3. Since its inception, the CCI-New international Land-Sea Trade Corridor, or CCI-ILSTC, has helped to promote regional economic integration by providing a faster and more efficient link between Western China, Southeast Asia, and beyond. Amidst stresses to global supply chains in recent years, the CCI-ILSTC has continued to see sustained increase in cargo flows, with companies reporting an over 30% year-on-year increase in 2022. This demonstrates the corridor’s viability as an alternative to traditional trade routes.
4. As the CCI-ILSTC matures, we must continue to enhance the corridor’s value propositions and keep pace with industry needs, especially given rapid technological developments. The theme for this year’s Forum, the role of digitalisation in leading development along the CCI-ILSTC, is thus very timely.
5. First, digitalisation can make transactions more efficient and secure. By digitalising trade documents, we can reduce the incidence of fraud, improve access to financing, and promote the expeditious flow of goods. To foster digital connectivity and streamline customs procedures, Singapore’s and China’s customs authorities have linked up our National Single Window systems to enable the electronic exchange of trade documents and data.
6. Our agencies have also been working together to explore the use of electronic bills of lading for goods transported along the corridor, including for trade financing. Taken together, these joint initiatives will allow for the seamless and secure exchange of trade documents and reduce the transaction time and costs for CCI-ILSTC users.
7. Second, digitalisation enhances visibility and allows companies to proactively adjust operations especially in times of crisis. I understand that PSA China and the Chongqing Port and Logistics Office are collaborating on validating data exchanges for shipments between Singapore and Chongqing. Such initiatives will enable businesses to track their shipments in real time and have greater predictability over supply chains.
8. Our overall environment is highly conducive for more innovation and deployment in the digital arena. China’s digital economy is the second largest in the world and among the most vibrant. Southeast Asia’s digital economy is projected to grow rapidly to reach 1 trillion US dollars by 2030. The CCI-ILSTC is an open and inclusive platform, and I would like to welcome like-minded partners to join us, whether as early adopters, users, or providers of digital solutions and platforms, to further improve the corridor to benefit everyone.
9. 我相信今天的论坛会带给大家很多启发，创造更多合作的契机。 预祝论坛成功！也祝大家身体健康，谢谢！