The China International Import Expo is a significant initiative reflecting China’s dedication to opening-up while providing a platform for global businesses to engage with its development opportunities, said Kok Ping Soon, chief executive officer of the Singapore Business Federation.
The SBF will lead a delegation of 44 Singapore companies to participate in this year’s expo, which will be held in early November in Shanghai. Of those companies, 70 percent are repeat exhibitors and 30 percent are new ones, spanning the consumer goods, food and agricultural products, and trade in services sectors.
“CIIE is an important initiative that reflects China’s commitment to opening-up and participation in the global economy,” Kok said. “It provides an important platform for global businesses to enter the Chinese market and participate in China’s development opportunities.”
Singapore companies continue to see growth opportunities in the Chinese domestic market for high-quality and innovative products and services, as well as increased partnership and cooperation between Chinese and Singapore companies in third-country markets, he said.
Last year, SBF exhibitors managed to secure sales commitment of more than S$120 million ($90.7 million) at the expo, 20 percent higher than in 2022. Singapore companies also concluded 13 memorandums of understanding valued at S$87 million, the highest since 2020, at the Singapore-China Trade and Investment Forum, which the SBF organized on the sidelines of the expo.
“At this year’s SCTIF, we will see more partnerships inked — building on the relationship forged at the past CIIE,” Kok said.
Kok said that with Singapore as a global trade and financial hub, its businesses offer expertise in logistics, finance and professional services to Chinese firms. China’s large consumer market and growing domestic demand also present lucrative opportunities for Singapore businesses looking to expand their reach.
Singapore companies with strengths in digitalization and sustainable development welcome China’s focus on high-quality consumption and services, along with the push for expansion in high-quality sectors, Kok said.
According to SBF’s National Business Survey 2023/2024, China remained one of the top three countries among Singapore businesses and it is the top country in Asia for companies looking to expand overseas.
Upgraded relations
Bilateral relations between China and Singapore were lifted to an all-round high-quality future-oriented partnership last year, which Kok said “reflects the strength, depth and breadth of relationships between both countries”.
The China-Singapore Free Trade Agreement was also upgraded in December last year, giving Singapore businesses greater access to China’s markets, he said.
“We are confident that … there will be more opportunities for collaboration in the high-growth areas of digital innovation and sustainability,” Kok said.
Singapore is a small but open economy, Kok said. Companies in Singapore deeply integrated with global value chains may face difficulties in balancing their trade with multiple competing regions. Disrupted supply chains drive up prices, which is damaging in a period of pre-existing high inflation levels — meaning that businesses are grappling with heightened costs.
“China’s continued commitment to open up its markets for imports through structural and regulatory policy reforms is particularly important given the current global economic conditions,” he said.