Business

More opportunities opening up for Singapore firms in Zhejiang

More opportunities are opening up for Singapore firms in China's Zhejiang province in areas of trade, e-commerce, professional services and innovation.

A growing number of local companies - such as e-commerce player M-DAQ and logistics business Ninja Van - have made headway there, noted Ms Sim Ann, Senior Minister of State for Trade and Industry yesterday.

Ms Sim told the Singapore-Zhejiang Economic and Trade Council in Mandarin that investments and trade between Zhejiang and Singapore from January to September this year hit $3.6 billion, up 30 per cent on the same period last year.

She also pointed to specific areas where Zhejiang and Singapore can further collaborate to create "win-win" situations.

The first is in trade and professional services.

Being in a key oil trade and financing hub in the region, Singapore companies are well-positioned to partner the Zhejiang (Zhoushan) Free Trade Zone that was launched in April.

And as China's Belt and Road Initiative boosts the internationalisation of Zhejiang enterprises, Singapore firms can partner them to expand in the region, said Ms Sim, who co-chairs the council with Zhejiang vice-governor Liang Liming.

Another area that Singapore and Zhejiang can further collaborate in is cross-border e-commerce.

BUSINESS & FINANCE