SHANGHAI – Singapore and Shanghai are set to deepen their partnership, with Senior Minister Lee Hsien Loong and Shanghai Communist Party Chief Chen Jining identifying fresh opportunities for cooperation during their Nov 28 meeting.
Trade and investment ties between the two cities continue to flourish. Singapore remains Shanghai’s largest foreign investor, with cumulative investments exceeding US$26 billion as of mid-2024. Bilateral trade also saw a 15% rise in the first half of 2024, driven by exports from Shanghai to Singapore.
Both leaders emphasized the importance of strengthening collaboration in areas like sustainability, urban innovation, and digitalization. They also highlighted the need for closer partnerships amidst global uncertainties, leveraging the Shanghai-Singapore Comprehensive Cooperation Council, which has fostered a 20% trade growth since its inception five years ago.
The meeting marked the conclusion of Mr. Lee’s China visit, during which he underscored Singapore’s commitment to enhancing ties with key Chinese cities as the two nations prepare to celebrate 35 years of diplomatic relations in 2025.