MANUFACTURERS in Singapore may be feeling low from the slowdown in global demand but here are three little words to cheer them up: 'China wants you'.
The economic crisis has hit Singapore and China in different ways, said Mr Li Ming Lin, minister counsellor at the Chinese Embassy, yesterday.
But he added that the world's fourth- biggest economy still holds investment opportunities galore for Singapore's manufacturing firms. 'I would suggest that businesses in Singapore take a look and get to understand China better,' he told about 200 businessmen at a seminar organised by the Singapore Manufacturers' Federation.
Singapore became the first country in South-east Asia to sign a free trade agreement (FTA) with China in October, and this is set to enhance bilateral trade between the two countries, Mr Li said.
China is Singapore's third-largest trading partner and biggest investment destination. Trade between the two reached a record high last year of $91.6 billion. Under the FTA, all Chinese exports to Singapore will be tariff-free from Jan 1, while 95 per cent of Singapore's exports will enjoy the same privilege by 2010.
China's Commerce Ministry is also prepared to extend 'the best service' to interested Singapore businesses, Mr Li added. 'If you have any ideas or suggestions in terms of the products that you want to bring in, or the technology or skills that you have, we welcome you and we will even help you liaise with the local and provincial authorities.'
For manufacturing firms in particular, there are plenty of opportunities for cooperation, he said. These include areas such as agricultural machinery, engines, water pumps, processing equipment, shipbuilding and cars and car accessories.
Mr Li also said China would like to promote investment in its second-tier cities in the western and northern parts of the country, where extensive construction of infrastructure is needed.
This article was first published in The Straits Times on December 11, 2008.
