Given China's efforts to create more favorable conditions for multinational corporations to expand in its market, Singaporean businesses aspire to engage in this initiative by strengthening collaboration in conventional service and trade sectors, as well as venturing into emerging areas such as biopharmaceuticals, digital and green economies, according to the CEO of the Singapore Business Federation (SBF).

Singaporean businesses are optimistic about the enhanced bilateral ties between China and Singapore, anticipating significant opportunities for trade and investment. Over the past decade, China has solidified its position as Singapore's primary trading partner, while concurrently, Singapore has emerged as the leading source of foreign investment for China, said Kok Ping Soon, CEO of the SBF, which represents more than 29,000 Singaporean companies globally.

To strengthen business ties with China, the SBF has brought more than 500 representatives from 56 Singaporean companies to participate in the sixth China International Import Expo in Shanghai from November 5 to 10. This marks the largest Singaporean delegation since 2020.

"Our mutually beneficial relationship has fostered significant business and trade opportunities, especially in high-growth areas such as digital innovation and sustainability. By forming impactful partnerships, we can ensure the continued success of business relations between our two countries," said Kok, who previously served as the Chief Executive of the Government Technology Agency of Singapore.

Since 2013, China has been Singapore's largest trading partner for ten consecutive years. China remained Singapore's top trading partner in 2022, with their total trade value soaring 22.8 percent year-on-year to $115.13 billion, data from China's General Administration of Customs showed.

Highlighting that China's pursuit of high-quality growth will increase the demand for high-quality financial services, education, healthcare and various professional services, Kok mentioned that this aligns with Singaporean companies' expertise in these areas.

"There are also other collaborative opportunities for Chinese and Singapore businesses. Due to its strategic location, Singapore is a natural hub for Chinese businesses seeking opportunities in Southeast Asia. We welcome Chinese companies to set up a hub in Singapore to extend their reach into other ASEAN (the Association of Southeast Asian Nations) countries." he added.