Deal reached at CIIE brings new Singaporean brands to China
Five memorandums of understanding were signed between Singaporean and Chinese businesses in the food, health care and office co-working sectors at the 4th Singapore-China Trade and Investment Forum (SCTIF) during the China International Import Expo (CIIE).
The forum was organized by the Singapore Business Federation (SBF) with the support of Enterprise Singapore (ESG), themed "Singapore-China: Seizing New Opportunities Together."
"Over the past 30 years, China and Singapore have maintained a strong and enduring relationship. Singapore's presence at CIIE, even during this pandemic, is exciting," said Lim Ming Yan, chairman of SBF. "With 45 companies braving the odds to attend the expo physically in Shanghai, this sends a strong signal that China remains a key priority market for Singaporean businesses."
The MoUs include an investment agreement between 12 Singaporean enterprises and PetroChina Kunlun Hospitality Co Ltd, a major retail chain of gas stations in China under PetroChina and Sinaco Industries Pte Ltd, a wholly owned subsidiary of PetroChina in Singapore. The agreement will allow the 12 Singaporean companies to sell their products online and offline through PetroChina Kunlun Hospitality's Gas Station Retail System in China, offering a huge opportunity to reach a large group of Chinese consumers.
Also, a strategic agreement was reached between Singapore-based All New International Pte Ltd and Shanghai Laiyifen Co Ltd, expected to be worth US$3 million by 2022, to source food products from ASEAN nations to distribute to the Chinese company's more than 3,000 stores nationwide.
Yeo's, a food and beverage consumer household name in Singapore signed an agreement with Onion Global, a NYSE-listed brand asset management company, to develop and sell Yeo's products to Chinese consumers through Onion's cross-border e-commerce platform Omall. The new partners aim to build a brand of healthy food and beverage products targeted at young Chinese consumers.