Singapore and China ink deal on Belt & Road markets cooperation

The collaboration will tap into policy banks to support third-party market ventures in both countries.

Singapore and China signed a memorandum of understanding (MOU) that aims to promote greater collaboration between Singapore and Chinese companies in third-party markets along the Belt & Road.

Under this MOU, the Ministry of Trade and Industry (MTI), National Development and Reform Commission (NDRC), and Enterprise Singapore will form a working group to identify sectors and markets of mutual interest. They will also organise business matching activities and forums to facilitate third-party market cooperation between Singapore and Chinese companies along the Belt & Road.

“Singapore and China will also work with commercial and policy banks, insurers, and financial institutions to support the financing and project structuring needs of third-party market ventures by companies from both sides,” MTI said.

Trade minister Lim Hng Kiang said, “This MOU will pave the way for closer partnerships between our companies in thirdparty markets, one of the key cooperation pillars that Singapore and China have identified under the Belt & Road Initiative. Singapore’s strength as a key infrastructure, financial and legal hub in the region will add value to Chinese companies expanding along the Belt and Road.”

Minister for National Development and second minister for Finance Lawrence Wong and the People’s Republic of China’s (PRC) National Development and Reform Commission (NDRC) vice chairman Zhang Yong signed the MOU. NDRC is China’s lead agency for the Belt and Road Initiative (BRI).