Singapore and Zhejiang to jointly fund innovative projects in digital economic system, sustainability

SINGAPORE – Singapore is deepening collaboration with China’s jap Zhejiang province, with a brand new joint programme that funds innovative projects in areas corresponding to digital economic system, sustainability and good cities.

The programme was introduced on the sixteenth Singapore-Zhejiang Economic and Trade Council (SZETC) assembly on Tuesday (April 26), which was co-chaired by Senior Minister of State for Foreign Affairs and National Development Sim Ann and Zhejiang vice-governor, Mr Zhu Congjiu.

The Singapore-China Yangtze River Delta (Zhejiang) Joint Innovation Call Programme is an enlargement of a pilot programme final 12 months, which linked Singapore firms with these in Zhejiang and supported them to innovate and commercialise projects.

“Building on the foundation established through the SZETC, we aim to help more Singapore companies capture new opportunities in the province and the greater Yangtze River Delta region, especially in the areas of digital economy and innovation,” mentioned Ms Sim.

She added that Zhejiang enterprises can proceed to use Singapore as a launch pad and associate extra firms right here as they discover alternatives in South-east Asia.

The joint name programme, launched and hosted by Enterprise Singapore and the Zhejiang Department of Science and Technology, will likely be open for purposes in the third quarter of this 12 months.

Eight memoranda of understanding in areas corresponding to digital know-how, finance and sustainability have been additionally signed on the assembly.

One of them was between OCBC Wing Hang Bank (China) and Dian Diagnostics Group for the latter’s progress and enlargement into Singapore and South-east Asia.

The SZETC consists of presidency and personal sector representatives from Singapore and Zhejiang and goals to promote financial exchanges and cooperation between Zhejiang province and Singapore.

The leaders additionally reaffirmed the sturdy financial ties between Singapore and Zhejiang, noting the nice progress achieved in the important thing areas of commerce and connectivity, innovation and individuals exchanges, and sustainable city administration. These have been initiated on the fifteenth SZETC assembly in December 2020.

Economic relations between Singapore and Zhejiang remained sturdy regardless of the Covid-19 pandemic. In 2021, bilateral commerce grew 18.4 per cent year-on-year to attain US$6.91 billion (S$9.5 billion), whereas Singapore’s precise cumulative investments in Zhejiang elevated an extra 9.8 per cent, bringing the whole to US$8.26 billion.

Mr Zhu mentioned the provincial authorities would additionally step up efforts to encourage Zhejiang-based enterprises to enhance their presence in Singapore

With Singapore because the launch pad, Zhejiang enterprises can develop their funding and commerce cooperation with Asean nations, he mentioned.

There have been greater than 1,550 Singapore projects on commerce and connectivity in Zhejiang as at end-2021, which had elevated steadily with the rising bilateral commerce and investments. As at 2021, there have been about 280 Zhejiang firms in Singapore.

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