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August 9, 2012

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Singapore's man in city sees bright future

WHETHER it's due to investment and trade, or cultural and linguistic links, Singapore's Consul-General Ong Siew Gay sees strong Singapore-Shanghai relations, and the prospect of creating further opportunities for both cities based on these ties. Yao Minji reports.

Ong Siew Gay, Singapore's consul-general in Shanghai, arrived in the city at the end of January, shortly after the Chinese New Year. He has since been making several trips a month to neighboring cities covered by the Consulate-General in Anhui, Jiangsu and Zhejiang provinces.

"We continue to place emphasis on Shanghai, and Jiangsu and Zhejiang provinces. These are longstanding markets for Singapore investments in eastern China. Jiangsu brings in more than one-third of our total investment in China," Ong tells Shanghai Daily.

"At the same time, we are also looking into new areas to expand our commercial presence, one of which is Anhui. Anhui has a relatively sophisticated labor force and we encourage Singapore companies to visit and take a look."

One of Ong's most recent trips included the province's Chuzhou city, a relatively new area for foreign investment, where the Sino-Singapore Suzhou Industrial Park is making its first foray beyond Jiangsu.

Ong has also quickly become involved in the local culture and Singaporean community in this area.

Last Saturday at the National Day dinner organized by the Shanghai Singapore Business Association-Singapore Club Shanghai (SSBA-SCS) with support from the Consulate-General, Ong launched the "Singapore Restaurant Month." The monthlong event in August which will offer all food lovers special discounts and promotions at some 20 Singaporean-owned and operated restaurants in Shanghai aims to promote Singaporean food and culture to the local and foreign communities in Shanghai, and will culminate in a Consulate-General Open House on September 1.

Official figures show approximately some 7,000 Singaporeans in Shanghai, and more than 10,000 in the whole jurisdiction, forming one of the largest concentrations of Singaporeans outside of Singapore.

"We have three groups of people: professionals, families and students. We're definitely seeing an increase in young Singapore talent who come to Shanghai to study and work," Ong says.

"One of our duties is to provide consular assistance and help them remain engaged to Singapore."

He sees great advantages for Singapore expatriates in comparison with other international communities.

"We are usually conversant in two languages, if not more. More than a common language, Singaporeans understand Chinese culture. We definitely have an advantage there," he says.

Ong and his office also take care of Singapore companies in the area.

In Shanghai alone, there are more than 2,000 Singapore companies and more than 3,000 investment projects from the country. Trade between Shanghai and Singapore in 2011 reached US$17.5 billion - up by 17 percent on 2010. The figure for January to May has already increased 34 percent year-on-year.

Anhui, Jiangsu and Zhejiang are also important strategic markets and partners for Singapore companies. The area has two of seven business councils Singapore has in all of China - the Singapore-Jiangsu Cooperation Council and the Singapore-Zhejiang Economic and Trade Council. These councils, led by high-profile officials from both countries, meet regularly to assist and encourage cross-border cooperation and projects.

Collectively, the area covered by the Consulate is the recipient of nearly 50 percent of Singapore's investment in China.

It also contributes a great portion of the country's trade with China, which increased 6.4 percent in 2011 to US$81.4 billion, accounting for 10.4 percent of Singapore's total trade. Singapore is China's fifth largest foreign investor, remarkable considering the small geographical size of the nation.

Ong is happy to be back in China, after his first posting in the Singapore Embassy in Beijing 10 years ago. In the past 10 years, the bilateral relationship has progressed greatly.

"When I left China, the biggest project was the China-Singapore Suzhou Industrial Park which we hoped would add value to China's economic modernization efforts, and where the experience can be replicated in other parts of China," Ong recalls. "China and Singapore have embarked on more projects together since then. In 2007, we started a new project in Tianjin, the Tianjin Eco-City. These projects bear testimony to Singapore's efforts to contribute to China's evolving developmental needs."

Singapore companies have a presence in a variety of fields including real estate, food, healthcare and urban planning.

"We also have great potential in the further development of service sectors, especially in education and urban solutions," Ong adds.

"We understand the importance of having a good quality of life. We don't have much space in Singapore, so we have to be very careful with what we do have. Singapore has also developed experience in the early education market, which could be an area for further Sino-Singapore cooperation. These developments could help the next generation of Chinese citizens benefit even more from today's economic growth."

Ong remains optimistic in the prospects for bilateral economic cooperation despite the slowing Chinese economy. "While the whole world is going through a slow-down, China is still the biggest growth story."

Ong is particularly positive about the recent agreement to set up two qualifying full banks from China in Singapore, one of which will be the official RMB clearing bank, making Singapore the first offshore RMB center outside China.

"This will make it far easier for businesses and individuals who need RMB to have a direct line of credit. It is also a great step toward the internationalization of the RMB, and especially positive for those interested in RMB products," he concludes.

? 10,000

There are some 7,000 Singaporeans in Shanghai, and more than 10,000 in Shanghai, Anhui, Jiangsu and Zhejiang provinces, forming one of the largest concentrations of Singaporeans outside of Singapore.



? US$17.5b

Trade between Shanghai and Singapore in 2011 reached US$17.5 billion - up by 17 percent on 2010.




 

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