SPEECH BY MR CHAN SOO SEN, MINISTER OF STATE, MINISTRY OF EDUCATION & MINISTRY OF TRADE AND INDUSTRY, AT THE 2006 WUXI-SINGAPORE INVESTMENT SEMINAR ON MONDAY, 20 FEB 2006 AT 3.50 PM AT SHANGRI-LA HOTEL, ISLAND BALLROOM
Mr. Yang Weize,
Secretary of the CPC Wuxi Committee,
HE Zhang Yun,
Ambassador of the People’s Republic of China in Singapore,
Ladies and Gentlemen
It is my great pleasure and honor to be invited to the 2006 Wuxi-Singapore Investment Seminar.
Trade and investment ties between China and Singapore have gone from strength to strength. China has been our top investment destination since 1997. Our actual cumulative investments there have exceeded US$26 billion and continue to grow. Last year, China was Singapore’s 3rd largest trading partner, up from 4th place in 2004.Total trade between both countries reached 67 billion Singapore Dollars, or US$41 billion.
Wuxi and Singapore have enjoyed excellent relationships and our cooperation has expanded in the economic, trade, technological, cultural and education fields.
Today, Jiangsu Province is our top destination for investments in China. Within Jiangsu Province, Wuxi and Suzhou are the top two destinations for our investments. The Wuxi-Singapore Industrial Park set up in 1993 has become one of China’s world-class facilities. It is also the first industrial park in China to be awarded ISO9001 certification for quality management.
Going forward, we hope to further strengthen our cooperation with Wuxi. Singapore actively supports two-way flows of trade and investment between Singapore and Wuxi. In Eastern China and in particular Wuxi, our International Enterprise Singapore's Centre in Shanghai will be able to assist in deal flows by providing timely in-market information and contacts. The recently set up Wuxi Government Representative Office in Singapore can also help promote greater trade and investment between Singapore and Wuxi.
We also encourage Wuxi companies to use Singapore as their springboard to expand regionally and globally. This can be achieved in several ways. Firstly, Singapore is an ideal market to raise capital. 87 Chinese enterprises are already listed on the Singapore Stock Exchange. Of the 7 Wuxi enterprises with overseas listings, 4 are listed in Singapore.
Secondly, Wuxi companies can also consider setting up their regional headquarters here to leverage on our extensive transport and telecommunications linkages, not to mention our extensive network of Free Trade Agreements that ensure tariff-free access to markets across the globe.
Thirdly, Wuxi companies can capitalize on Singapore’s brand name in services sectors such as tourism, financial services and private education, to meet the needs of Wuxi’s increasingly affluent population. For example, China is already our second-largest source of tourists, and we hope that more Chinese will visit Singapore and extend their stay here.
At the same time, we actively encourage our businesses to venture abroad. In last year alone, Singapore companies invested in 50 projects in Wuxi, with contractual investments of US$493 million and actual investments of US$194 million. There are now 462 Singapore-invested projects in Wuxi, with total contractual investments of US$2.21 billion. Indeed, Wuxi is a key location in Jiangsu for Singapore companies. It is not surprising that so many distinguished members of the business community are gathered here this afternoon with a view to network with their counterparts and to explore “win-win” business opportunities.
To conclude, I am confident that we can take the cooperation between Singapore and Wuxi to a higher level. I would also like to applaud the efforts of Party Secretary Yang, the Wuxi delegation and all those involved in organizing today’s event. I wish the Seminar every success and our friends from Wuxi a most pleasant and fruitful stay in Singapore.
Thank you.