According to a comprehensive report by Worldway Immigration: On September 18, Singapore's Minister for Trade and Industry Lim Hng Kiang stated: "Last year, China was our largest trading partner, with bilateral trade growing by 11 percent year-on-year to reach 115.2 billion Singapore dollars. Singapore is China's second-largest trading partner in ASEAN. Singapore-China trade will become increasingly frequent and deepen in scope."
Lim Hng Kiang said that Singapore and China also enjoy strong bilateral investment. In 2013, Singapore became China's largest foreign investor, and with a cumulative investment of nearly 66.5 billion U.S. dollars, it became China's fifth-largest cumulative foreign investor.
Singapore is an important investment destination for Chinese enterprises investing overseas. In 2012, Singapore was China's fifth-largest investment destination. With its well-developed business connectivity, business-friendly environment, and close commercial and cultural ties with many Asian markets, many Chinese enterprises view Singapore as a suitable base for establishing and expanding their global operations. The number of Chinese enterprises in Singapore has grown from 766 in 2000 to over 5,200 by the end of 2013, a staggering seven-fold jump over the past 13 years.
Lim Hng Kiang said that the China-Singapore Free Trade Agreement (CSFTA) has become an important pillar of our bilateral economic relations. Since its implementation in 2009, it has facilitated a 26 percent growth in bilateral trade, increasing from 91.4 billion Singapore dollars in 2008 to 115.2 billion Singapore dollars in 2013. Singapore's cumulative investment in China grew by 76.9 percent during the same period, from 37.6 billion U.S. dollars to 66.5 billion U.S. dollars. We regularly review and update the CSFTA to ensure it adapts to our changing business needs and promotes sustained growth.
Lim Hng Kiang said that the deepening bilateral relationship will help strengthen trade and investment ties between Singapore and China. As more Chinese enterprises set up in Singapore and more Singaporean enterprises set up in China, the demand for goods and services in both countries will also increase. Both sides should continue to develop and strengthen our economic bonds based on our solid foundation.
Lim Hng Kiang said that the China-ASEAN Expo is an important platform for promoting more trade and investment ties between China and ASEAN. Since the China-ASEAN Expo was launched in 2004, Singapore has consistently expressed its support. Singapore's trade associations, chambers of commerce, and companies actively participate in the China-ASEAN Expo every year.
Economic relations between Guangxi and ASEAN have also developed over the past decade. Between 2003 and 2013, trade between Guangxi and ASEAN grew nearly 20-fold to nearly 16 billion U.S. dollars.
Lim Hng Kiang said that the economic relationship between Singapore and Guangxi has also become stronger over the past decade. In recent years, bilateral trade and investment ties between Singapore and Guangxi have been growing at a relatively fast pace, with total trade between Singapore and Guangxi in 2013 increasing by 173% to reach 660.3 million U.S. dollars. In the first half of 2014, Singapore had accumulated 570 million U.S. dollars in investment in Guangxi, making it the largest investor among ASEAN countries in Guangxi.
Lim Hng Kiang said that with the growing demand for goods and services between ASEAN and China, the China-ASEAN Expo will continue to serve as an effective platform for ASEAN countries and China to expand their trade and investment relations. By leveraging our key strengths in areas such as finance, maritime and aviation, trade, and information and communications technology connectivity, Singapore can play a constructive role in connecting business opportunities between ASEAN and China.
Worldway Immigration Editor