Question No 359 of Notice Paper No 51 of 2010
Name and Constituency of Member of Parliament
Mr Teo Siong Seng, Nominated Member of Parliament.
Question:
To ask the Minister for Trade and Industry (a) whether he will provide an assessment and progress report on the several bilateral business councils set up jointly by the Government and various provincial governments of China; and (b) what is the economic impact or benefit of channelling our limited resources to servicing these business councils.
Answer:
Singapore has set up seven business councils in China, in the provinces of Shandong, Sichuan, Liaoning, Zhejiang, Tianjin, Jiangsu and Guangdong. Co-chaired by a Minister or a Minister-of-State1, and a Chinese counterpart of at least Vice-Governor rank, the business councils are established in provinces where Singapore companies have strong business interest. Over the years, the councils have served as useful platforms to strengthen our economic cooperation with China at the regional level.
Council meetings, usually convened annually, review the progress of bilateral trade and investment projects, and explore new areas for collaboration. Council members include representatives from government agencies and private sector from both sides. Apart from the annual meeting, secretariats of the councils, represented by IE Singapore on our side, also organise mutual visits, trade and investment missions, industry roundtables and investment promotion seminars throughout the year to promote economic linkages between Singapore and the provinces. These activities provide our companies with business matching and networking opportunities, and update our businessmen on the latest industry trends in different regions of China.
The councils have achieved notable success in facilitating SMEs’ entry into China, and also in the conception of large scale projects in China. From Breadtalk, Bee Chang Hiang and Old Chang Kee opening shop fronts in shopping malls, to infrastructure projects in water treatment, power generation and integrated township development, the Councils have played facilitative roles in securing access to opportunities for Singapore firms.
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