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MARKETS & INVESTING | Staff Reporter, Singapore
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14 Singaporean companies sign deals with Zhejiang-based firms

Some of the companies were CapitaLand, Mapletree, and Surbana Jurong.

Fourteen company agreements involving CapitaLand, Mapletree, Anacle, and Surbana Jurong were signed at the 13th Singapore-Zhejiang Economic and Trade Council (SZETC) meeting, Enterprise Singapore (ESG) announced.

The agreements signed today in the urban solutions, e-commerce, wholesale trade, and logistics sectors add to the growing Singapore-Zhejiang collaboration. “These are in line with Zhejiang’s priorities in urban-rural development reforms, industrial upgrading, trade liberalisation, and e-commerce to maintain its economic competitiveness,” ESG said.

Some agreements related to urban township development were signed. Property software provider Anacle entered into a joint venture with Enjoytown to co-develop and provide smart city and township management solutions. CapitaLand and Surbana Jurong respectively signed memoranda of understanding (MOUs) with Zhejiang Communication Investment Real Estate Group to develop a new characteristic township, the High Speed Rail New City in Jiaxing.

“CapitaLand will explore the development of the township’s Central Business District, as well as commercial and residential properties, while Surbana Jurong will explore the development of the masterplan for the township and development management services for the project,” ESG said.

Some logistics-related agreements were also signed. Mapletree signed a MOU with the Zhoushan City Government to develop an international logistics park in Zhoushan. YCH Group and Forchn Holdings signed an agreement to launch a Belt and Road Initiative (BRI) private equity fund to develop and acquire logistics assets for e-commerce and other industries in key cities along the Belt and Road, particularly in China and Southeast Asia.

Also read: Singapore most needed by China for its Belt and Road Initiative

At the council meeting, Singapore and Zhoushan discussed further collaboration in maritime logistics, bunker supply and wholesale petroleum trading for a free trade port. “These areas have seen initial progress, with the following signings: a) Glencore Singapore is partnering Zhejiang Petroleum to establish a joint venture in the China (Zhejiang) Pilot FTZ to conduct and promote oil trading in the region. b) Consort Bunkers signed an MOU with the Zhoushan government to collaborate on the marine bunkering value chain,” ESG added.

Culture senior minister of state Sim Ann noted that the trade and economic ties between Singapore and Zhejiang have been growing steadily. “As a global maritime, logistics and energy hub, Singapore and our companies are well-placed to partner Chinese firms to contribute to the development of China (Zhejiang) Pilot Free Trade Zone. In addition, Singapore’s position as a key node along the Belt and Road makes us an ideal partner for Zhejiang enterprises expanding to Southeast Asia,” she added. 

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