Singapore boosts economic ties with Chengdu

Singapore was Chengdu’s second largest foreign investor in 2016.

In continuous efforts to strengthen Singapore-Sichuan economic ties, International Enterprise (IE) Singapore signed a Memorandum of Understanding (MOU) with the Commission of Commerce of Chengdu today to help Singapore companies expand their presence in Sichuan (Chengdu) Free Trade Zone (FTZ), specifically in Trade and Logistics, Financial and Professional Services, and Information Technology (IT) and Innovation.

According to IE Singapore, the deal is the result of close consultation with the Chengdu local authorities, further enhancing the strong economic relations established by the Singapore-Sichuan Trade and Investment Committee.

“Singapore was Chengdu’s second largest foreign investor in 2016. IE Singapore’s FTZ partnership builds on these existing close ties with Chengdu. As its market liberalises, we see potential for new partnerships and deeper knowledge exchange between Singapore and Chinese companies. Through our MOU, we hope to make it easier for more Singapore companies to engage the local authorities and access business opportunities," IE Singapore CEO Lee Ark Boon said.

The group will will work closely with Chengdu’s Commission of Commerce on promotion of trade and logistics services, which will enhance air, rail and road connectivity. It will also work together in promoting financial services, especially company listing and risk assessment.