Co-op between Sichuan, Singapore growing fast

SINGAPORE - The cooperation in trade and investment between China's inland province of Sichuan and Singapore is growing fast and moving up to a higher level, officials said Thursday.

The two places set up the Singapore-Sichuan Trade and Investment Committee in 1996, when the industrial development in the inland province had yet to pick up in momentum.

"The cooperation has been expanding fast, especially over the past five years," said Gan Lin, vice governor of the provincial government. The bilateral trade grew 5.5 times over the past five years, while investment from Singapore increased by 11 times.

Some of the companies from Sichuan are also beginning to invest in Singapore in their efforts to go international.

Gan said he was hoping that more companies from Sichuan can use Singapore as a platform to tap the Southeast Asian market.

Singapore's foreign direct investments into Sichuan jumped 60 percent to reach $650 million in 2011, making Singapore the fourth largest investor in the province. The total trade between the two markets also grew by 23 percent to some $914 million in the same year.

The two sides are also hoping a major project to be a driver of future growth in cooperation between them.

The Singapore-Sichuan High-Tech Innovation Park will be developed on a land of 10 square kilometers with an investment of 20 billion yuan ($3.14 billion) over the course of eight years.

The two sides will make joint investment promotion efforts globally, Gan said.

"Singapore's biggest advantage is its global business network, its internationalized operating system and concept. These are exactly what the present Sichuan lacks. We can definitely work together in these areas," Gan said.

Lawrance Wong, Singapore's minister of state for defense and education, who co-chaired the trade and investment committee, said Singapore will contribute to the building of the park by contributing its expertise in modern services industry, lifestyle and advanced manufacturing.

"Another way where our companies will benefit is to partner with Sichuan companies, and to look at third country opportunities in other markets, to partner with them, work with them, (and) go overseas to other markets," he said.