FYI
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1066793/1/.html
By Glenda Chong | Posted: 30 June 2010 2321 hrs
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GUANGZHOU : Singaporean companies looking for avenues for investment in China can now consider the Knowledge City in Guangzhou.
The groundbreaking ceremony for the latest Sino-Singapore Guangzhou Knowledge City project was officiated by Singapore's Senior Minister, Goh Chok Tong.
Speaking at the ceremony, Mr Goh said although the project is commercially-driven, it enjoys strong support from the Singapore and Guangdong governments.
It also reflects the mutually beneficial relationship between the two sides.
Mr Goh said: "We believe that a strong and economically successful China is good for Singapore and the region. The Singapore-China Free Trade Agreement which came into force last year will take our economic ties to a new level."
In his meeting with Guangdong's Party Secretary, Wang Yang, Mr Goh said the project should keep pace with the economic changes of the environment.
Jointly developed by the Guangzhou Development District and Singbridge International - which is wholly-owned by Temasek Holdings - the Knowledge City offers a platform in restructuring Guangdong's economy.
Lim Chee Onn, chairman, Singbridge International, said: "Guangzhou has realized that it has to move away from the labour intensive plastic toys, flowers-type of operations and try to improve the value-add, capital intensive type of operations...
"Because this is a large project covering 123 square kilometres, it will be a very useful platform for us to try and interest Singapore companies, particularly SMEs, to see how they can make an entry into the Knowledge City.
"And once they get into the city, they will have the whole Pearl River Delta to explore."
Thirty-three memoranda of understanding were also signed.
Total trade between Singapore and Guangdong last year grew by 8 per cent to almost US$16 billion, making Guangdong Singapore's second largest investment destination and top trading partner in China.
- CNA/al
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