In a bid to strengthen cooperation and foster closer trade ties between Shanghai and Singapore, the Shanghai Municipal Commission of Commerce and the Pudong New Area People's Government co-hosted the "Invest in Shanghai, Share the Future" Overseas Promotion Campaign (Singapore).

Held at Hilton Singapore Orchard on Jan 29, the event showcased Shanghai’s latest economic developments and opening-up initiatives, promoted its policies and projects on fostering urban renewal, and provided a platform for Singaporean enterprises to gain deeper insights into the investment potential in Shanghai and seize development opportunities.

The event was also co-organised by the Singapore Chinese Chamber of Commerce and Industry, and supported by trade development agency Enterprise Singapore.

Greater opening-up will lead to enhanced cooperation, which will promote mutual growth, the speakers said.

Zhu Yi, deputy director general of Shanghai Commission of Commerce, detailed the economic and trade exchanges between Shanghai and Singapore.

Singapore is one of Shanghai's important sources of foreign investment and one of the main destinations for Shanghai's local enterprises to "go global" in carrying out trade and investment.

Zhu said that Shanghai will continue to expand cooperation with Singapore.

The two sides will vigorously develop projects, share experiences and strengthen ties in areas such as business services, financial services, digital economy, technological innovation and urban renewal, she said.

Shanghai is accelerating the construction of a modern socialist international metropolis with world influence, strengthening the four major functions of global resource allocation, technological innovation, leading high-end industries and opening-up hubs, which will create more market opportunities for Singaporean companies, she added.

Enterprise Singapore’s China HQ Deputy Director Tan Sock Joo spoke on the strong trade relations between both Singapore and Shanghai.

"For a long time, many Singaporean companies have regarded Shanghai as an important gateway to China," she said.

As the leading city in the Yangtze River Delta, Shanghai is not only the Chinese mainland's largest financial centre, it also has a market-oriented, legal, and international business environment alongside its rich talent resources and innovation ecosystem, Tan noted.

This superior environment provides foreign companies with more opportunities and conveniences, she said.

At the same time, many Chinese companies are also optimistic about Singapore's pro-business environment and global connectivity.

Many have chosen Singapore as their regional or international trade headquarters and by the end of 2022, over 400 Shanghai-based companies were operating in Singapore, with a total investment of over $7 billion, she said.

"We sincerely welcome Chinese-funded enterprises to settle and develop in Singapore, and work together with Singaporean enterprises," said Tan.