Bilateral trade between Singapore and Shanghai climbed 33.8% to $24.11b in 2017

Shanghai firms invested about $8.27b in Singapore as of end 2017.

Singapore’s bilateral trade with Shanghai jumped 33.8% YoY to $24.11b US$17.5b in 2017, Monetary Authority of Singapore (MAS) deputy managing director Jacqueline Loh revealed.

In a speech at the 4th Shanghai-Singapore Financial Forum held on 27 November, Loh noted that Singapore continued to be China’s largest foreign investor for the past five years, with Shanghai being the Lion City’s second largest investment destination in China. She added that Singapore was Shanghai’s second largest foreign investor in 2017.

“With growing affluence of Shanghai’s resident population, Shanghai continues to be an attractive investment destination for Singapore companies,” she commented.

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The official likewise said that Shanghai firms have been taking interest in Singapore as close to 110 Shanghai firms injected about $8.27b (US$6b) worth of investments in the city-state as of end 2017. In relation to this, Loh noted that Singapore’s trade and industry minister Chan Chun Sing had visited Shanghai in early November for the inaugural China International Import Expo (CIIE) which enabled Singapore companies to take part in business matching sessions and explore collaborations with Chinese partners to enter and expand into China.

“As key financial centres globally, each with their respective strengths, there are tremendous opportunities for Shanghai and Singapore to complement each other, including in the BRI, capital market connectivity, RMB internationalisation, and FinTech innovation,” Loh said.