Singapore firms working to cash in on China’s economy
THE Singapore Business Federation is leading a delegation of more than 300 senior business representatives from 84 enterprises for the second China International Import Expo.
In a 1,600-square-meter exhibition area, an increase of 12 percent from the inaugural event in 2018, Singaporean companies will have a prominent presence at the trade in services, food and agricultural, and sci-tech life halls, according to Teo Siong Seng, the federation’s chairman.
Spanning the logistics and transportation, finance and banking, education, health care, food and beverage, and high technology sectors, the delegation will showcase a wider range of innovative products and services to cater to the rising demand of the Chinese market.
Exhibitors include DBS Bank, GeTs Global, United Overseas Bank, Pacific International Lines, PSA International, Singapore Airlines, OSIM, Tai Hua Food Industries, City Satay and YCH Group.
China has been Singapore’s largest trading partner since 2013, while Singapore has been China’s largest foreign investor, according to a report by the Singaporean Ministry of Foreign Affairs.
Bilateral trade in goods reached S$135 billion (US$97.8 billion) last year. Singapore has also become China’s second-largest foreign investment destination as the country’s non-financial direct investment in Singapore grew by 11 percent in 2018, totaling US$3.55 billion, according to the State Council Information Office.
“The first CIIE saw successful outcomes for many of our companies with the signing of 15 MOUs, valued at more than S$152 million,” Teo said.
“This year, I’m heartened to see even more Singaporean companies showcase their innovative products and services and deepen their network and collaboration with China and the world.”
Singaporean health-care company OSIM hopes to expand its footprint in China.
“OSIM first set foot in China in 1993, opening its first store in Beijing. OSIM is looking forward to participating in CIIE 2019 as a part of its plan to expand its brand presence beyond China’s first-tier and second-tier cities,” said Mindy Wang, first deputy CEO of OSIM.
First-time exhibitor Sunny Koh, managing director of Chinatown Food Corporation Pte Ltd, said: “China is a big market for global food products and I hope our participation ... will strengthen our brand and distribution networks. We also hope to secure new distributors or wholesalers in provinces where we do not have presence.”
UOB, which participated last year, is looking forward to another successful event. “The CIIE ... is an important forum for making business connections and deepening relationships,” said Peter Foo, president and CEO of UOB (China).