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Singapore, Zhejiang seek new frontiers in co-op
(Xinhua)
Updated: 2010-03-23 15:37
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SINGAPORE: Economic collaboration between Singapore and China's Zhejiang province received another boost as Singapore companies and Zhejiang cities inked agreements to partner each other at the sixth Singapore-Zhejiang Economic and Trade Council (SZETC) meeting here on Tuesday.
The signings that took place during the meeting were Joint- Venture Hangzhou-Singapore Eco-Park (HSEP) Investment Agreement, Memorandum of Understanding (MOU) between Jurong International and Zhoushan Municipal Government, MOU between International Enterprise (IE) Singapore and the Ningbo Municipal Government to extend its cross-sectoral collaboration to 2012.
According to data from the Zhejiang Foreign Trade and Economic Cooperation Department, in 2009, bilateral trade between Singapore and Zhejiang amounted to 1.99 billion U.S. dollars, a decrease of 15 percent over $2.34 billion in 2008. Singapore's exports to Zhejiang amounted to $675 million while imports from Zhejiang reached $1.32 billion in 2009.
In terms of investments, Singapore's actual foreign direct investments (FDI) in Zhejiang hit $321 million in 2009 with 36 projects, an increase of 2.6 percent over 2008.
More than 50 officials and companies from Zhejiang are currently in Singapore for the SZETC meeting.
