Singapore and Shanghai have strengthened their bilateral ties with a series of agreements across various sectors, as trade between the two nations reached new heights. In 2022, bilateral trade grew by 8%, totaling $20 billion, driven by increasing demand. Singapore-linked projects in Shanghai received investments worth nearly $24 billion, focusing on real estate, financial services, manufacturing, lifestyle, and consumer goods.
The fourth Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) convened, marking the first physical meeting since the pandemic began. The event witnessed the signing of 15 memorandums of understanding (MOUs), covering sectors such as financial services, technology and innovation, and the digital economy.
The strengthened collaboration between Singapore and Shanghai, exemplified by the record-breaking agreements, sets the stage for a prosperous future.
One notable MOU was between the Infocomm Media Development Authority and the Shanghai Municipal Commission of Economy and Informatization, aiming to enhance cooperation in digital connectivity, utilities, and innovation. The Maritime and Port Authority of Singapore extended collaboration with the Shanghai Maritime University to support talent exchange and academic cooperation in the maritime sector.
Another significant agreement was reached between Singapore’s Ministry of Law, the Law Society, and their Shanghai counterparts, fostering closer ties through a lawyer exchange program. OCBC Bank partnered with UnionPay International to provide mobile payment convenience in mainland China.
Shanghai’s market, four times larger than Singapore’s, presents an attractive opportunity for businesses. The city, China’s economic center, enjoys strong purchasing power, with disposable income rising by nearly 2% in 2022, driving demand for high-end goods and services.
Singaporean furniture maker, Commune, established a flagship store in Shanghai, strategically leveraging the city to recruit franchisees, showcase products, and tap into the Chinese market. Raffles Medical Group also successfully opened a hospital in Shanghai’s New Bund Area, serving expatriates and affluent Chinese patients.
The transition of leadership within the council saw Edwin Tong assuming the co-chair position from Lawrence Wong. The change reflects the commitment to foster collaboration between Singapore, Shanghai, and the broader Yangtze River Delta.
The strengthened collaboration between Singapore and Shanghai, exemplified by the record-breaking agreements, sets the stage for a prosperous future.
