SINGAPORE and China’s Zhejiang province should learn from each other’s strengths as they forge closer cooperation, said Singapore’s Minister of State for Trade and Industry Lee Yi Shyan.

He was speaking last Thursday at a seminar organised by the Singapore Chinese Chamber of Commerce and Industry on Zhejiang’s business successes. Zhejiang is an eastern coastal province in China.

The seminar held at the chamber’s auditorium was attended by 320 members of the business community. Professor Wang Shuguang, chairman of the Zhejiang Business Research Institute and research fellow at the Zhejiang University, praised the spirit and best practices of Zhejiang businessmen.

Despite having fewer natural resources than other provinces, more than 40 per cent of China’s top 500 private enterprises hail from Zhejiang, said Prof Wang.

He said Singapore could work with Zhejiang by providing expertise in the areas of capital, entrepreneurship, technology, information and management.

Mr Lee said Singapore has a smaller local market than Zhejiang, which means the business environments of the two are different. Still, it has much to learn from Zhejiang’s business strengths and vice versa.

Zhejiang has 5.5 million people spread over 10,000 sq km, small by Chinese standards, compared to Singapore’s 600 sq km.

Last November, Singapore signed a memorandum of understanding with Ningbo, Zhejiang’s key port, to promote closer economic collaboration. It covered 15 projects worth a total of $1.3 billion, including a logistics park. Prime Minister Lee Hsien Loong visited the city in June this year.

According to International Enterprise Singapore, Singapore was Ningbo’s seventh largest foreign investor as of July last year. Bilateral trade amounted to US$550 million (S$800 million) in 2007.

Courtesy of The Straits Times, 31 August 2009