Business / Economy

Singapore inks $2.3b projects with Zhejiang province

(Xinhua) Updated: 2014-11-25 10:05

SINGAPORE - Agreements on 15 projects worth over S$3 billion ($2.3 billion) were signed at the 10th Singapore-Zhejiang Economic and Trade Council meeting held in Singapore, trade promotion agency International Enterprise Singapore said on Monday.

The 15 agreements and memorandum of understanding cover areas such as education, environmental services, financial services, marine economy development and social management. There are also two collaboration projects in social management, urban management and modern services, which will be developed on a commercially-viable basis.

Singapore's actual investments in Zhejiang, a coastal province in East China, reached $322 million in the first nine months of this year, according to the Department of Commerce of the Zhejiang provincial government. As of October, the cumulative actual investments amounted to $4.14 billion in 1,063 projects.

In the first nine months, bilateral trade increased 8.4 percent to hit $3.79 billion.

China is Singapore's top trading partner while Singapore is China's largest country investor. Trade and economic cooperation council meetings have been held between Singapore and some of the provinces in China.

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