Singapore's Deputy Prime Minister Lawrence Wong Shyun Tsai (right) meets with Shanghai deputy Party chief and Mayor Gong Zheng in Singapore during Gong’s visit from April 23-25. (PHOTOS PROVIDED TO CHINA DAILY)

Singapore and Shanghai reaffirmed strong ties and broadened their cooperation at the 4th meeting of the Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) on April 24.

The meeting saw a record 15 agreements signed between Singapore and Shanghai, covering areas such as people-to-people exchanges, financial services, technology and innovation, as well as emerging areas such as the digital economy.

This marked the first physical Provincial Business Council meeting between Singapore and China since the COVID-19 pandemic and the first SSCCC meeting hosted in Singapore.

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The meeting was co-chaired by Shanghai Mayor and Shanghai SSCCC Co-Chairman Gong Zheng and Singapore’s Minister for Culture, Community and Youth Edwin Tong. Tong, who is also the second minister for law, was introduced as the new Singapore SSCCC co-chairman.

Singapore's Deputy Prime Minister Lawrence Wong Shyun Tsai, also meeting Gong, and Chinese Ambassador Sun Haiyan were among the participants. About 120 Singaporean and Chinese officials and business representatives attended the meeting.

The 4th meeting of the Singapore-Shanghai Comprehensive Cooperation Council convenes on April 24 in Singapore. (PHOTO PROVIDED TO CHINA DAILY)

The signed agreements included a memorandum of understanding between Singapore’s Infocomm Media Development Authority and the Shanghai Municipal Commission of Economy and Informatization to strengthen cooperation in areas such as digital connectivity, digital utilities, and innovation. Among other deals, Singapore’s CrimsonLogic partnered with the Shanghai Data Group to enhance cross-border flow of goods through digitalization.

These efforts build on growing economic ties between Singapore and Shanghai, with two-way trade in 2022 rising 8 percent to reach nearly S$20 billion ($14.97 billion).

The meeting also noted good progress across six workgroups under the SSCCC over the past year.

Under the workgroup on the Belt and Road Initiative, Enterprise Singapore together with the Singapore Chinese Chamber of Commerce and Industry’s Singapore Enterprise Centre (Shanghai) held a month-long Singapore Showcase. They exhibited 38 lifestyle and retail brands at Hongqiao Pinhui in Shanghai to increase awareness and visibility of Singaporean brands.

The Singapore Business Federation also led 50 Singapore companies to exhibit at the 5th China International Import Expo (CIIE) held in Shanghai in November 2022. The CIIE saw 21 agreements signed between Singapore and Chinese companies covering areas such as digitalization, renewable energy and retail.

Under the technology and innovation workgroup, the inaugural Singapore-China YRD Joint Innovation Call program successfully concluded with more than 50 project applications received in areas including digital and green economies, healthcare and urban solutions.

In financial services, Singapore and Shanghai saw strong exchanges. The United Overseas Bank became the first foreign bank to establish a Free Trade Zone sub-branch in Shanghai’s Lin-gang Special Area, while Green Link Digital Bank and Bank of China Asset Management officially began operations in Singapore in June and December 2022, respectively. Among others, Guotai Junan Futures launched its Singapore unit this year.

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The SSCCC meeting also noted the good progress in green finance collaboration and cross-border payments, through UnionPay International’s partnerships with DBS Bank and OCBC Bank.

The leaders at the 4th SSCCC meeting reaffirmed their commitments to the global climate change agenda and agreed to explore more substantive partnerships in sustainability.

Singapore said that it is keen to work with Shanghai to facilitate greater cross-border green and transition finance to support the region’s transition, as well as to pilot green and digital solutions in enhancing global maritime supply chains. Singapore companies are also exploring pilot projects in Shanghai that are related to green buildings and urban rejuvenation.

Shanghai Mayor and Shanghai SSCCC Co-Chairman Gong Zheng (left) joins SSCCC Co-Chairman and Singapore's Minister for Culture, Community and Youth Edwin Tong on April 24. (PHOTO PROVIDED TO CHINA DAILY)

“Singapore and Shanghai share resilient and progressive ties, underpinned by strong partnerships in financial services, technology and innovation, and expanded collaborations in emerging areas of digital and green economies,” said Tong.

“The SSCCC serves as an important catalyst and enabler, as we continue to pursue ‘high-quality’ and ‘future-oriented’ partnerships between Singapore and Shanghai, following the recent upgrading of Singapore-China relations,” he added.

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Singapore Green Construction Development Alliance and Fengxian Development Group signed a deal that will facilitate project collaboration in Shanghai’s Fengxian New City.

David Yee, chairman of the Singapore Green Construction Development Alliance, said he was excited about the possibilities.

“China is the world’s biggest construction player and we can learn from them in a lot of ways, be it in infrastructure development, technical know-how or going green, such as renewable energy generation. There are a lot of opportunities,” he said.

The writer is a freelance journalist for China Daily.