4 Singaporean – Shandong partnerships deals sealed

Agreements made include a signed contract agreement between Sun Isles Resort & Clubs Pte Ltd and Penglai Economic Development Zone with a S$100 million estimated investment value.

The agreements happened over the 14th Singapore-Shandong Business Council meeting in Jinan, Shandong. The meeting focused on the areas of modern services, urban solutions and knowledge transfer. It was chaired by Minister of State for Trade & Industry and Manpower Lee Yi Shyan and Shandong Vice Governor.Minister of State Cai Limin.

Other agreements signed were a Letter of Intent between RSP Architects Planners & Engineers and Qufu Planning Bureau in master planning for the cultural eco-city in Qufu; a Memorandum of Understanding signing between Luye-Pharm Pte Ltd and Yantai Hi-Tech Economic Development Zone as well as an MOU signing between Singapore Food Manufacturers' Association and Rushan Bureau of Foreign Trade and Economic Cooperation.

Said MOS Lee, “Singapore and Shandong have a long standing relationship dating back to 1993 when the Council was established by then PM Goh ChokTong. With the impending adoption of the Yellow River Delta Development Strategy and Shandong Blue Peninsula Economic Zone by the Central Government, Shandong is poised to accelerate its development with new policy incentives. The province is now actively seeking investments from Singapore companies in various areas, including modern services, urban solutions and green energy.”

The meeting also stands to facilitate Singaporean companies looking for opportunities overseas, especially in the tourism and retail infrastructure. Shandong is also the top agricultural and food stuff exporting province of China with export value of US$9.9 billion (24.6% of China’s agri-exports) in 2008. The rich resources of the province and renewed emphasis of food safety for China with a new Food Safety Law passed in 1 June 2009 offers good potential for Singapore companies to trade and procure products from Shandong.