Singapore and China inked a Memorandum of Understanding (MOU) in Beijing on Sunday ( 8 Apr ), paving way for more co-operation in third-party markets along the One Belt,One Road routes.
Prime Minister and Chinese Premier Li Keqiang co-witness the signing of the MOU.
The Belt and Road Initiative (BRI), unveiled in 2013 by Chinese President Xi Jinping, is a project that aims to promote economic cooperation among 65 countries across Europe, Africa and Asia by connecting them via land and sea routes.
Ministry of Trade and Industry (MTI), People's Republic of China's (PRC) National Development and Enterprise Singapore will form a working group to identify markets, as well as organize forums and business matching activities to further facilitate cooperation.
Both countries will also cooperate with banks, insurers and financial institutions to ensure financial needs are met while venturing into third-party markets.
“This MOU will pave the way for closer partnerships between our companies in third-party markets, one of the key cooperation pillars that Singapore and China have identified under the Belt and Road Initiative. Singapore’s strength as a key infrastructure, financial and legal hub in the region will add value to Chinese companies expanding along the Belt and Road," said Minister for Trade and Industry (Trade) Lim Hng Kiang.