Question
Mr Desmond Choo: To ask the Minister for Trade and Industry (a) how has the Singapore-Shanghai Comprehensive Cooperation Council benefitted Singapore since its inception; and (b) what are the plans to deepen ties between Singapore and Shanghai.
Oral Answer (to be attributed to Minister of State for Trade and Industry Low Yen Ling)
1. Singapore and Shanghai share strong and close relations. The Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) plays an important and valuable role in that fostering and deepening the ties and engagement between Singapore and Shanghai, as well as the broader Yangtze River Delta (YRD) region.
2. Established in 2019, the SSCCC continues to enhance cooperation between Singapore and Shanghai. Thus far, 37 agreements have been signed to promote collaboration across the six areas of financial services, technology and innovation, urban governance, people-to-people exchanges, ease of doing business, and the Belt and Road Initiative. Notable partnerships include the establishment of the Singapore-China (YRD) Joint Innovation Call, which has received over 50 project applications from Singapore companies embarking on joint innovation projects with partners in Shanghai and the greater YRD region. Through the SSCCC, Singapore entities such as DBS, Raffles Hospital and home design and lifestyle brand Commune have expanded operations in Shanghai, while agencies like the MOH, STB, and National Gallery Singapore have established closer collaboration and exchanges with their Chinese counterparts.
3. Singapore and Shanghai continue to actively advance collaboration in new growth areas such as the digital economy and green development. For example, at the 4th SSCCC meeting held in Singapore last month, Singapore’s Infocomm Media Development Authority (IMDA) and the Shanghai Municipal Economy and Informatization Commission signed a Memorandum of Understanding (MOU) to explore initiatives in digital connectivity, digital utilities and innovation. Singapore companies such as RSP and Amtronic will be leveraging the SSCCC platform to explore green building projects in Shanghai.
4. As key financial centres and logistics hubs, there are also opportunities for Singapore and Shanghai to further deepen cooperation in these sectors. In the area of financial services, Shanghai-headquartered UnionPay International is partnering with Singapore banks such as DBS and OCBC Bank to facilitate cross-border payments, which will allow their customers in Singapore to make UnionPay QR Code payments at over 40 million merchants globally. To enhance collaboration in the transport and logistics sector, MPA and Shanghai Maritime University are facilitating more talent and knowledge exchanges in areas such as maritime port management.
5. These collaborations reflect the deepened bilateral relationship between Singapore and China towards an “all-rounded, high-quality, and future-oriented partnership” announced during PM Lee’s visit to China earlier last month.