Trade cooperation at fore of investment meeting

The branded products made in Shanxi and investment and trade opportunities in this North China province were showcased to the business community in Singapore and the rest of Southeast Asia during a promotional event last week.

The event, Shanxi-Singapore Investment Promotion Conference, was held in Singapore on Nov 11. It was a part of a large promotional campaign called Shanxi Brands on the Silk Road, a move aiming to enhance trade and investment cooperation between Shanxi and the countries and regions involved in the Belt and Road Initiative.

Singapore is a country involved in the BRI. It is also an important trade and investment partner for China. Since 2013, China has been the largest trading partner for Singapore for nine consecutive years and Singapore has been one of the largest sources of foreign investment in China.

Benefiting from growing bilateral ties, Shanxi province has also deepened economic cooperation with Singapore. Statistics show that trade between Shanxi and Singapore amounted to 4.24 billion yuan ($584.27 million) in the first nine months of this year. The amount made Singapore the fourth-largest trade partner for Shanxi among the Belt and Road countries and the fifth-largest among the member countries of the Regional Comprehensive Economic Partnership.

Representatives attending the promotion conference said that there is still great potential for further economic cooperation considering the complementary nature of the economies of both sides.

Li Suet Man, vice-chairman of Singapore-Chinese Business Association – an organization representing the interests of the Singaporean-Chinese business community, delivered a speech at the conference. He said that Singapore is one of the most dynamic emerging economies in the world and is a hub of trade, finance and shipping in the Asia-Pacific region. It also has advantages in sectors such as science and technology, advanced manufacturing, environmental protection and logistics.

"We will continue to bring our businesses in the finance, environmental protection and advanced manufacturing sectors to Shanxi, facilitating collaborations building on our competitive strengths" Li said.

Li Haiyuan, chairman of the Shanxi Committee of the China Council for the Promotion of International Trade, introduced Shanxi's business opportunities at the conference. He said that Shanxi is one of the cradles of Chinese civilization and its 5,000 years of history has left numerous resources for the cultural tourism industry.

Li Haiyuan also said that Shanxi is implementing a number of development initiatives, including an economic transformation from coal reliance to industrial diversification; an energy revolution program to upgrade traditional coal mining and grow its new energy sectors; and campaigns to develop a new hub of opening-up for China's inland regions and to build a base for advanced manufacturing in China's central regions. He added that these fields can create huge opportunities for trade and investment cooperation between the two sides.

"We hope to strengthen collaborations with Singapore's business community in areas of advanced manufacturing, the digital economy, new energy, biomedicine, logistics, financial technology and legal services," the Shanxi official said.

During the event, businesses and industrial associations from the two sides reached agreements for cooperation in a range of areas that include tourism development, imports and exports, and investment.

Meng Ting contributed to this story.