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Broad consensus reached at the sixth China-Singapore Investment Promotion Committee (IPC) Meeting

On August 20, 2021, the sixth China-Singapore Investment Promotion Committee (IPC) Meeting was held virtually. Wang Wentao, Minister of Commerce and the Chinese Chair, and Gan Kim Yong, Minister for Trade and Industry of Singapore and the Singaporean Chair, attended and addressed the meeting. The meeting was presided over by Wang Shouwen, Vice Minister of Commerce and China International Trade Representative, and Gabriel Lim, Permanent Secretary of the Ministry of Trade and Industry of Singapore. Low Yen Ling, Minister of State for the Ministry of Trade and Industry of Singapore attended the meeting. The two sides exchanged views on issues such as improving the level of investment cooperation, optimizing environment for two-way investment and actively exploring new areas of cooperation, and reached broad consensus.

Wang Wentao said that since the establishment of bilateral diplomatic ties 31 years ago, under the strategic guidance of the leaders of China and Singapore, an all-dimensional, wide-ranging and multi-tiered economic cooperation and trade pattern has been formed. Since the outbreak of COVID-19, China and Singapore have been helping each other in the spirit of solidarity, and trade and investment have recovered rapidly. As the world still faces the severity of COVID-19, holding a China-Singapore Investment Promotion Committee Meeting to discuss stronger cooperation in investment and other fields and jointly tap cooperation potential is of great significance for the promotion of sustained and healthy bilateral economic and trade development.

Wang Wentao emphasized that China will ground its work in this new stage of development, fully and faithfully apply the new development philosophy, and foster a new pattern of development. China will promote high-quality development, and pursue opening up in a larger scope, to wider areas and at deeper levels. China and Singapore share similar positions in economic globalization and trade and investment liberalization and facilitation, and extensive common interests. China stands ready to achieve greater policy synergy with Singapore, continue to explore and innovate, diversify cooperation and deepen all-round cooperation. It is hoped that both sides will continue to optimize the environment for two-way investment, deepen Singapore's investment cooperation with China, promote the development of China-Singapore intergovernmental cooperation projects, strengthen exchanges on free trade agreements and regional cooperation, tap the potential of cooperation in new areas such as digital economy and green economy, continuously enrich cooperation, and contribute to elevating bilateral economic cooperation and trade between China and Singapore.

Gan Kim Yong said the economic cooperation between China and Singapore enjoys a solid foundation and broad prospects. As an important cooperation platform, since its establishment in 2005, the China-Singapore Investment Promotion Committee has regularly exchanged views on investment cooperation, expanded areas of cooperation and actively promoted the development of two-way investment. Singapore stands ready to strengthen exchanges and linkages with China on investment, and innovate cooperation methods for digital economy and green economy to achieve mutual benefits and win-win results. Singapore will continue to be an open economy. Chinese-invested enterprises are welcome to invest in Singapore, and Singapore enterprises are encouraged to capture new growth opportunities and increase their investment in China.

Before the meeting, Minister Wang Wentao and Minister Gan Kim Yong also had small-scale exchanges.

(All information published on this website is authentic in Chinese. English is provided for reference only.)