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Singaporean government officials visit Suzhou commerce bureau

Suzhou Bureau of Commerce | Updated:2021-11-12 11:22

A delegation from the Ministry of Trade and Industry of Singapore visits the Suzhou commerce bureau on Nov 11. [Photo/Suzhou Bureau of Commerce]

A delegation from the Ministry of Trade and Industry of Singapore visited the Suzhou commerce bureau on Nov 11, aiming to establish a new network of contacts between Singapore and Suzhou's newest government officials, as well as to deepen cooperation between the two sides.

Suzhou in East China's Jiangsu province has long enjoyed close cooperative relations with Singapore in foreign trade, two-way investment, and industrial park construction.

The total trade volume between Suzhou and Singapore from January to September this year reached $4.92 billion, a year-on-year increase of 23.9 percent. The city is now home to 850 enterprises operated by companies based in Singapore. To date, the accumulated actual use of Singaporean capital has reached $10.27 billion.

Suzhou has made investment in 96 projects in Singapore, with a total planned investment of $2.52 billion.

Zhang Fei, deputy director of the Suzhou commerce bureau, said that Singapore is one of the city's most important sources of overseas capital, with both sides fostering cooperation in fields like industrial park construction, technological innovation, cross-border investment, as well as financial innovation.

Zhang added that more cooperation is expected to be carried out between the two sides.

In 2018, the municipal government of Suzhou signed a memorandum of understanding with the Ministry of Trade and Industry of Singapore, aiming to let more government officials from Singapore visit Suzhou for further communication.