Singapore, Jiangsu to work more closely in green development, innovation

Singapore and China’s Jiangsu province will work more closely in areas such as green development and innovation, leaders from both sides said at the 16th Singapore-Jiangsu Cooperation Council (SJCC) meeting on Wednesday (Dec 21).

Sixteen memoranda of understanding (MOUs) were signed at the event.

The SJCC MOU was renewed for the sixth time, for three years. Government bodies also signed two MOUs, for collaboration in civil service training and intellectual property respectively.

Beyond existing Jiangsu-based projects such as Suzhou Industrial park and Singapore Nanjing Eco Hi-Tech Island, collaborations can be deepened in other parts of the province, since Singapore and Jiangsu share common green and sustainability goals, said Minister in the Prime Minister’s Office and Second Minister for Finance and National Development Indranee Rajah.

The 13 commercial MOUs signed included several on green development, such as one between Surbana Jurong, Envision Energy and the Sheyang county government to conceptualise and create a zero-carbon industrial park in Yancheng city.

As for the Singapore Nanjing Eco Hi-Tech Island, the Singapore Chinese Chamber of Commerce and Industry’s representative office there is planning a series of industry activities next year, noted Indranee, who encouraged Singapore companies “to tap these activities and initiatives to uncover new opportunities”.

Singapore companies looking to venture into the China market, and Jiangsu companies hoping to launch their regional and international ventures, can also benefit from collaborations, she added.

Another MOU signed was between private equity angel firm Origgin Ventures and chemical manufacturer Nanjing Odyssey, to invest in and operate a startup incubator. The aim is to attract Singaporean startups to Nanjing by leveraging Origgin’s regional resources.

The SJCC meeting was co-chaired virtually by Indranee and Jiangsu Governor Xu Kunlin.

Singapore is Jiangsu’s second-largest foreign investor. For the first three quarters of 2022, Singapore invested US$2.1 billion into Jiangsu, the highest in the last three years and up from the full-year figure of U$1.4 billion in 2021.

Bilateral trade between Singapore and Jiangsu has trended upwards over the past five years, growing 12.5 per cent year on year to reach US$12.8 billion in the first three quarters of 2022.

Source: The Business Times © SPH Media Limited. Permission required for reproduction.