The 24th Meeting of the Singapore-Sichuan Trade and Investment Committee Held in Singapore

On August 14, the 24th Meeting of the Singapore-Sichuan Trade and Investment Committee was successfully held in Singapore. This meeting marks a further deepening of cooperation between Singapore and Sichuan in areas such as trade, investment, and the green and low-carbon industries. Both sides are working together to seize new opportunities presented by the RCEP (Regional Comprehensive Economic Partnership), and to advance the Belt and Road Initiative and the construction of the new western land-sea corridor.

Data indicates that from January to June 2024, the trade volume between Singapore and Sichuan reached 9.757 billion yuan, a year-on-year increase of 15%. As of June 2024, Singapore has established 813 foreign-invested enterprises in Sichuan, with a total FDI (foreign direct investment) of 4.598 billion USD, consistently ranking among the top sources of foreign investment in the province. Meanwhile, Sichuan enterprises have also actively expanded into Singapore, establishing 58 enterprises, and registering a total Chinese investment of 1.11 billion USD.

In terms of areas of cooperation, Singapore-Sichuan co-operation has shifted from the initial focus on resource-based industries and traditional service industries to high-end manufacturing and modern service industries, establishing a dominant cooperative framework centered on urban development and infrastructure, trade and logistics, electronic information, financial services, education and medical care. Many renowned Singaporean companies have been thriving in Sichuan and are actively engaging in new areas of cooperation.

During the meeting, Singapore and Sichuan conducted in-depth exchanges in the areas of economic and trade and investment promotion, with a particular focus on green and low-carbon industries. The two sides also signed five cooperation projects during the meeting, covering sectors such as energy and minerals, healthcare and pharmaceuticals, culture and tourism, and more. This further advances the creation of a new pattern of openness and cooperation between Singapore and Sichuan on a broader and deeper level. The deepening  cooperation between Singapore and Sichuan will not only bring more development opportunities for both sides, but also inject new momentum into the prosperity and development of the regional economy.