Singapore's SMEs to seek opportunities in Central China

Singapore's Minister of State for Trade and Industry Teo Ser Luck will be in China to help pave the way for Singapore's small and medium enterprises (SMEs) to establish a stronger economic presence in the Central China region.

He will meet Chinese officials and key business leaders to gain a deeper understanding of the overall development of Central China, local TV Channel NewsAsia reported on Tuesday.

"Central China is entering an exciting phase where the economy is undergoing rapid transformation. There will be a lot of opportunities for Singapore's small and medium enterprises as the region opens up to more foreign investment," Mr Teo was quoted as saying.

Last year, Singapore's bilateral trade with Hunan province increased by 47.1 percent, to reach 197 million U.S. dollars. Singapore companies had invested in 177 projects in Hunan as of the end of last year.

Mr Teo will explore opportunities for SMEs when he attends the Central China Expo (CCE) on May 16-18 in Changsha, Hunan Province.

Singapore's Ministry of Trade and Industry said on Tuesday that the CCE, in its seventh year, is an annual platform approved by China's State Council to promote economic and trade cooperation as part of China's strategy to spur the economic growth of the six central provinces in China.

This year's expo is themed "Opening and Rise, Green Development ".

Mr Teo will also visit the Ya'an Bifengxia Conservation Base in Sichuan province, where the two pandas on a 10-year loan to Singapore currently reside.

The panda loan, a key bilateral initiative, was signed during Chinese president Hu Jintao's state visit to Singapore in 2009. Singapore is the ninth country to receive this loan after the United States, Germany, Japan, Austria, Thailand, Australia, the United Kingdom and France.

"The Singapore government deeply appreciates the panda loan from China. Singaporeans are eagerly looking forward to the arrival of Kai Kai and Jia Jia. They are both a visible symbol of our strong and growing diplomatic ties with China, and we will continue to engage our Chinese counterparts to enhance our trade and diplomatic relations," said Mr Teo.

Kai Kai and Jia Jia are scheduled to arrive in Singapore later this year, as part of a joint collaboration between Wildlife Reserves Singapore (WRS) and the China Wildlife Conservation Association.