SSGKC is currently working on a new project to establish a Sino-Singapore International Joint Research Institute in the area. A milestone agreement for the project is scheduled to be signed during President Xi Jinping's visit to Singapore this week, Ang said.

The founding members of the institution include Guangzhou's South China University of Technology, Singapore's Nanyang Technological University, Guangzhou Knowledge City Administrative Committee and GKC Co. Ang said it is important to draw on resources and experiences of leading players around the world in order for Guangdong to further develop its innovation and high-tech industries.

Ang said the joint research institute is an "open platform" that seeks to cooperate with other R&D institutions and enterprises and is based on a model of 'joint innovation".

"The joint research institute is also not about carrying out basic research. More importantly, we hope that through this platform, companies in the region that seek to upgrade their technologies and products, could access the latest advanced technology from the top global research institutions to enhance their businesses and products. In turn, such institutions can access the Chinese market and, at the same time, commercialize their research."

Ang said the win-win collaboration was an example of how innovation can drive economic growth.

The joint research institute will focus on areas including next-generation electric vehicles and intelligent urban transportation systems, nutrition and food science in South China, large public buildings and sustainable urban development, pollution control and environmental restoration, biomedical materials and medical instruments.

With these projects, Singapore will be able to lend its expertise to China and bring Chinese enterprises to Singapore to expand their global business, said Ang.