To the Next Level

By Qiu Hui

The consumer goods exhibition area of the Singapore Pavilion at the sixth CIIE in Shanghai on November 7,2023.(VCG)

CIIE is enhancing China-Singapore trade

“With the Chinese market gaining continuous momentum and the China-Singapore relationship upgraded,Singapore and China stand ready to face any uncertainties arising from the global economy,” said Kok Ping Soon,Chief Executive Officer of Singapore Business Federation (SBF),in an exclusive interview.

The SBF led 56 Singaporean enterprises to participate in the sixth China International Import Expo (CIIE),making the biggest Singapore showing at the CIIE since 2020.According to Kok Ping Soon,Chinese and Singaporean companies signed 13 Memoranda of Understanding (MoUs) covering multiple fields including crossborder data communication,trade,connectivity,and education during the sixth CIIE.The MoU tally more than doubled the last CIIE,and the total value of the MoUs is expected to exceed 87 million Singapore dollars (US$64.17 million).

Growing Cooperation

The healthy and stable China-Singapore relations date back to as early as 1990,when diplomatic relationship was established between the two countries.In 1993,China and Singapore cooperated on building the Suzhou Industrial Park,after which the scope of bilateral economic and trade cooperation expanded.

Statistics from the Singapore Ministry of Trade and Industry show that since 2013,China has been Singapore’s largest trading partner for 10 consecutive years,and the proportion of bilateral trade in Singapore’s foreign trade underwent a turbulent increase.Data from Chinese Customs showed that in 2022,China-Singapore trade reached US$115.13 billion,year-on-year growth of 22.8 percent.

Kok Ping Soon noted that Singapore and China have enjoyed a long history of friendly economic cooperation and that both sides have made efforts to deepen the cooperative relationship.China has been Singapore’s top investment destination since 2007,while Singapore has been China’s most important source of investment since 2013.

Kok Ping Soon has previously worked for the Government Technology Agency,Singapore Tourism Board,Ministry of Trade and Industry,and other organizations promoting Singapore’s economic and trade development.He said that since the COVID-19 pandemic,China has been committed to encouraging domestic consumption,facilitating urbanization and industrial upgrading,and boosting green and digital economic transformation.China’s efforts to enhance technology and innovation are creating great potential for Singaporean enterprises to deepen cooperation and collaborate on innovation with Chinese companies.

At the end of March 2023,Prime Minister Lee Hsien Loong of Singapore made an official visit to China,during which both sides released the Joint Announcement Between the People’s Republic of China and the Republic of Singapore on the Establishment of an All-Round High-Quality Future-Oriented Partnership.Kok Ping Soon predicted that upgrading the bilateral relations would ensure Singapore and China continue to expand cooperation in“future-oriented fields” including the digital and green economy,sustainable development,intelligent manufacturing,and renewable energy,which will create opportunities for Singaporean enterprises.

“The MoUs signed at the sixth CIIE testify to the great interest and capabilities of enterprises in both countries to promote free trade,innovative development,and sustainable growth,” said Kok Ping Soon.He said that in recent years,companies from both countries have been focused on cooperation that strengthens cross-border digital trade and relevant industries including digital technology and logistics.The development of such businesses could help hasten customs clearance and solidify the security and management of cross-border data communication.“Four MoUs signed at this year’s CIIE cover this field,” said Kok Ping Soon.

In 2018,China and Singapore signed the Protocol to Upgrade the China-Singapore Free Trade Agreement.Five years later,the two countries signed an MoU to announce the substantive conclusion of the China-Singapore Free Trade Agreement (CSFTA)Work Programme for Subsequent Negotiations.Kok Ping Soon is confident that both documents will significantly promote trade facilitation and accelerate the opening of the service industry,which would lead to substantial outcomes for bilateral trade and the economy.Both sides’commitment to bilateral cooperation and trade coupled with joint efforts from enterprises would translate into more remarkable achievements.

On the Same Wavelength

The sixth CIIE is the first global economic and trade event to be fully resumed offline after the COVID-19 pandemic.Participation by Fortune Global 500 companies,industry-leading businesses,and innovative small and medium-sized enterprises (SMEs)reached a record high.

According to Kok Ping Soon,resumption of demand for business trips fueled an increase in participation at the CIIE.Themed “Singapore-China: Advancing Futureoriented Partnership,”Singapore’s exhibition at this year’s CIIE covered 1,286 square meters across three exhibition areas showcasing consumer goods,foods and agricultural products,and services trade.About 40 percent of attending Singaporean companies were CIIE first timers,yet returning participants increased by 15 percent.

Kok Ping Soon said that participating businesses exhibited many innovative,high-quality,and trustworthy products and services.The design of Singapore’s exhibition area focused on demonstrating technological innovation and sustainable development to present Singapore’s business vitality and competitiveness.

Kok Ping Soon was a first timer at the CIIE this year himself.“As the Singapore-China relationship enters a new phase,bilateral cooperation on trade,investment,and green and digital economies are gaining momentum,”said Kok Ping Soon.

Kok Ping Soon expects the CIIE to provide a continuous driving force for Singaporean enterprises to pursue long-term goals and adjust business philosophies to maintain quality innovation and the competitiveness of their products and services amid fierce competition.He expressed hope that the connectivity and heavy bilateral trade and logistics support will help Singapore become a base for Chinese companies seeking to enter the markets of ASEAN and other regions.

Kok Ping Soon also shared thoughts on the global economy and the multiple challenges it faces.He is confident that Singapore and China will find more opportunities for not only economic growth,but also cooperation in comprehensive fields including trade and investment.

Kok Ping Soon added that an important global issue is finding ways to motivate enterprises to help tackle climate change and seek sustainable development.Companies from Singapore and China could work together to promote cooperation in many areas such as renewable energy,hightech environmental technologies,and sustainable agriculture to create a greener future.For example,Singaporean company Goodluck Trading Co.,Ltd.is working with Shanghai University of Engineering Science and Tianjin University of Technology to develop green,environmentally friendly buildings and alternative materials.

“With the lifting of travel restrictions and the upgrading of the bilateral partnership,we expect Singaporean companies to take advantage of CIIE to deepen and expand their business in the Chinese market,” said Kok Ping Soon.