HAIKOU, China, Nov. 26, 2023 /PRNewswire/ — A report from Hainan International Media Center (HIMC):
South China’s Hainan Province has further promoted economic and trade cooperation with Singapore, holding a Hainan Free Trade Port (FTP) promotional event and other exchange activities in the city state from November 22 to 25.
The Hainan FTP promotion conference held on November 23 saw the signing of five contracts on key projects involving finance, trade, services, and other industries, accompanied by an announcement that the island province is slated to set up a Singapore branch of the Provincial Bureau of International Economic Development, to facilitate bilateral cooperation in green, clean, and low-carbon energy.
Over the past few days, the province also sought cooperation opportunities with some of Singapore’s leading firms, including Temasek Holdings, CapitaLand Group, Changi Airports International, Wilmar International, PSA International (a global leader in the ports and terminals business), Mandai Wildlife Group, and Koufu Group (a household brand known for its food courts).
In stepping up such exchanges, Hainan aims to learn more from Singapore’s experience as a trade-focused country with nine established free trade zones. Utilizing the advantages of FTP preferential policies, natural resources, and investment environment, the province is enhancing efforts to deepen cooperation with the city state in fields such as the low-carbon industry, airport economy, digital economy, healthcare, bilateral trade & investment, and industrial park construction.
In June 2020, Chinese authorities issued a master plan for the development of the Hainan FTP, which is considered a banner bearer and crucial gateway of China’s continued opening up in the new era.
The past few years have seen more active economic, trade and cultural exchanges between Hainan and Singapore. Singapore’s investment in Hainan accounted for 90% of ASEAN’s total investment in the island province, while Hainan’s investment in Singapore accounted for half of Hainan’s investment in ASEAN.