SINGAPORE – Singapore and Chinese companies can deepen their collaboration to access new opportunities, as the world transits to a post-Covid new normal, Minister of State for Trade and Industry Low Yen Ling said on Thursday (Oct 14).<\/p>\n
Speaking in Mandarin at the Singapore-China Business Forum, Ms Low outlined three areas – the digital economy, green economy and biomedical sciences – in which both countries can work together.<\/p>\n
On the first, she said the pandemic has accelerated growth in cross-border e-commerce and increased demand for digital services.<\/p>\n
China is the world’s second largest digital economy, she noted, producing globally leading digital companies like Alibaba, Tencent and Bytedance.<\/p>\n
Such companies have established a presence in Singapore where they recruit global talent and manage their international operations. <\/p>\n
“Our companies can also partner them to seize opportunities together in South-east Asia’s fast-growing digital economy.”<\/p>\n
The virtual forum, organised by the Singapore Chinese Chamber of Commerce & Industry, aims to promote business exchange between the two countries and help local businesses to better understand the business environment and investment opportunities in China.<\/p>\n
Ms Low said the second area of possible collaboration is on the green economy. “Greening and environmental protection have always been important to Singapore, and I believe our companies have a lot of experience which they can share with their Chinese counterparts,” she said.<\/p>\n
She noted that Singapore is working towards creating new jobs and transforming industries to harness sustainability as a competitive advantage, under the Singapore Green Plan 2030.<\/p>\n
Singapore has pledged to peak carbon emissions around 2030 and achieve net-zero emissions as soon as viable in the second half of the century.<\/p>\n
China has made similar commitments to peak carbon emissions by 2030 and achieve carbon neutrality by 2060.<\/p>\n
“As both countries work toward a greener future, there will be an increasing demand for green solutions such as renewable energy and energy efficiency, providing market opportunities for Singapore and Chinese companies,” Ms Low said.<\/p>\n
The last area, biomedical sciences, is important to both countries, she said.<\/p>\n
“We face similar challenges – including an ageing population and the fight against the Covid-19 pandemic. There are, therefore, many opportunities for us to work together.”<\/p>\n
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