Singapore is willing to explore new cooperative opportunities with China and ASEAN countries in sectors of financial service, information technology and e-commerce in addition to traditional trade and investment, a senior Singaporean diplomat said.

“We should not limit our cooperation just in the areas of traditional trade and investment. We need to deepen cooperation in new sectors such as yuan trade settlement and economic activities that utilize new technology such as the Internet,” said Singaporean Ambassador to China Stanley Loh in a recent interview in Beijing.

Loh made the comments before the China-ASEAN Expo, which will open on Tuesday in Nanning, Guangxi Zhuang autonomous region. Singaporean Prime Minister Lee Hsien Loong will lead a delegation to participate in the expo.

The expo will be an effective platform to deepen Singapore’s cooperation with China and other ASEAN members, Loh said.

Loh supported China’s proposal of building the Maritime Silk Road, which is expected to play a positive role in contributing to regional cooperation and development by reducing barriers to regional trade and investment flows.

Loh said Singapore is willing to expand investment in China’s western region and is in discussion with Chinese authorities to launch a cooperative project at the national level to jointly develop the area.

“Our enterprises have noticed new opportunities emerging in West China as labor cost and land price have increased substantially in the coastal region,” he said.

The two-way trade between Singapore and China reached $92 billion last year. Singapore was also the largest foreign investor in China with total investment reaching $7.3 billion, according to Loh.

Edited by Michael Thai