China and Singapore have reached a significant milestone in their bilateral relations by elevating their partnership to an \"All-Round High-Quality Future-Oriented Partnership.\" This advancement underscores the robust ties between the two nations and highlights the growing importance of their economic cooperation. Singaporean businesses are optimistic about the enhanced relationship, anticipating substantial trade and investment opportunities.
Capitalizing on this positive momentum, the Singapore Business Federation (SBF) led a delegation of over 500 senior business representatives from 56 Singaporean companies to participate in the sixth China International Import Expo (CIIE). This event marked the largest Singaporean presence at CIIE since 2020.
During the opening ceremony, Chinese premier Li Qiang reaffirmed China's commitment to opening its market for imports, promising structural policy and regulatory changes to facilitate business operations. This commitment is particularly crucial in the current global economic climate. China's shift from a production-based to a consumption-based economy, especially in sectors like financial services, education, healthcare, and professional services, is driven by the demands of its expanding middle class.
A standout success story from CIIE is that of UGEL, a Singaporean beauty and skincare brand. Over six consecutive years at CIIE, UGEL expanded its exhibition space from a modest 9 square meters to 72 square meters. Through CIIE, UGEL significantly increased its brand awareness in the Chinese market and forged a valuable partnership with CDF Sunrise Duty Free, a Chinese online duty-free platform. This collaboration led to UGEL’s products being listed on CDF Sunrise Duty Free’s online stores, receiving positive consumer feedback, and culminating in a Memorandum of Understanding (MoU) worth approximately 1 million Singapore dollars (about $0.74 million) this year.
The successes at CIIE extend beyond individual companies. Over the past five years, SBF has facilitated the participation of 307 Singaporean companies at CIIE, with more than 60% being returning exhibitors. Despite challenges posed by the COVID-19 pandemic, over 40 companies have participated annually from 2020 to 2023, signing 34 MoUs and reporting sales amounting to nearly 23 million Singapore dollars (about $16.99 million). These figures highlight the importance of CIIE as a vital platform for Singaporean businesses to expand their footprint in China.
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China-Singapore ties intensify: CIIE sparks business insights
cgtn.com
