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Singapore signs deals worth $2.3 bn with Chinese province
November 24, 2014, 4:47 pm

Singapore’s Prime Minister Lee Hsien Loong at an ASEAN Summit in Myanmar on 13 November 2014 [govsingapore/Twitter]

Singapore’s Prime Minister Lee Hsien Loong at an ASEAN Summit in Myanmar on 13 November 2014 [govsingapore/Twitter]

China’s largest foreign investor Singapore has inked 15 agreements worth over 3 billion Singapore dollars ($2.3 billion) with a Chinese province on Monday.

The agreements in financial services, marine economy development, environment and education were signed at the 10th Singapore-Zhejiang Economic and Trade Council meeting held in the city-state.

Singapore’s actual investments in Zhejiang, a coastal province in eastern China, reached $322 million in the first nine months of this year, according to the Department of Commerce of Zhejiang local government. As of October, the cumulative actual investments amounted to $4.14 billion in 1,063 projects.

In the first nine months, bilateral trade increased 8.4 per cent to hit $3.79 billion.

China is Singapore’s top trading partner while Singapore is China’s largest foreign investor.

China allowed direct trading between the yuan and the Singapore dollar from last month, making it easier for Singapore companies to do business with their Chinese counterparts.

Singapore’s Prime Minister Lee Hsien Loong met Chinese President Xi Jinping on the sidelines of the APEC Economic Leaders’ Meeting earlier this month where both leaders vowed to boost economic cooperation.

In a landmark achievement, 21 Asian nations including China and Singapore have recently signed on as founding members of a new infrastructure investment bank which would rival the World Bank.

 

TBP and Agencies