Speech by SMS(DDI)(H) Tan Kiat How at the CCI-ILSTC Trade and Financial Conference Singapore

A very good morning to Vice Mayor Xu,

Ambassador Cao,

Our distinguished panellists and guests from the region,

Ladies and Gentlemen.

尊敬的徐建副市长，曹忠明大使

女士们，先生们，朋友们，

大家上午好!

1. 首先，我要热烈欢迎徐市长。 我上周刚从重庆回来，很高兴现在轮到我们招待重庆的朋友们。

2. I am also very pleased to welcome colleagues and friends from the region, including representatives from the Central Bank of Indonesia, who have taken the trouble to travel to Singapore for this event.

3. This year marks the 10th anniversary of the China – Singapore (Chongqing) Connectivity Initiative, or CCI, a significant milestone that reflects not only the strength of the partnership between Singapore and China, but also our shared commitment to regional integration and innovation.

4. Today’s CCI-ILSTC Trade and Financial Conference kicks off the series of events commemorating the anniversary. I am encouraged by the good turnout, which underscores the growing interest in the CCI-New International Land-Sea Trade Corridor, not only as a transport route, but as a platform for regional integration, digital innovation, green growth, and financial connectivity.

5. The CCI-ILSTC has proven itself as an efficient and viable trade route linking Western China, Southeast Asia, and beyond. Container volumes have grown nearly tenfold since 2019, a clear indicator of the Corridor’s relevance and resilience. Today, the CCI-ILSTC facilitates the flow of a wide range of goods, including automotive components, electronics, and chemical products between Western China and Southeast Asia through Singapore.

6. Beyond just moving goods, the CCI-ILSTC represents a deeper transformation by reflecting how our region is responding to forces reshaping global trade. Supply chains are being reconfigured for resilience; digital technologies are redefining connectivity; and sustainability has become central, not optional, to how we grow and partner responsibly.

7. The CCI-ILSTC is not just adapting to these trends; it is helping to shape the region’s response. This would not be possible without the close collaboration between stakeholders from both the public and private sectors.

8. On the digital front, Singapore and Chongqing have successfully piloted the use of electronic Bills of Lading, or eBLs, demonstrating how stakeholders across supply chains can benefit from greater efficiency and security. Improved supply chain visibility reduces the risk of fraud, thereby improving access to trade financing from financial institutions. We look forward to scaling up the adoption of eBLs along the CCI-ILSTC.

9. Greater access to cross-border digital financing has also catalysed new trade flows. Proxtera, a Singapore-based company, has built a digital ecosystem linking micro, small, medium enterprises to a network of marketplaces and financial services. By addressing the real economy’s needs, digital financing has enabled businesses to expand to new markets. Proxtera is one of today’s panellists, so I shall leave them to elaborate on their efforts to boost cross-border trade and financing.

10. On sustainability, meaningful progress is being made at Qinzhou Port, a key node in the CCI-ILSTC. Through PSA’s Renewable Energy Joint Venture with Beibu-Gulf Port Group and COSCO Shipping, investments in solar and wind energy production are reducing the Corridor’s carbon footprint. PSA and Pacific International Lines (PIL) had also completed a low carbon shipment trial, using biofuels and greener energy for container handling, across coastal terminals and rail nodes in Singapore, Qinzhou, and Chongqing.

11. Our financial institutions and corporates are also stepping up to support companies on their sustainability journey. Green financing mechanisms empower Chongqing corporates and stakeholders along the supply chain to explore decarbonisation initiatives and develop innovative green financial products. The CCI-ILSTC’s transition towards a digital and sustainable trade corridor depends on the ability of financial services to meet the evolving needs of the real economy.

12. Today’s conference is an excellent platform for businesses, transport and logistics players, innovative solution providers, and financial institutions to explore collaborations. ASEAN and China are each other’s top trading partners, with bilateral trade amounting to almost USD700 billion in 2023 – more than double the volume in 2012. With regional agreements and the recently upgraded ASEAN-China Free Trade Area, trade between ASEAN and China will continue to flourish, presenting more promising opportunities for trade and cross-border financing along the CCI-ILSTC. Making full use of these opportunities requires partnership across borders, sectors, and disciplines. I encourage like-minded partners to harness the CCI-ILSTC’s connectivity and financial linkages, and join us in its digital and green transformation.

13. Let today’s discussions not just be a conversation but a catalyst for collaboration, to unlock the potential of the CCI-ILSTC as a model for future-ready connectivity. Thank you all once again for joining us this morning.