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

August 15, 2024 07:11 PM PDT | By Cision

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24th Meeting of the Singapore-Sichuan Trade and Investment Committee Held in Singapore — Image source: Kalkine Media

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SINGAPORE, Aug. 16, 2024 /PRNewswire/ -- A news report from CRI Online:

The 24th Meeting of the Singapore-Sichuan Trade and Investment Committee was successfully held in Singapore on August 14. 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.

During the meeting, in-depth discussions took place on economic trade and investment promotion, with a particular emphasis on green and low-carbon industries. The meeting resulted in the signing of five cooperation projects covering various fields, including energy and minerals, medical and pharmaceutical sectors, as well as culture and tourism. These projects are expected to expand the scope, breadth, and depth of open cooperation between Sichuan and Singapore.

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.

The Singapore-Sichuan Trade and Investment Committee is one of the eight bilateral cooperation mechanisms established between a provincial government in China and Singapore. It is also the only high-level economic and trade promotion mechanism established between Sichuan Province and a foreign national government.

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