI). Thirteen memoranda of understanding (MoUs) reflect these goals.

Singapore’s Finance Minister, Heng Swee Keat, who is also SJCC Co-Chairman, emphasized the strong, enduring relationship between Singapore and Jiangsu. He stated that Singapore would continue supporting Jiangsu in developing the BRI, creating opportunities for companies to collaborate in third-party markets, trade, and financial connectivity.

Enterprise Singapore and the Suzhou Industrial Park Administrative Committee (SIPAC) signed an MoU to facilitate more partnerships between businesses in Singapore and Suzhou, particularly in areas related to the BRI. This includes connectivity, logistics, and professional services to support Chinese companies going global. Enterprise Singapore has committed to connecting Jiangsu enterprises with relevant Singaporean partners in legal, financial, and other professional services.

Furthering third-party market collaboration, the China-Singapore Suzhou Industrial Park Development Company (CSSD) and Sembcorp will collaborate on developing industrial parks in Southeast Asia. CSSD will draw on its experience from the Suzhou Industrial Park, while Sembcorp will contribute its regional knowledge and experience.

As Jiangsu-based companies expand internationally, Singapore is well-positioned to benefit as an international business hub and regional springboard. These companies can leverage Singapore’s robust financial market and global connectivity for their overseas expansion, especially within Southeast Asia. Concurrently, Singaporean companies offering logistics solutions and professional services, including legal and financial services, can anticipate increased collaboration opportunities.

SIPAC also signed MoUs with the Singapore Exchange (SGX) and banks such as DBS, OCBC, and UOB to promote fintech partnerships and streamline investments between Singapore and Jiangsu. Phillip Capital Management and the Bank of Suzhou agreed to establish an onshore fund management joint venture in the SIP, aiming to introduce international best practices and service offerings to Jiangsu.

Aligned with Singapore and Jiangsu’s focus on innovation, Sembcorp signed an MOU with Clean Energy Centre, DuralitePower, and Nanjing College of Aerospace Engineering. This collaboration will establish an innovation center for smart drone surveying technology, supporting environmental protection efforts.

Oriental Energy Singapore International Trading will partner with the China Eastern Central Western Demonstration Area for Regional Cooperation Cooperation. They aim to develop a clean energy and new materials processing base in Lianyungang.

In terms of talent development, Business China and the Jiangsu Youth Federation of Entrepreneurs signed an MoU to explore exchanges and collaborations between young entrepreneurs from Singapore and Jiangsu. The Jiangsu Youth Federation of Entrepreneurs will also establish an innovation and entrepreneurship center within Singapore’s Nanjing Eco Hi-Tech Island (SNEHTI), fostering idea exchange between entrepreneurs and youth from both regions.

The Singapore University of Social Sciences and Jiangsu’s Soochow University will collaborate on student exchanges, joint research, and cultural initiatives.

Minister Heng highlighted that total trade between Singapore and Jiangsu reached RMB78.4 billion in 2017, representing a 15.7% year-on-year growth. Singapore’s investment in Jiangsu reached RMB8.3 billion in 2017, an increase of nearly 20% from 2016. By the first half of 2018, Singapore’s total cumulative investment in Jiangsu had hit RMB189.4 billion.

He emphasized Jiangsu’s significance as a destination for Singaporean investment in China, consistently ranking as the top choice and accounting for approximately 30% of total investment. He reiterated Singapore’s commitment to partnering with Jiangsu in supporting China’s economic priorities.

The SJCC, supported by Enterprise Singapore as its secretariat, will also explore ways to further innovation and startup collaborations.