S'pore, Zhejiang ink $3b in deals

Minister Grace Fu met Zhejiang Party Secretary Xia Baolong at the sidelines of 10th Singapore-Zhejiang Economic and Trade Council meeting yesterday.

FIFTEEN project agreements worth over $3 billion were signed at the 10th Singapore-Zhejiang economic and trade council meeting held in Singapore yesterday, the highest number of such project deals since bilateral meetings began in 2003.

IE Singapore said the agreements attest to the ongoing, strengthening ties between Singapore and Zhejiang, an eastern coastal province of China. The projects span the areas of education, environmental services, financial services, marine economy development and social management.

This year's meeting was attended by Ms Grace Fu, Minister, Prime Minister's Office, Second Minister for the Environment and Water Resources and Second Minister for Foreign Affairs, and Zhejiang Party Secretary Xia Baolon, in his first official visit to Singapore. Mr Xia was accompanied by a 70-member delegation comprising key officials and business leaders from Zhejiang.

Ms Fu said she met Mr Xia in Zhejiang last November.

"We agreed to focus on social management and urban planning, and promote modern services to support Zhejiang's developmental plan.

"I am pleased to see that we have delivered concrete outcomes today. We hope to see more collaborative projects that will bring long-term and sustained benefits to both Zhejiang and Singapore."

In the first nine months this year, Singapore's investments in Zhejiang reached $419 million, while bilateral trade grew 8.4 per cent to $4.54 billion. As of last month, cumulative investments have amounted to $4.96 billion with 1,063 projects.

The latest ventures include a township project between the Singapore Cooperation Enterprise (SCE) and the Shaoxing city government in Shaoxing Binhai New City. SCE is an arm of IE Singapore which leads public sector collaboration projects with other countries. The project will integrate Singapore-style township planning and social management concepts like transport hub integration and public housing.

Temasek Holdings' subsidiary Mapletree will partner the Ningbo city government on several projects. They include a modern services park in Ningbo's Cidong Binhai district, an International Autoparts Industrial Park in Yuyao District, and a mixed-use development in Jiangbei district.

Mapletree and the Ningbo city government will also set up a special committee to drive progress and implementation of these projects. IE Singapore and the Zhejiang Department of Commerce will support the work of this committee.


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