SINGAPORE – The Singapore Chinese Chamber of Commerce and Industry (SCCCI) has done a lot to facilitate business ties between the Republic and China during the pandemic. It will become even more important as China eases travel and border restrictions.
Addressing the Chinese New Year celebrations hosted by SCCCI at its Hill Street headquarters on Sunday, President Halimah Yacoub said he will join the Chamber of Commerce and Industry to further strengthen trade and investment ties with SCCCI, the world’s second-largest economy. He said he is confident the company will continue to play an important role. It ended its Zero-Covid policy last month.
China’s economic growth slowed significantly last year as intermittent lockdowns aimed at wiping out the Covid-19 virus disrupted supply chains, logistics and trade.
“With China’s easing of travel and border restrictions, local businesses are seeking new opportunities and looking to re-enter the Chinese market, so the Chamber’s role in facilitating business links is more important and important than ever. will be appropriate.
She said that during the pandemic, the Chamber of Commerce has helped more than 700 local companies in their internationalization efforts over the past three years through the Singapore Enterprise Centers in Shanghai and Chengdu.
In addition, the SME Center under the Chamber of Commerce will reach out to over 10,000 small and medium enterprises (SMEs) to provide business advisory services and help transform and build resilience in areas such as data management and security. doing.
SCCCI President Kho Choon Keng said the Chamber of Commerce looks forward to helping the business community and its members promote Singapore’s economic development.
“Despite the uncertain global economic outlook, there is opportunity in the risks,” he said, referring to the restructuring of global supply chains.
“If Singaporean businesses can stay determined and maintain a spirit of resilience, hard work and innovation, they will undoubtedly reach new heights.”
Referring to Singapore’s network of trade agreements with countries around the world, he said:
Madam Halima also confirmed that an upgrade to the republic’s free trade agreement with China is underway.
She added that Singapore continues to expand economic cooperation with China in areas such as the digital and green economy, as well as deepening supply chain connectivity.
“The government is also working to upgrade the China-Singapore Free Trade Agreement (CSFTA), providing more transparent investment rules and improved market access for investments and services,” she said. .
The CSFTA was originally signed in October 2008 and came into effect on January 1, 2009. In November 2018, the two sides signed an FTA upgrade protocol, which was implemented in October 2019.
In December 2020, the two countries announced that they would begin follow-up negotiations under the FTA’s Upgrade Protocol to further enhance bilateral trade and investment liberalization and facilitation.
The issue resurfaced in November 2022 when Prime Minister Lee Hsien Loong met with President Xi Jinping in Bangkok on the occasion of the 29th Asia-Pacific Economic Cooperation Economic Summit.
At their first direct meeting in three years, the two leaders shared the view that efforts should be made to quickly conclude follow-up negotiations toward the progress of the China-Singapore FTA.
China has been Singapore’s largest investment destination since 2007 and its largest trading partner in 2021, claiming a 14.2% share of Singapore’s total merchandise trade with the world.
