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Singapore is Optimistic about the Chinese Market and Investment in Chongqing


Chongqing- “It is very important for Singaporean enterprises to take China International Import Expo (CIIE) as a platform to enter the Chinese market more quickly and easily,” said Chua Teng Hoe, Consul-General of the Republic of Singapore in Shanghai. 

Over 145 countries, regions, and international organizations participated at the fifth CIIE this year, where 50 Singaporean enterprises attended, and 24 participated for the first time. The growing number of enterprises and exhibition areas highlights the increasingly close economic and trade exchanges between China and Singapore.

the National Exhibition and Convention Center (Shanghai), the main venue for the upcoming fifth China International Import Expo (CIIE)

The National Exhibition and Convention Center (Shanghai) is the main venue for the fifth China International Import Expo (CIIE). (Photo/ Xinhua)

Singaporean food seeks business opportunities

“We have brought more than 200 kinds of products with Singapore’s local characteristics this time, including condiments, puffed food, and coffee,” said Zhang Quan, sales manager of Trustana, a cross-border trade platform headquartered in Singapore.

In the condiment area, well-known condiments for Singaporeans are exhibited, including Song Fa Bak Kut Teh, Fengyi kaya sauce, cold-pressed sesame oil, and curry crab sauce, which can be used to cook authentic Singaporean dishes at home.

“We hope to bring high-quality goods from Singapore and other Southeast Asian countries to China and bring Chinese products to the world at the same time,” added Zhang. “Under the COVID-19 epidemic, we found that Chinese consumers have a stronger demand for high-quality overseas products, and the number of people who cook at home is growing.”

Zhang thinks Chinese consumers are more willing to try new things, like a diversified diet, which is an ample opportunity for them.

Singapore Airlines Aircraft Spares Bonded Distribution Centre (Chongqing)

The project of Singapore Airlines Aircraft Spares Bonded Distribution Centre (Chongqing) debuted on April 11, 2022. (Photo provided to iChongqing)

Singapore increases investment in Chongqing

With Southwest China’s Chongqing as the operating base, the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) builds the communication bridge between the two countries. 

In recent years, Singapore has become an important source of foreign investment in Chongqing. Up to December last year, Singapore had set up 354 projects in Chongqing, with a cumulative contracted foreign capital of 7,642.77 million U.S. dollars, accounting for 92.46% of ASEAN countries and 68.57% of RCEP countries.

More importantly, the accumulated utilized foreign capital from Singapore reached 13,889.3 million U.S. dollars, accounting for 97.75% of ASEAN countries and 66.70% of RCEP countries.

Singapore hospital

The Maylook Eye Hospital landed in Chongqing. (Photo provided to iChongqing)

For example, in the medical field, the Maylook Eye Hospital, co-funded by China and Singapore, was officially put into use in Chongqing Liangjiang New Area on October 28, providing the whole life cycle of eye health services.

Other cooperation medical projects landed before include Chongqing’s first foreign-funded comprehensive international hospital, Raffle Hospital, and the first Sino-foreign joint venture non-profit medical institution in Chongqing, Sino-Singapore Cancer Center (SSCC)

Tourism is also a key area that Singapore hopes to expand in the future. China-Singapore (Chongqing) cultural tourism industry alliance was officially established during the 2022 Experience Singapore Week to promote cultural tourism cooperation between Chongqing and western China and Singapore.

“We look forward to closer communication between tourism practitioners from both sides, and we hope that Chinese people can visit Singapore and share the charm of Lion City,” said Tan Lui Hai, Director of Chongqing Connectivity Initiative Office, Ministry of Trade and Industry Singapore. 

(Tan Jingyue, as an intern, also contributed to this report.)


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