——Interview with Guo Bingxun, Executive President of the Singapore Federation of Commerce and Industry
Our reporter Liu Hui
In 2023, China and Singapore upgraded their bilateral relationship to a comprehensive and high-quality forward-looking partnership, with Singapore placing greater emphasis on China Singapore economic and trade cooperation. The 6th China International Import Expo (hereinafter referred to as the "CIIE") will open in Shanghai on November 5th. Singaporean companies participating in the CIIE include DBS and Dahua Bank, Taiping Shipping, Zhonghan Shilin, Bibo, Shengke Industry, etc.
On the eve of the CIIE, a reporter from China Economic Times interviewed Guo Bingxun, Executive President of the Singapore Federation of Industry and Commerce. He stated that over the past five years, the Singapore Federation of Commerce and Industry has led a total of 307 enterprises to participate in the CIIE. The mutually beneficial relationship between Singapore and China has brought many important business and trade opportunities to both sides. China will always be an important market for Singaporean enterprises. The green economy, digital economy, and investment and trade have become the main growth points for Singapore's economic development. We hope to use the CIIE platform to help more Singaporean enterprises find partners in China and comprehensively deepen cooperation in digital and green economy.
China will always be an important market for Singaporean enterprises
China Economic Times: What are the effects of the improvement of bilateral relations between China and Singapore and the upgrading of the China Singapore Free Trade Agreement on promoting economic and trade cooperation between China and Singapore?
Guo Bingxun: From March 27 to April 1, 2023, Singaporean Prime Minister Lee Hsien Loong paid an official visit to China. During this period, the two countries upgraded their bilateral relationship to a comprehensive and high-quality forward-looking partnership, and also upgraded the China Singapore Free Trade Agreement to improve market access for enterprises by providing more pro business, free, and transparent rules, and strengthen comprehensive innovation cooperation in areas such as trade and investment, green, and digital economy.
I am pleased to see that the comprehensive strategic partnership has been continuously upgraded over time, and has a good foundation of cooperation and development momentum on the three pillars of promoting economic growth, maintaining regional stability, and strengthening people and cultural exchanges. At present, achievements have been made in key bilateral cooperation projects at the government and national levels, including the China Singapore Tianjin Ecological City, China Singapore Suzhou Industrial Park, China Singapore (Chongqing) Strategic Interconnection Demonstration Project, China Singapore Guangzhou Knowledge City, and Shenzhen Singapore Smart City.
Taking advantage of this momentum, the Singapore Federation of Commerce and Industry will lead over 500 business representatives from 56 Singaporean companies to appear at the 6th CIIE. This is the largest Singaporean exhibition group since 2020, with 22 companies participating for the first time, accounting for 40% of the total, and 34 companies having multiple exhibition experiences. China will always be an important market for Singaporean enterprises, and CIIE is an important platform for Singaporean enterprises to expand into the Chinese market, especially in high growth areas such as digital innovation and sustainable development. By establishing influential partnerships, we firmly believe that the commercial relationship between the two countries will continue to be successful.
The upgraded China Singapore Free Trade Agreement improves market access for enterprises by providing more pro business, free, and transparent rules, and strengthens comprehensive innovation cooperation in areas such as trade and investment, green, and digital economy. In the post pandemic era, the CIIE showcases China's commitment to trade liberalization, investment facilitation, and expanded openness to the consumer economy in an uncertain globalized world.
The importance of the Chinese market for Singaporean enterprises will continue to grow
China Economic Times: How do you think we can deepen cooperation between China and Singapore in the field of digital and green economy?
Guo Bingxun: In June, Singapore's Minister of Trade and Industry, Yan Jinyong, and China's Minister of Commerce, Wang Wentao, signed a memorandum of understanding on strengthening cooperation in the digital economy, hoping to work together to explore common growth opportunities, promote bilateral cooperation and exchanges in the field of the digital economy, including strengthening investment cooperation and digital trade cooperation, introducing best practices in digital economy monitoring and policy formulation Promote digital services and establish a trusted and secure digital environment.
We welcome the "Guidelines for Foreign Investment and Cooperation in the Digital Economy" released by the Chinese government in July, which provides some clear guidance for foreign enterprises eager to participate in China's digital technology development. I believe Singaporean companies can collaborate in the field of digital cross-border trade and logistics to help bilateral companies shorten the time required for transit clearance. Singaporean enterprises have a positive attitude towards the development of digital business, providing cloud services or supporting the adoption of IoT applications in China's manufacturing, logistics, and supply chain management industries.
The China Singapore Tianjin Ecological City is a major cooperation project between the governments of China and Singapore. In July, the China Singapore Tianjin Ecological City Management Committee and the Ecological Office of the Ministry of National Development of Singapore jointly formulated the "China Singapore Tianjin Ecological City Three Year Cooperation Action Plan (2023-2025)" (hereinafter referred to as the "Action Plan"), which focused on five aspects of communication mechanisms between China and Singapore, industrial cooperation, low-carbon and green development, cultural exchanges, and urban development and construction, and formulated 14 action plans for China Singapore cooperation. According to the Action Plan, China Singapore Tianjin Ecological City will leverage the industrial driving advantages of China Singapore Tianjin Ecological City Investment and Development Co., Ltd., strengthen the cooperation between the Singapore Center of the Ecological City Joint Venture and innovation and entrepreneurship incubation platforms such as Tsinghua University's Qidi Star, and provide capital, talent, and other resource support for incubated enterprises.
During his visit to Tianjin in May, Singapore's Minister of National Development, Li Zhisheng, stated that while promoting the transformation of the economy towards green development, the China Singapore Tianjin Eco City has continuously accumulated replicable and promotable development experience. This development approach is not only applicable to the local area, but can also be replicated in a wider range of regions, and even promoted to Singapore or other countries.
According to the Annual National Business Survey conducted by the Singapore Federation of Commerce and Industry, 46% of surveyed Singaporean companies have business branches in China. Among companies with plans to expand into overseas markets, 21% of surveyed companies choose to expand their business territory to China. It is expected that the importance of the Chinese market for Singaporean enterprises will continue to grow in the coming years, with unlimited business opportunities.