The 13th meeting of the Singapore-Zhejiang Economic and Trade Council (SZETC) took place in Zhoushan, an island city in East China's Zhejiang province, on April 26. Agreements were reached on 14 projects.
Oil products and maritime services are new highlights of the bilateral ties between Zhejiang and Singapore, as Zhoushan, the host city of the meeting, is home to the China (Zhejiang) Free Trade Zone, which focuses on promoting investment and free trade in all oil-related industries and developing bulk commodity trade.
The 14 projects touch on various different fields, including international logistics, oil products, intelligent manufacturing, biotechnology and environmental protection.
"Singapore is a famous shipping, trading and financial center, while Zhejiang province is one of China's most open regions. I think promoting exchanges and cooperation is mutually beneficial," said an official from the Department of Commerce in Zhejiang. He suggested that Zhejiang companies should start exploring ASEAN markets by setting up overseas offices in Singapore.
Sim Ann, co-chairwoman of SZETC, said, "We look forward to having a more diversified relationship with Zhejiang and hope there will be more exchanges in areas such as cross-border e-commerce, finance, high-tech, and green development."
The SZETC was established in 2003. Over the past 15 years, the trade and economic ties between Zhejiang and Singapore have grown steadily. In 2017, their total trade value hit $3.95 billion.
Agreements on 14 projects are signed at the 13th meeting of the Singapore-Zhejiang Economic and Trade Council in Zhoushan, East China's Zhejiang province, on April 26