Singapore and Jiangsu high-tech enterprises explore partnerships

Top government officials from Singapore and Jiangsu witness ten signings on Science and Technology collaborations.

Mr Lee Yi Shyan, Minister of State (MOS) for Trade and Industry and Manpower, stressed the importance of joint collaboration in technological innovations to enterprises at the closing ceremony of the Singapore-Jiangsu Innovation Cooperation Conference (SJICC) held in Nanjing on Tuesday.

“Science and technology is imperative for economic transformation and restructuring. Technological innovations can help enterprises raise their value propositions and competitiveness, as well as develop new products and markets. I am happy to support this private sector initiative as our research institutes and experts work together to achieve knowledge exchange and transfer towards the advancement of both our business and social communities,” MOS Lee said in an International Enterprise Singapore report.

The SJICC commenced on 25 May 2010 and closed on Tuesday. Both MOS Lee and Jiangsu Vice Governor Zhang Weiguo spoke at the closing of the conference in their capacities as Vice Co-Chairmen of the Singapore-Jiangsu Cooperation Council (SJCC), which was formed in November 2007. Mr Khaw Boon Wan, Minister for Health and Mr Liang Baohua, Jiangsu Party Secretary are the Co-Chairmen. International Enterprise (IE) Singapore is the Singapore secretariat for the SJCC. The SJCC is a platform to enhance both economic and non-economic collaboration between Singapore and Jiangsu.

Science and technology is one of the six key focus areas supported by the SJCC. At the Conference, MOS Lee highlighted that Singapore and Jiangsu should tap on the SJCC to develop capabilities in science and technology together. Three potential ways of partnership include: one, encourage institutions of higher learning and research institutes to heighten exchanges and cooperation; two, encourage high-tech enterprises from both sides to set up R&D centres in each other’s market so as to introduce their products to new markets regionally and globally; and three, encourage high-tech start-ups from both sides to leverage each other’s existing incubators to obtain key resources and services to further develop and expand overseas.

During the closing ceremony at the SJICC, MOS Lee and Vice Governor Zhang witnessed 10 Memorandum of Understanding (MOU)/Letter of Intent (LOI)/Agreement signings between Singapore and Jiangsu companies and institutes in the R&D sector. The Singapore companies/institutes included the National University of Singapore and Nanyang Technological University. In addition, MOS Lee and Vice Governor Zhang unveiled the plaques for the establishment of the Jiangsu-Singapore Technology Transfer Promotion Center and the Jiangsu-Singapore Joint Research Center on Organic/Bio Electronics & Information Displays.

MOS Lee is currently in Nanjing, Jiangsu Province for a two-day official visit that started on Tuesday, and will return to Singapore on 3 June 2010. He is accompanied by officials from the Ministry of Trade and Industry, IE Singapore and Economic Development Board as well as several Singapore-based companies. On Tuesday, MOS Lee called on Jiangsu Vice Governor Zhang Weiguo. On this trip, he is also expected to call on Nanjing Party Secretary Zhu Shanlu and Nanjing Mayor Ji Jianye. MOS Lee will visit the Nanjing University of Posts and Telecommunications, Jiangsu-Singapore Joint Research Center on Organic/Bio Electronic & Information Display, Xuzhuang High Tech Park and the Yuzui area of Hexi New District.

Bilateral trade and investment
In the first four months of 2010, bilateral trade between Singapore and Jiangsu reached US$2.82 billion, an increase of 30.8% over the same period last year. In the four months, exports from Singapore to Jiangsu amounted to US$1.28 billion while imports to Singapore reached US$1.54 billion. Singapore was Jiangsu’s 10th largest trading partner in 2009. (Source: Jiangsu Department of Foreign Trade and Economic Cooperation).

From January to April 2010, Singapore’s actual foreign direct investments (FDI) in Jiangsu hit US$493 million with 54 projects, an increase of 6% and 69% respectively over the same period last year. As of end April 2010, the cumulative actual FDI amounted to US$16 billion, with a total of 3,371 projects. In 2009, Singapore was the fourth largest investor in Jiangsu. (Source: Jiangsu Department of Foreign Trade and Economic Cooperation).