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Suzhou Industrial Park (SIP), 8th Joint Steering Council Endorses New Thrusts to promote the continued growth Of SIP

24 August 2006

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SUZHOU INDUSTRIAL PARK (SIP) 8TH JOINT STEERING COUNCIL ENDORSES NEW THRUSTS TO PROMOTE THE CONTINUED GROWTH OF SIP

The Suzhou Industrial Park (SIP) 8th Joint Steering Council (JSC) Meeting was held in Beijing on 24 August 2006. This is Singapore Deputy Prime Minister Wong Kan Seng’s first JSC meeting which he co-chaired with PRC Vice-Premier Wu Yi.

Both sides noted the good progress that SIP has made since the last JSC meeting held in Suzhou in May 2004. Over the last two years, SIP recorded an annual average growth rate of about 25% and attracted a total of 981 foreign-funded projects worth US$ 9 billion in contractual value. On software transfer, Singapore has trained over 1,700 officials from Suzhou to date.

At the same time, the JSC endorsed new directions aimed at promoting the continued strong growth of SIP. The JSC endorsed the proposal to expand the China-Singapore collaborative area by another 10 sq. km. This is a positive development as it is important to cater sufficient industrial land for the long term sustainable growth of SIP. The JSC further endorsed proposals to enhance the integration of existing bonded zones to facilitate goods movement within the SIP, and to harness the use of technology and innovation to upgrade SIP’s industry capabilities.

The JSC re-affirmed its support for China-Singapore SIP Development Co. Ltd (CSSD) to work out commercial plans towards a successful international listing, worthy of the high-level attention accorded to this bilateral cooperation project by the top leaders on both sides.

In addition, the adaptation of Singapore’s developmental experience will deepen. Both sides will explore sending Singapore officials and experts to conduct training in SIP, appointing senior managers from Singapore’s private sector to serve as advisers to SIP’s state enterprises, and proliferating SIP’s adaptation experience to other parts of Jiangsu Province.

The well established JSC framework underlines the continuing strong emphasis that both governments place on this flagship project as well as the close co-operation between Singapore and China. Both sides agreed this had been a very fruitful meeting and are looking forward to the next JSC meeting.


MINISTRY OF TRADE AND INDUSTRY
24 August 2006



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