Singapore and Zhejiang firms forged partnerships to bolster bilateral trade

Their bilateral trade ballooned 44% to $3.5b in H1.

Singapore firms inked deals with Chinese firms to pursue a stronger bilateral trade in China’s Zhejiang province, Enterprise Singapore revealed. 

The key areas will include oil trade and maritime services, technology and innovation, culture, tourism, and youth, financial connectivity, legal and professional services, and sustainable urban management,

According to an announcement, each group will work to identify key projects, consider policy enhancements, and foster more effective talks between government officials, business leaders and experts. Group members will come from the public and private sectors of both Singapore and Zhejiang.

To boost trade, an overseas joint venture was signed to back offshore trading, financing and settlement needs for the bonded bunker fuel supply company in the China Pilot Free Trade Zone (FTZ) following the tie-up between Singapore’s Vitol Asia, Zhejiang Provincial Seaport Investment and Operation Group, and Ningbo Zhoushan Port Group.

In the logistics sector, Singapore’s YCH Group and Forchn Holdings inked deal to invest in YCH Group’s warehousing and logistic assets in Southeast Asia and China. Both firms joined to set up a Belt and Road Initiative (BRI) private equity fund in April 2018.

For better urban solutions, Singaporean manufacturing firm Ann Aik and Zhejiang Fuchun Ziguang Environmental Protection agreed to provide water treatment advisory, EPC, and its proprietary technology in rural wastewater services in Zhejiang.

Moreover, both will jointly invest in rural, industrial, and municipal environmental services projects, research and development, and manpower development.

Meanwhile, Singapore-based property management firm Anacle inked deal with the Xiaoshan District People’s Government of Guali Town to embark on a Smart Town Pilot Project wherein Anacle will provide solutions for an exhibition hall on smart cities and a smart innovation industry park in Guali town.

According to an announcement, 125 Singapore and Zhejiang government and business representatives were present in the Singapore-Zhejiang Economic and Trade Council (SZETC) roundtable discussion.

Zhejiang’s gross domestic product hit $1.08t in 2017 whilst its bilateral trade with Singapore grew 44% YoY to $3.5b in H1. Singapore’s cumulative actual investments in the Chinese province hit $8.02b as of June.