Singapore Business Federation (SBF) and International Enterprise (IE) Singapore will jointly lead a delegation of 29 companies to explore business opportunities in China's Chongqing from Friday to Sunday, said SBF and IE Singapore in a joint press release on Thursday.
This is the largest Singapore business delegation to visit the Chinese municipality since the Chongqing Connectivity Initiative (CCI) was launched in November 2015, according to the joint release.
The Singapore delegation comprises almost 50 senior representatives of companies from the financial services, aviation, transport and logistics, as well as information and communications technology (ICT) sectors, which are the focus sectors for the CCI.
Also on the trip are the Industry Advisors to the CCI, who will lend their corporate and professional industry expertise to the project.
During the three-day mission, the Singapore delegation will meet local government officials and enterprises, develop a better understanding of Chongqing's business environment, as well as gain insights to the CCI. The delegation will also attend the "Chongqing Connectivity Initiative Seminar" on Saturday.
CEO of IE Singapore Lee Ark Boon said China's West is now among the top investment destinations for Singapore companies. The CCI will further strengthen business ties between Singapore and China's Chongqing.
"The launch of daily flights will see more travels between Singapore and Chongqing, while newly introduced cross-border RMB initiatives will result in increased transactions. Singapore companies can leverage the momentum generated by the CCI to seize new opportunities in this region to meet potential partners and explore business collaborations." Lee added.
SBF Chairman and CCI Industry Advisor Teo Siong Seng also noted that the Chongqing Connectivity Initiative will further enhance collaboration between Singapore and China, bringing opportunities and investments that will benefit both countries.
In recent years, there has been strong economic cooperation and investment interest from Singapore companies in China's West. The CCI is the third Government-to-Government project between Singapore and China, which is focused on the western region of China, also propels the Belt and Road Initiative.
According to the Chongqing Foreign Trade and Economic Relations Commission, by the end of 2015, there were 245 projects, accumulating to a total investment value of 5.68 billion U.S. dollars in Chongqing. Singapore also became Chongqing's largest source of foreign direct investment.