According to official data, trade between Singapore and Shanghai grew by 8% in 2022 compared with the year before, hitting US$20bil (RM88.69bil) as demand grew. — Bloomberg
SINGAPORE: Local companies have deepened ties with their Shanghai counterparts, with the signing of a slew of agreements across a broad swathe of sectors as bilateral trade rose.
According to official data, trade between Singapore and Shanghai grew by 8% in 2022 compared with the year before, hitting US$20bil (RM88.69bil) as demand grew.
During the same period, investments worth almost US$24bil (RM106bil) were channelled into some 6,000 Singapore-linked projects based in Shanghai.
Most of these investments focused on sectors such as real estate, financial services, manufacturing, lifestyle and consumer goods.
Under the auspices of the fourth Singapore-Shanghai Comprehensive Cooperation Council, companies from both cities came together on Monday in the first physical meeting held since the start of the Covid-19 pandemic to ink fresh deals that would seed the next batch of investments.
A record 15 memorandums of understanding were signed between Singapore and Shanghai at the event.
They involved businesses in financial services, technology and innovation, as well as those focusing on the digital economy.
Among these was one signed by the Infocomm Media Development Authority, which sought to augment cooperation in all things digital, including connectivity, utilities and innovation, with the Shanghai Municipal Commission of Economy and Informatisation. — The Straits Times/ANN
