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MEDIA STATEMENT Fujian Beckons Singapore Investors As Chinese

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MEDIA STATEMENT Fujian Beckons Singapore Investors As Chinese MEDIA STATEMENT REVISED - Embargoed until 25 October 2009, 1800hrs Fujian beckons Singapore investors as Chinese Central Government makes plans for its economic transformation Organised by IE Singapore, the business mission is held in conjunction with SM Goh’s visit from 26 – 30 October 2009. MR No.: 063/09 Singapore, Sunday, 25 October 2009 1. In conjunction with Senior Minister Goh Chok Tong’s visit to Fujian province from 26 – 30 October 2009, International Enterprise (IE) Singapore is organising a mission to Xiamen and Fuzhou to help Singapore-based companies seek business opportunities in the province. Besides IE Singapore officials, the 16- strong delegation comprises representatives from 13 companies of various industries, including transport & logistics, tourism, real estate, masterplanning & consultancy, food processing and more. 2. Fujian province’s GDP grew at a stable 8.5% in the first half of this year. Its investment climate is now even more attractive with the recent announcement by the Central Government to elevate the Economic Zone of the West Coast of Taiwan Straits1 (EZWCTS)（海峡西岸经济区）as a national-level strategy. The EZWCTS is being developed to transform Fujian into an economic hub that not only connects the economic powerhouses of the Pearl River Delta and the Yangtze River Delta, but also serves as a springboard to bring overseas investments into Western and Central China. A key focus of the EZWCTS is the development of Pingtan （平潭岛）, a group of islands located just 68 nautical 1 The EZWCTS consists of 21 prefecture cities, the focus of which is on the nine Fujian cities of Xiamen, Fuzhou, Quanzhou, Putian, Zhangzhou, Ningde, Sanming, Longyan and Nanping. Among them, the core area is the coastal belt from Fuzhou through Quanzhou to Xiamen, which is right opposite the eastern part of Taiwan. IE Media Statement 25 Oct 09 miles (around 126 km) from Taiwan's Hsinchu city. In September 2009, it was announced that Pingtan would serve as a cross-strait implementation pilot zone （两岸先行先试的示范区）. 3. With these new plans, the province will be looking to boost its urban infrastructure, transport infrastructure and manpower pool. This provides potential opportunities for Singapore-based companies in three key areas, namely i) urban solutions (such as industrial/urban master planning, township development, environmental services, etc); ii) vocational and technical education (such as public administration, training in technical skills, academic programme/teacher/student exchanges, etc), and iii) transport and logistics (such as operation & management of sea ports and third-party logistics services). Singapore-based companies have the relevant experience and capabilities in these areas, evidenced by the numerous projects in China’s various provinces and cities, and backed by a strong track record of successful implementation in Singapore’s own history of development. 4. The business mission therefore serves as a timely and excellent opportunity to better understand Fujian’s developments and explore cooperation opportunities that have arisen. The delegation will visit Haicang District and Eastern Coastal Development Zone in Xiamen, Pingtan and Fuzhou Eastern New Town in Fuzhou. They will also be briefed on the EZWCTS. Singapore’s partnership with Fujian 5. Current investments by Singapore-based enterprises in Fujian are mainly in light manufacturing, transport and logistics, real estate and other modern services such as business, lifestyle and tourism services. Some of the existing projects include: • CapitaLand’s retail malls in Quanzhou and Zhangzhou; • Jurong Consultants’ masterplanning projects in Ningde, Zhangzhou and Fuzhou; • PSA’s Fuzhou container terminals project; • ST Aerospace’s Engine MRO project in Xiamen; • Singamas’ container manufacturing & depot projects in Fuzhou and Xiamen; • Tee Yih Jia’s food processing plant in Fuqing; • UOL’s Pan Pacific Hotel in Xiamen; • YCH’s logistics hub projects in Xiamen. Page 2 of 3 IE Media Statement 25 Oct 09 Bilateral trade and investment 6. Total bilateral trade between Singapore and Fujian province amounted to US$1.37 billion in 2008, an increase of 8.6% over 2007. This made Singapore Fujian’s 12th largest trading partner. Exports to Singapore reached US$1 billion while imports from Singapore reached US$0.37 billion in 2008. From January to June 2009, bilateral trade between Singapore and Fujian amounted to US$0.58 billion. (Source: Fujian Department of Foreign Trade and Economic Cooperation) 7. In 2008, Singapore’s actual foreign direct investment (FDI) into Fujian amounted to US$366 million in 37 projects. In the same year, Singapore was Fujian’s fourth largest foreign investor and the top investor among Southeast Asian countries. As of end June 2009, the cumulative actual FDI amounted to US$2.8 billion with 1,343 projects. (Source: Fujian Department of Foreign Trade and Economic Cooperation) ---End--- Note to Editor Please use ‘IE Singapore’ or ‘IE’ if an acronym for ‘International Enterprise Singapore’ is required. In addition, unless otherwise stated, the use of statistics cited in our media releases, website or Statlink, should be attributed to IE Singapore. Issued by IE Singapore. For media enquiries, please contact: Ms Daphne LYE Assistant Manager, Media and Marketing Communications Corporate Communications Group DID : + 65 6433 4476 Hp : + 65 9436 1227 Email : [email protected] ___________________________________________________________________________ About International Enterprise Singapore International Enterprise (IE) Singapore is an agency under the Ministry of Trade and Industry spearheading the development of Singapore’s external economic wing. Our mission is to promote the overseas growth of Singapore-based enterprises and international trade. With a global network in over 30 locations and our 3C framework of assistance – Connections, Competency, Capital, we offer services to help enterprises export, develop business capabilities, find overseas partners and enter new markets. At the same time, we work to position Singapore as a base for foreign businesses to expand into the region in partnership with Singapore-based companies. Please visit www.iesingapore.com for more information. Page 3 of 3 .
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