Guangxi region in Southern China bolstered its ties with Singapore at a forum on Monday through new agreements that enhances business collaboration across the region. The forum serves as a new land-sea passage that will facilitate trade between South-east Asia and western China through Singapore.
Guangxi and the city-state of Singapore signed seven agreements that will promote business projects and increase cooperation between companies in the region and organizations from Guangxi. The investments included an investment cooperation pact between Guangxi Investment Group and Grab Singapore. They also renewed the partnership of United Overseas Bank and the Guangxi Liu Gong Machinery to facilitate supply chain financing for the Chinese company's customers as expands its operations across South-east Asia.
The two cities launch a ceremony to establish the China-ASEAN Multimodal Transport Alliance as they plan to invite ASEAN countries into the China-Singapore Nanning International Logistics Park. The alliance will include representatives from 10 ASEAN nations, the logistics park, and the ASEAN Federation of Forwarders Association. It was established to boost the multi-lateral trade through the strengthening of logistics and the supply chain industry in Guangxi.
The alliance spokesman said that the alliance will contribute significantly to the Belt and Road Initiative and the land-sea corridor. Manpower Minister Josephine Teo told the forum at the Mandarin Orchard hotel that as China's gateway to Asean, Guangxi plays a key role in the development of the New International Land-Sea Trade Corridor under the Chongqing Connectivity Initiative.
She added that not only will this create greater room for deeper collaboration between Guangxi and ASEAN, it will also provide businesses of both sides access to each other's huge and growing markets.
Teo Siong Seng, Singapore Business Federation chairman, said that Guangxi, with its advantageous location, excellent business environment, wide economic hinterland, and innovative reforms, is actively creating a strategic transport channel connecting the Belt and Road with efficient service and competitive pricing in the shortest time possible. The chairman added that with the establishment of the China-ASEAN Multimodal Transport Connectivity Alliance, they hope to work closely with their partners and friends around the world to expand on third-party market collaboration so that they can, together, contribute to the success of the land-sea corridor.
China and Singapore plan to further advance the integration of the economies of East Asian nations. Chinese President Xi Jinping Highly appreciated the relationship of the two nations since they established their diplomatic relations in 1990.