Singapore, Shanghai strengthen ties with 15 new agreements

These cover the areas of financial services and the digital economy, amongst others.

Singapore and Shanghai reaffirmed their cooperation with the signing of 15 new agreements across various areas such as financial services and technology and innovation in the 4th Singapore-Shanghai Comprehensive Cooperation Council.

In a statement, Enterprise Singapore said the 15 agreements were composed of 14 memoranda of understanding (MOU) and one letter of intent. The deals included other interests such as people-to-people exchanges, and emerging areas such as the digital economy.

Some of the agreements signed include the MOU between the Infocomm Media Development Authority and the Shanghai Municipal Commission of Economy and Informatization to strengthen cooperation in digital connectivity, digital utilities and innovation. 

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Singapore’s CrimsonLogic, meanwhile, partnered with Shanghai Data Group to improve the cross-border flow of goods through digitalisation.

The Singapore Ministry of Law, Shanghai Municipal Bureau of Justice, Law Society of Singapore and Shanghai Bar Association also entered an MOU on the Singapore-Shanghai Lawyers Exchange Programmes for the promotion of regular interactions between lawyers from both cities.

The two markets posted an 8% increase in trade to reach nearly $20b.

“Our two countries enjoy longstanding and multi-faceted relations, characterised by mutually beneficial cooperation and very close people-to-people ties. Over the years, our bilateral relations have progressed well and in line with our respective strengths and development priorities,” said Deputy Prime Minister and Finance Minister Lawrence Wong at the SSCCC Meeting.

“Through this upgraded partnership, both sides are committed to continually expand bilateral cooperation, and pursue collaboration in forward-looking areas like the digital and green economies. So I encourage the Council to study and pursue new cooperation projects that will add more substance, and reflect the intent and spirit of our upgraded partnership,” he added.