Singapore companies eye China opportunities
Singapore companies are eyeing high-quality growth opportunities in China while innovating in the increasingly sophisticated market to remain competitive, according to Kok Ping Soon, CEO of the Singapore Business Federation.
On Wednesday, Kok oversaw 15 memorandums of understanding valued at over US$45 million signed at the 7th Singapore-China Trade and Investment Forum, on the sidelines of the 7th China International Import Expo.
The forum's theme was "Singapore-China: A Shared Journey Towards High-Quality Partnership." The MOUs spanned fields including cross-border trade solutions, construction technology, education services, health care, and logistics.
"Singapore is known for food and beverage, but we are very encouraged to see some of those companies no longer just in the food and beverage sector," Kok told Shanghai Daily.
"We are starting to see companies responding to China's call for more high-quality investment in various fields."
RMA Contracts is a Singapore business process outsourcing company that is using the CIIE platform to announce its partnership with Sino-Singapore Tianjin Eco-City, a flagship bilateral project.
"They want to capitalize on the pivoting of the eco-city from just residential to commercial development, and help ease the pain of companies setting up," Kok said.
"That also reflects a new direction of China's focus on more high-quality investment."

Kok Ping Soon, CEO of the Singapore Business Federation, led delegates from 44 Singapore firms to participate in the CIIE.
Kok is leading a delegation of nearly 400 representatives from 44 Singapore firms to participate in the ongoing CIIE.
These firms are displaying their products and services at the 912-square-meter Singapore Pavilion that spans the sections of consumer goods, good and agricultural products, and trade in services.
Thirty percent of the firms are new CIIE participants, and some are new to the Chinese market.
A number of Singapore companies, not counted in the 44, are also participating in the expo with local partners.
China has been Singapore's largest trading partner for 11 years.
Singapore is also China's second-largest foreign investment source and the top destination for Chinese overseas investment.
According to the SBF National Business Survey 2023/2024, China is one of the top three countries where Singapore businesses have a presence and is among the top three countries in Asia that Singapore businesses are looking to expand into.
Mirxes, a new CIIE participant which has developed a blood-based solution for early stomach cancer screening, is particularly drawn to China's huge market potential, further opening-up in medical services and enhanced intellectual property protection.
In September, China announced it would give a green light to wholly foreign-owned hospitals to open in nine areas including Shanghai, Beijing and the island of Hainan, along with other pilot programs for opening up in the medical field.
"The opening-up of the healthcare sector in China presents tremendous opportunity for us, because many Singapore private hospitals have a regional footprint," Kok said, adding that many Singapore companies are waiting for more detailed regulations.
Kok also noted that familiar Singapore brands have products unheard of in the Chinese market. In order to adapt to the increasing market sophistication, not only have they tailor-made products for Chinese customers, but also explored, innovated and provided differentiated flavors for different Chinese cities.
