With the further upgrading of the Free Trade Agreement Protocol signed by China and Singapore last year and the mutual visa exemption agreement between the two countries coming into effect in February, the economic and trade cooperation opportunities between Guangzhou and Singapore have entered a new chapter.
In a video address, Hong Qian, secretary-general of the Guangzhou Municipal Government and director of the Guangzhou Municipal Commerce Bureau, extended an invitation for investment to Singaporean enterprises and expressed the hope for mutual development in intelligent connected vehicles, new energy vehicles, biomedicine, health industries, and other emerging sectors.
Guangzhou’s GDP reached 3 trillion yuan in 2023, ranking fourth in the total economic output of the Chinese mainland. The city has over 50,000 foreign-funded enterprises, including 345 Fortune 500 companies. In 2023, it saw an increase of over 6,600 new foreign-funded enterprises, marking a 90% year-on-year growth and setting a new record.
Tan Sock Joo, deputy director of Enterprise Singapore, believed that Guangzhou, as the provincial capital city, played a vital role in developing the Guangdong-Hong Kong-Macao Greater Bay Area. The China-Singapore Guangzhou Knowledge City would serve as an essential platform for deep cooperation between Singapore and Guangzhou, offering Singaporean enterprises a gateway to venture into Guangdong and acting as a beacon for innovation and industrial development.
The proximity and solid foundation of economic and trade cooperation between Guangzhou and Singapore, as key cities in the Belt and Road Initiative, have fostered close ties. As of December 2023, Singapore has invested in 991 enterprises in Guangzhou.
Guangzhou recently issued a set of measures to optimize the foreign investment environment, with a focus on attracting high-quality foreign investment, safeguarding the legitimate rights and interests of foreign investors, enhancing support for foreign investment, and innovating mechanisms to promote foreign investment.
First held in 2015, the China (Guangzhou) International Investment Annual Conference is welcoming its tenth session. During the past decade, the conference has acted as a vital link connecting Guangzhou with the rest of the world, promoting openness and innovation, gathering global resources, and creating business opportunities for the whole world.
