The province of Shandong and Singapore pledged to further strengthen bilateral cooperation in economy, trade, investment, and other fields during the "Connecting Shandong with Fortune Global 500" ASEAN special event, which was held online on Sept 22 in Jinan, capital of Shandong.

During the event, Liu Jiayi, Party secretary of Shandong, had an online dialogue with Chee Hong Tat, Senior Minister of State in the Ministry of Transport and Ministry of Foreign Affairs in Singapore.

Liu said that Singapore, as a core member state of ASEAN, has been playing an active role in strengthening ties within ASEAN as well as between ASEAN and neighboring countries by relying on its developed economy and strategic geographical location.

Liu pointed out that the economic and trade cooperation between Shandong and Singapore started early on and has achieved remarkable results. In particular, the Singapore-Shandong Business Council, established in 1993, has played an important role in promoting bilateral exchange and cooperation.

Liu Jiayi (left), Party secretary of Shandong, has an online dialogue with Chee Hong Tat, Senior Minister of State in the Ministry of Transport and Ministry of Foreign Affairs in Singapore. [Photo/commerce.shandong.gov.cn]

According to Liu, Singapore is the second largest source of foreign investment in Shandong. In 2019, the import and export volume between the two sides reached $2.58 billion, while actual foreign investment from Singapore hit $750 million, up 189.4 percent year-on-year.

In the first seven months of the year, imports and exports between Shandong and Singapore reached $2.64 billion, up 104.8 percent, while actual foreign investment from Singapore totaled $467 million, up 129.7 percent.

Liu also said that national efforts such as the China-SCO demonstration zone in Qingdao and the China (Shandong) Pilot Free Trade Zone have brought about enormous opportunities for Shandong to participate in a new round of scientific and technological innovation, industrial reform and international division of labor, as well as to strengthen cooperation with ASEAN countries.

Chee said that despite the challenges posed by COVID-19, trade between Singapore and Shandong has continued to grow, which reflects positively on the resilience of the bilateral economic partnership.

"Our trade is not just robust, but also extensive. As just one example, Singapore companies have procured medical supplies and frozen vegetables from Shandong to combat COVID-19 and diversify the country's food supply."

Chee added that many Singaporean companies have continued to invest in Shandong, while many Shandong companies have established their regional headquarters in Singapore to partner with both Singapore and other international companies to explore opportunities in Southeast Asia.

"Looking ahead, I am confident that we can strengthen the economic relationship between Singapore and Shandong. Both parties remain committed to global trade and will continue to work together for mutual benefit."