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Singapore and Shanghai Deepen Ties in Digital and Green Economies

Singapore-Shanghai economic connections have grown further, with two-way commerce expanding by 8% in 2022 to approximately S$20 billion. To build on this and develop deeper partnerships between the two cities, the recently concluded 4th Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) conference signed 15 agreements in a variety of fields.

This is the first physical conference of the Provincial Business Council (PBC) between Singapore and China since the COVID-19 pandemic, and the first SSCCC meeting hosted in Singapore.

Singapore and Shanghai, as well as the larger Yangtze River Delta (YRD) region, agreed to boost trade and investment links. The two nations also committed to strengthening bilateral cooperation in the digital and green economies, as well as to deepen existing strong relationships in financial services and innovation.

The 4th SSCCC meeting saw a record number of 15 agreements signed between Singapore and Shanghai covering interests such as people-to-people exchanges, financial services, technology and innovation, as well as emerging areas such as the digital economy.

At the 4th SSCCC conference, the Infocomm Media Development Authority (IMDA) and the Shanghai Municipal Commission of Economy and Informatisation signed a memorandum of agreement (MoU) to increase collaboration in areas such as digital connectivity, digital utilities, and innovation.

Partner companies of two nations that design and build e-government solutions are also joined together to improve cross-border trade through digitalisation. The Singapore Ministry of Law, the Shanghai Municipal Bureau of Justice, the Law Society of Singapore, and the Shanghai Bar Association also signed an MOU under the people-to-people exchanges workgroup to promote regular interactions between lawyers from both cities.

Enterprise Singapore (EnterpriseSG), in collaboration with the Singapore Chinese Chamber of Commerce and Industry’s Singapore Enterprise Centre (Shanghai), organised a month-long Singapore Showcase of 38 lifestyle and retail brands at Shanghai’s exhibition centre Hongqiao Pinhui to raise awareness and visibility of Singapore brands.

The inaugural Singapore-China YRD Joint Innovation Call programme finished successfully under the technology and innovation workgroup, with more than 50 project applications submitted in sectors such as digital and green economies, healthcare and urban solutions.

Participants of the 4th SSCCC meeting also witnessed the collaboration between IPI Singapore and the National Eastern Tech-Transfer Centre, which will catalyse more two-way exchanges and drive demand-led innovation by matching problem statements with solutions from Singapore and Shanghai companies.

Also, Singapore and Shanghai saw strong exchanges in financial services, with the United Overseas Bank (UOB) becoming the first foreign bank to open a Free Trade Zone sub-branch in Lingang; Green Link Digital Bank and Bank of China Asset Management officially launching operations in Singapore in June and December 2022, respectively, and Guotai Junan Futures opening in February this year.

Participants at the 4th SSCCC summit reiterated their pledges to the global climate change agenda and committed to seeking additional meaningful partnerships in sustainability, building on the recent success in green finance collaboration.

Singapore, for example, is eager to collaborate with Shanghai to promote increased cross-border green and transition finance to help the region’s transition, as well as to trial green and digital solutions in improving global maritime supply chains. Singapore enterprises are also looking at pilot projects in Shanghai connected to green construction and urban revitalisation.

Singapore and Shanghai have strong and progressive ties that are supported by strong partnerships in financial services, technology, and innovation, as well as expanding collaborations in developing digital and green economies.

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