A booth showcases Singaporean cuisine at the 7th CIIE in Shanghai on November 7, 2024. Photo: Li Hao/GT

 
The Singapore Business Federation (SBF) organized the 7th Singapore-China Trade and Investment Forum (SCTIF) in Shanghai on Wednesday, on the sidelines of the 7th China International Import Expo (CIIE), with 15 memorandums of understanding valued at more than S$60 million ($45.26 million) signed, setting the stage for new growth opportunities and strengthening bilateral partnerships. 

The partnerships encompass a wide range of sectors, including cross-border trade solutions, construction technology, education services, healthcare and logistics, according to a statement sent to the Global Times. 

Singapore's Ambassador to China Peter Tan said in the opening keynote speech that Singapore and China can strengthen economic ties and open up greater trade and investment opportunities for businesses, including entering Singapore as the hub for Chinese companies looking to expand into ASEAN. 

According to Singapore's Lianhe Zaobao, 44 Singaporean enterprises and nearly 400 business representatives are participating in the 7th CIIE, with 70 percent of exhibitors returning and 30 percent new attendees.

This year's exhibitors represent a broader array of sectors. Alongside food production and business solutions, newcomers from the biotechnology and healthcare industries are taking part for the first time.

"The CIIE offers a unique platform where Singaporean companies can directly engage with Chinese consumers and businesses. This helps our enterprises gain firsthand insight into consumer preferences, which is invaluable for adapting products and services to the Chinese market," William Chang, SingCham Shanghai chairman, told the Global Times in a statement on Thursday.

Chang highlighted the strong support shown by the Chinese government for the CIIE, underscoring its commitment to import-driven initiatives. "This creates a favorable environment for foreign businesses seeking to establish or expand their presence in China," Chang said.

"These partnerships can lead to long-term collaboration in areas where Singapore and China share mutual interests, such as sustainable solutions, food security and technology innovation," Chang said.

Chang noted that participating in the CIIE strengthens Singapore's market position, allowing its enterprises to elevate their visibility and reputation as reliable, innovative regional partners. The expo provides opportunities for Singaporean businesses to expand their reach and meet China's demand for high-quality, trusted products and services, building a solid foundation for future growth, Chang said.

The trade relationship between China and Singapore has evolved from an initial focus on goods to include services and, more recently, the movement of people, Liu Xiaoxue, an associate research fellow at the National Institute of International Strategy under the Chinese Academy of Social Sciences, told the Global Times on Thursday. Liu noted that this progression reflects a steady deepening and widening of openness between the two nations.

Liu said that as China-ASEAN cooperation deepens, sectors like healthcare and education are poised to become major anticipated areas of growth. Notably, educational collaboration initially emerged at the grassroots level and has gradually garnered official support. 

Liu said that government backing for mutual accreditation has been especially crucial in establishing a solid foundation for expanded cooperation.

China is among the top three destinations for Singaporean companies planning to expand in Asia and also one of the top three countries where those companies have already established a presence, according to a survey conducted by the SBF. The survey showed that 50 percent of participating Singaporean companies have already launched operations in China.

Singapore is China's fifth-largest trading partner within ASEAN, while China has been Singapore's top trading partner every year since 2013, according to a document released by China's Ministry of Foreign Affairs.