Event Recap - Chongqing Investment Promotion Event for Singapore Businesses

The Chongqing Investment Promotion Event for Singapore Businesses was held in Raffles City Chongqing on October 12. This was the largest foreign investment promotion event held in Chongqing this year, with 37 project contracts signed on the scene, amounting to a total investment of USD $4.166 billion. Zeng Jinghua, the Director-General of China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity Administration Bureau (CCIB), delivered a speech at the event, stating that Chongqing would give full support to promote the development of the New International Land-Sea Trade Corridor for the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI). Some measures include optimizing the layout and structure of the Corridor’s network, improving the functionality of key logistics hubs, and expanding China-Singapore cross-border finance channels. These measures will achieve full coverage for western provinces, meet the diversified cross-border financing needs of businesses therein, and strengthen the construction of data channels.

China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity Overall Blueprint (2021-2025) was released. www.cqnews.net                      Photo taken by Liang Haonan

As one of the representatives of Singaporean businesses in China, Trustana, a cross-border trade B2B platform, was invited to attend the event. Wen Yiwu, the head of Trustana China, was interviewed by the media at the conclusion of the event, in which he shared insights, recapped the results that the CCI has brought to Trustana, and expressed his vision for a promising future.

The event was co-hosted by the Chongqing Municipal People's Government and Singapore’s Ministry of Trade and Industry and co-sponsored by the CCIB, the Singapore Chinese Chamber of Commerce & Industry (SCCCI), and the People’s Government of Yuzhong, Chongqing. The heads of 6 Singaporean government agencies in China, as well as representatives of 64 Singaporean companies in China, attended the event, for a total of 119 participants. The event was also attended by representatives from 16 municipal departments, 24 districts and counties of Chongqing, and other related open platforms. Activities mainly included CCI alignment meetings, special project promotion, and potential project exploration. Among the 37 signed China-Singapore cooperation initiatives, 29 were commercial cooperation projects with a value of USD $3.206 billion and an additional 8 financing projects with a value of USD $960 million.

In addition, the event witnessed the inauguration ceremony of the CCI operation center. Based in Chongqing Raffles, the center is set to become a China-Singapore business activity and cultural exchange center, a Singaporean enterprise hub, and a Singaporean high-level talent hub.

''During the media interview, Wen Yiwu said: "Being involved in the CCI, we have seen the great attention that the Chongqing Municipal People's Government gives to the investment of Singaporean enterprises, the great dynamism of Chongqing’s business environment, and the unlimited business potential of Chongqing as the center of western China." When discussing the expectations and future prospects that Trustana holds of the CCI, Wen Yiwu commented: "This year is the first year of the CCI, and it is also the first year that Trustana has seen its market expansion effort in China bear fruit. With the guidance and support of the CCIB, we carried out the China-Singapore (Chongqing) Agricultural Product Export Enablement Project and helped local enterprises in Chongqing export their high-quality products overseas. Judging from this very first year, we expect to see more Singaporean companies like us come to Chongqing and build up cooperation with local companies, creating more opportunities for trade, communication, and exchange between both sides."

Trustana, headquartered in Singapore, is a cross-border B2B trading platform with a focus on the food industry. Trustana aims to build bridges between businesses in China and Southeast Asia to enter one another’s markets, enable seamless cross-border trade and quick access to high-quality buyers in food markets around the world, and help explore and develop global business faster and better. In the past year, Trustana has assisted more than 4,000 buyers and suppliers in the food industry in establishing new cross-border cooperation in Southeast Asia, China, North America, and other areas.

With Chongqing being its first operation center in western China, Trustana has sensed the momentum and support that the CCI has brought to it, as well as Chongqing’s development and business potential. There is good reason to believe that Chongqing, as the center of the New Land-Sea Corridor, will attract more Singaporean companies to invest in the future.

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