19340565_SINGAPORE’S_ENGAGEMENT_WITH_BRI

“T
he Belt and Road Initiative
[BRI] can contribute greatly to a peaceful, orderly shift in the global order and support China’s constructive international role commensurate with its size and potential,” uttered by Singapore’s Prime Minister Lee Hsien Loong during a five-day visit to Beijing for the second Belt and Road Forum—an international summit led and hosted by Chinese President Xi Jinping. Noting that Singapore had been an “early and strong supporter” of the BRI, Lee asserted that Singapore was well placed to make a “modest contribution” to the BRI. He cited the example of the Chongqing
Connectivity Initiative (CCI)—a joint Sino-Singapore project launched in 2015—as an area where Singapore could make a useful contribution to the BRI through improving land and sea trade and transport connectivity. Indeed, since China and Singapore established diplomatic relations on October 3, 1990, the two countries have remained excellent partners in the pursuit of mutually beneficial
Chen Yiyuan.
By Chong Jing Yee
economic cooperation. The China-Singapore Free Trade Agreement
(CSFTA), for instance, was first signed in 2009, marking the first time an
Asian country signed a comprehensive Free Trade Agreement with China. Likewise, in November 2004, China and the 10 member states of the
Association of Southeast Asian Nations (ASEAN) signed an agreement to set up the China-ASEAN Free Trade Area (CAFTA). Originally involving three segments of the economy including goods, services and foreign direct
Singapore’s Engagement with BRI
The Singaporean government is actively bolstering
economic cooperation with China
By Chong Jing Yee
A panorama of China-Singapore Tianjin Eco-City, the second
Sino-Singaporean government-to-government cooperation project.
(MOU) with China’s Shanghai Pudong Development Bank (SPD) with the intention of serving companies seeking to tap on opportunities arising from the BRI. At the same time, alongside cooperation projects which cover investment advisory and cross-border renminbi (RMB) transactions, UOB and SPD have also pursued strengthening inter-bank businesses such as granting loans and managing deposits while providing a platform for start-up companies to access financial technology ecosystems necessary for funding and sponsorship. Consequently, in the words of UOB Head of Group Wholesale Banking Frederek Chin, such collaborations “will strengthen our efforts to help companies tap the increasing regional cross-border flows arising from the BRI and other regional connectivity initiatives.”
Second, Singapore’s government has also been actively assisting in and promoting cooperation with China within the framework
of the BRI. Recognizing the potential of China’s rise to
international prominence,
Singapore’s government
launched Business China in
2007 with the intention of
nurturing inclusive bilingual
and bicultural Singaporeans
capable of ensuring Singapore
remains relevant in its
diplomatic engagements
with China. In the words of
Singaporean PM Lee, “China’s
next phase of development will
be different from the past... We
must find new solutions as our
own circumstances change so
we can continue to improve
Singaporean lives and remain
relevant to other countries,
including China.”
Against this backdrop,
Business China has conducted
a wide variety of activities that
appeal to different segments
of Singaporean society. For
businesses, for instance,
Business China organizes the
annual FutureChina Global
Forum, which is designed to
provide a platform to share
analysis and trends related to the
forces shaping China’s growth
and development. Gathering
On December 14,
2018, a container
semi-trailer serving
the ASEAN Regular
Lorry arrives in
Singapore after a
seven-day drive from
Chongqing, China.。