Singapore and China raise collaboration in services

Representatives from both countries will set up a new work group to facilitate new projects in the services sector.

The work group is envisioned to help Chinese enterprise internationalise their businesses through Singapore, said the Ministry of Trade and Industry (MTI) Singapore in a release. For their part, Singapore businesses keen on participating in China's growing services sectors such as healthcare and education will receive greater assistance.

"Firms from both sides could explore greater collaborations in these areas, and seize growing opportunities together in the global market and beyond," said MTI.

Minister Lim Hng Kiang said: “Once set up, this new work group will meet regularly to help identify issues and opportunities that we can discuss and explore together. I believe it will also pave the way for more collaborations between Singapore and China and enhance our already strong economic ties.”

According to MTI, Singapore and China enjoy strong bilateral economic relations. In 2011, bilateral trade grew 6.4 per cent from the year before to reach S$101.4 billion. Trade in services export has grown significantly in recent years. Currently, China is Singapore’s 3rd largest services export destination by country, and a fast growing one. Export of services to China increased by nearly 5 times over the last decade from S$1.3 billion in 2001 to S$7.4 billion in 2010. Key sectors include transportation services, financial and insurance, and business services.