Singapore, Zhejiang ink 15 projects worth S$3b

This is the highest number of project signings at the Singapore- Zhejiang Economic and Trade Council meeting since its inception in 2003.

Bilateral relations between Singapore and Zhejiang received a boost with the signing of 15 projects worth more than S$3 billion at the 10th Singapore- Zhejiang Economic and Trade Council (SZETC) meeting on Monday (Nov 24).

This is the highest number of project signings at the SZETC meeting since its inception in 2003. The signings were witnessed by Minister in the Prime Minister’s Office Grace Fu and Zhejiang Party Secretary Xia Baolong.

The 15 projects cover sectors such as education, environmental services, financial services, marine economy development and social development. They also included special collaboration projects with the cities of Ningbo and Shaoxing – a township project collaboration between Singapore Cooperation Enterprise and the Shaoxing government, and several project partnerships between Mapletree and the Ningbo city government.

Mr Quek Kwang Meng, regional CEO for China and India at Mapletree, said: “One is a mixed-use development in Ningbo, the other two are logistics projects. The mixed-use development is about 250,000 square metres (sqm), comprising half residential, half commercial, plus medical facilities. The other two logistics projects are also 250,000 sqm in total and it caters more to the e-commerce growth in China.”

In a statement, trade agency IE Singapore said that the project in Shaoxing will include social infrastructure development such as community centres, transportation hub integration and public housing, as well as environmental services.

Both Singapore and Zhejiang seek to further deepen collaborations, referring to the next 10 years as a golden age for bilateral relations.

Ms Fu said: “The next 10 years offer us great opportunities. There is a window of opportunity that arises because of the needs of the Chinese development – from one that was perhaps more focused on economic development, they are now paying more attention on environment and social services.

“I have just heard from the party secretary that he is in very interested in, for example, the area of water management. The whole sphere of environment protection is another area that they are very focused on.”

As of October this year, Singapore’s cumulative actual investments in Zhejiang has reached S$4.96 billion with 1,063 projects. In the first nine months of 2014, bilateral trade rose 8.4 per cent to hit S$4.54 billion.

Click to access mr04511_7th_szetc_meeting_media_release_2011_11_24.pdf

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