China-Singapore Investment: Countries launch 137 projects worth $22 billion in past 3 years

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Recent years have seen increased business ties between China and ASEAN host country Singapore. In the past three years alone, the two countries have signed agreements covering 137 projects worth some 22 billion US dollars. CGTN's Yang Jinghao tells us more, beginning with one way in which Singapore recognizes China's market potential.

An unmanned convenience store in Chengdu specializing in Singaporean goods. Customers can enter the 24/7 shop anytime via facial recognition technology. From seafood to snacks and toys, everything here is paid for through mobile platforms.

"There are lots of options, including my favorite chocolate. And I can finish shopping without having to get in line. It's so convenient."

This mini-mart was jointly launched in September by veriTAG, a Singapore cloud-tagging solutions provider, and a Chongqing tech firm that operates the unmanned chain brand Flash-Go. It's an attempt for Singaporean small and medium-sized enterprises to enter the lucrative Chinese market. And the two sides are eyeing a bigger blueprint.

DENG JIE, DEPUTY GENERAL MANAGER CHONGQING CLOUD-MAIL INFORMATION TECHNOLOGY CO. "We'll team up to open two or three stores in Singapore before year's end, and another 50 next year. We also plan to expand the business to other Southeast Asian countries. Meanwhile, our company will apply veriTAG traceability technology to all of our stores to ensure product safety."

YANG JINGHAO CHONGQING "The unmanned convenience store is one of the latest cooperative projects under the China-Singapore Demonstration Initiative on Strategic Connectivity. Launched in 2015, the program, the third intergovernmental chapter between the two countries, has accomplished a lot across various sectors."

Over the past three years, 137 projects worth some 22 billion US dollars have been signed, covering areas like finance, aviation and information communication. And the construction of the corridor connecting Western China and Southeast Asia by land, rail and sea transportation has been a highlight.

SUN XIYONG, DEPUTY DIRECTOR GENERAL CHINA-SINGAPORE DEMONSTRATION INITIATIVE ON STRATEGIC CONNECTIVITY ADMINISTRATION BUREAU "With the logistics corridor, the project has greatly promoted the interaction and integration of different industries, and is developing towards an ECONOMIC corridor. It's also conducive to connecting people among countries along the route."

Sun says with the fresh signing of the Memorandum of Understanding to further develop the project between the two countries, known as the New International Land-Sea Trade Corridor, more efforts are called for from governments and enterprises on both sides to tap greater partnership potentials for better connectivity. Yang Jinghao, CGTN, Chongqing.