Economic cooperation between China and Singapore is expected to expand as Beijing rolls out its sprawling belt and road trade plan to boost infrastructure and trade links from Asia to Africa and Europe….
Economic cooperation between China and Singapore is expected to expand as Beijing rolls out its sprawling belt and road trade plan to boost infrastructure and trade links from Asia to Africa and Europe.
The two countries recorded US$66 billion in two-way trade last year, representing 13 per cent of Singapore’s global total, Industry Week reported.
Singapore is also China’s second-largest investor, with US$6.18 billion invested in the country last year, according to official Chinese data.
On Tuesday, when Singapore’s Prime Minister Lee Hsien Loong began a three-day trip to China, the two countries signed a memorandum of understanding to work together to help businesses resolve disputes that may arise under Chinese President Xi Jinping’s “Belt and Road Initiative”.
Here are five key areas where trade and economic ties are developing.
China hopes to ‘energise’ relations with Singapore, Asean, Li Keqiang tells Lee Hsien Loong
Hosting the visiting Singaporean leader on Tuesday, Chinese Premier Li Keqiang called for Lee and his government’s support for Chinese companies to develop a high-speed railway linking Singapore with the Malaysian capital Kuala Lumpur.
The 350km project – which will cost an estimated US$14 billion and is due to be operational by the end of 2026 – will be the first cross-country high-speed railway in Asia, connecting Singapore and Kuala Lumpur in 90 minutes.
Singapore and Malaysia plan to choose developers for the project by December next year and have already received interest from potential bidders and consortiums from Japan, China, South Korea and Europe, the Nikkei Asian Review reported.
Hong-Kong listed China Railway Signal & Communication, the world’s largest producer of railway traffic control systems, Japan’s JR East and Germany’s Siemens are among the list of potential bidders.
