The Deputy Secretary of State for the Ministry of Trade and Industry and the Ministry of Communications and Information of Singapore stated that Chongqing has the "right timing, geographical advantages, and harmonious relationships."
Singaporean enterprises are set to initiate a new wave of investment inspections in Chongqing. Cai Qichuan, Director of the China Division of the International Enterprise Development Agency of Singapore, revealed in an interview that this year, the agency will organize four delegations to visit Chongqing. On May 7, it will support the Singapore Chamber of Commerce in Chongqing in organizing a promotion event to advance cooperation between Singaporean and Chongqing enterprises.
Five Sectors Attracting Singaporean Enterprises
Lin Qiuwai, Deputy Director of the West China Division of the International Enterprise Development Agency of Singapore, disclosed that based on their preliminary research, Singaporean enterprises currently investing in Chongqing are primarily focused on five major sectors.
"These five sectors include infrastructure, finance, education, real estate, and logistics," Lin Qiuwai said. "In the real estate sector, companies such as Ascott have already entered the Chongqing market. Currently, more than ten companies are very interested in Chongqing's real estate industry and are conducting inspections in Jiangbei District and Yuzhong District to promote relevant cooperation. In the logistics sector, besides the bonded port, the Northern New District and Xiyong are also key areas for inspection."
Intensive Promotion of Economic and Trade Cooperation Next Month
Data provided by the International Enterprise Development Agency of Singapore indicates that Chongqing is an important market for Singapore in Western China. As of now, it has accumulated actual investments of 430 million USD, with a total of 162 investment projects, including a logistics company jointly established by Haihuang Group and Changan Ford, Shengtai Jiefangbei serviced apartments, New Zhongda Dongfang Life Insurance, and the Chongqing branch of Oversea-Chinese Banking Corporation.
This year, Singaporean enterprises will initiate a new wave of investment enthusiasm in Chongqing. It has been revealed that the International Enterprise Development Agency will organize four delegations to visit Chongqing this year, with many activities set to commence intensively starting next month.
Chongqing Enterprises Can Leverage Singapore for Expansion
Zeng Zhaoqi, Deputy Director of the Trade Services and Policy Division of the International Enterprise Development Agency of Singapore, stated that in addition to Singaporean enterprises investing in Chongqing, the Singapore government also welcomes Chongqing enterprises to leverage Singapore to tap into the vast market of 1.7 billion people in the surrounding regions.
Zeng Zhaoqi mentioned that Singapore has established over 18 regional and bilateral free trade agreements with countries such as China, the United States, and Japan. Additionally, Singapore has transportation advantages; for instance, flight times to other ASEAN countries typically range from 1 to 4 hours, 6 hours to India, and 7 hours to Australia.
Zeng Zhaoqi stated that if Chongqing enterprises wish to enter the market of 1.7 billion people, they can consider two models: one is to establish factories directly in Singapore, which can reduce tariffs but has relatively high labor costs; the other is to set up factories in other ASEAN countries, then transport products to Singapore, and subsequently enter overseas markets through Singapore.
Chongqing's Development Has the "Right Timing, Geographical Advantages, and Harmonious Relationships"
Why is Chongqing attracting more and more Singaporean enterprises to invest and operate?
The Deputy Secretary of State for the Ministry of Trade and Industry and the Ministry of Communications and Information of Singapore, Chen Zhenquan, provided the answer: "I have been to Chongqing. During my visit, I met with the main leaders of Chongqing and listened to explanations from the planning department. According to the plan, Chongqing will have significant development in various fields. Currently, Chongqing gathers many outstanding talents and various excellent projects. Singaporean enterprises that have already developed in Chongqing and those representatives visiting Chongqing are very satisfied with the investment environment there."
"Chongqing's current development possesses the advantages of 'right timing, geographical advantages, and harmonious relationships,' and it will have a relatively fast development pace in the future."
