The 7th China International Import Expo (CIIE) is set to take place in Shanghai, and the Singapore Pavilion is gearing up for an active participation. I recently spoke with representatives from the Singapore Business Federation (SBF) who shared their commitment to enhancing high-quality collaboration in both traditional and emerging sectors, further solidifying partnerships between businesses.
Leading a delegation of nearly 400 representatives from 44 Singaporean companies, the Singapore Pavilion will showcase its theme this year: “New Singapore-China Cooperation, High-Quality Partnerships.” Impressively, 70% of the participating companies have prior experience at the expo, underscoring the platform’s value; 30% are first-time exhibitors. Spanning nearly 912 square meters, the Singapore Pavilion will encompass three major sectors: consumer goods, food and agricultural products, and service trade, featuring a variety of innovative, high-quality, and reliable products and services.
Interest in the Chinese market remains strong among Singaporean companies. According to the SBF’s 2023/2024 National Business Survey, China ranks as one of the top three countries for Singaporean businesses (accounting for 50%) and is also among their main targets for expansion in Asia. Additionally, 41% of surveyed companies view overseas expansion as crucial. Despite a slowdown in global economic growth, Singaporean enterprises have maintained stable overseas operations, particularly in China. The ongoing economic reforms and foreign investment strategies in China have further stoked enthusiasm among Singaporean companies to participate in the expo.
From the SBF’s perspective, the CIIE is a vital multi-faceted trade platform. It not only offers Singaporean businesses an opportunity to conduct transactions but also facilitates deeper market penetration and the exploration of new business prospects in China.
Last year, during the CIIE, Singaporean companies signed 13 memorandums of understanding with their Chinese counterparts, with a total estimated value exceeding SGD 87 million (approximately RMB 464 million), which is about 20 times the total from 2022.
Guo Bingxun, the Executive Director of SBF, emphasized, “The CIIE serves as an essential platform for Singaporean businesses seeking to expand in the Chinese market. We will fully support these enterprises in their growth efforts in China, leveraging our strong bilateral relationship to drive innovation and achieve sustainable growth.”
In conjunction with the CIIE, the SBF is also set to host the Singapore-China Economic and Trade Investment Forum in Shanghai on November 6. This high-level bilateral business platform aims to provide valuable opportunities for business leaders, government officials, and policymakers from both nations to engage in meaningful dialogue, promoting trade cooperation between Singapore and China.
