IE and Henan province team up for eco-projects

IE Singapore signed a Memorandum of Understanding (MOU) with the Henan Provincial Bureau of Commerce in Zhengzhou, capital city of Henan.

The MOU aims to make Singapore-based companies explore economic collaboration in logistics development, as well as urban and water solutions, food services, tourism and internationalisation of Henan enterprises, an International Enterprise (IE) report said Thursday.

The signing ceremony was attended by Mr Yew Sung Pei, Assistant Chief Executive Officer of IE Singapore and Mr Li Qingshu, Director General of Henan Provincial Bureau of Commerce. Mr Lee Yi Shyan, Minister of State (MOS) for Trade & Industry and Manpower, and Henan Governor Guo Gengmao were also present at the event.

Mr Yew said, “Singapore-based companies have traditionally engaged China through the coastal cities but are now increasingly showing interest in the relatively untapped opportunities in inland China. The development of logistics will be a key element to the entire growth of the central China region. We will therefore focus on working with Henan to enhance its current logistics infrastructure and networks, as well as explore partnerships in other services industries.”

In 2009, Henan’s GDP reached RMB 1.94 trillion. It ranked fifth in GDP and 17th in GDP per capita in the whole of China. In that same year, bilateral trade between Singapore and Henan amounted to US$86.77 million. Singapore's actual foreign direct investments (FDI) in Henan amounted to US$343 million. This was more than twice the FDI of US$134 million in 2007, reported the Henan Provincial Department of Commerce.