Singapore International Mediation Centre (SIMC)’s Post

As the world continues to experience significant shifts in the global political economy, the first summit bringing together the political leaders from both #ASEAN and the #GCC has created a new alignment between the blocs with the potential to drive interregional trade. This includes the potential for an ASEAN-GCC Free Trade Agreement. In our latest research, we analyse the new cooperation framework between the two regions and identify implications for businesses, based on the ambitious set of goals agreed at the summit. Connect and get in touch to learn more about how we can support your business in Asia and the Middle East.

United Nations ESCAP is holding the United Nations Asia-Pacific Innovation Forum, focused on Boosting FDI in the #Digital Economy for #SustainableDevelopment, in Xiamen, China on 9 September 2023. The event will be held during the China International Fair for Investment and Trade #CIFIT and is co-organized by UNESCAP and WAIPA. Register here: https://lnkd.in/gMA3DHWe The #UN Asia-Pacific Innovation Forum will focus on bringing together investment promotion agencies #IPAs and investors as well as other stakeholders to discuss what actions and measures can be undertaken to promote and facilitate #FDI in the #DigitalEconomy (specifically, digital infrastructure, digital adoption and FDI into digital businesses), investment opportunities in Asia and the Pacific in each area, and the requirements and expectations of investors. The Forum will also include a capacity building component to train IPAs on promoting FDI in the digital economy, and it will also include optional site visits to digital businesses with overseas investments.  More information can be found here: https://lnkd.in/e_FahETq

Wearing a different hat to foster China-ASEAN Connectivity I have the honour today, at the invite of the Singapore Business Federation as Singapore Representative to speak at the inaugural China-ASEAN Business Council (CABC) - Experts Committee Symposium organised by China-ASEAN Business Investment Summit and China-ASEAN Business Council Joint Secretariat. ASEAN holds immense significance for Chinese companies, serving as both a production hub and a vibrant consumer market. In 2022, China's investment in ASEAN surged to US$18.7 billion, accounting for 11% of its total overseas investment, making ASEAN as China's second-largest investment destination. At the symposium, I emphasised how the private sector can play a significant role in building a stronger China-ASEAN connectivity. For instance, UOB had recently enhanced its MOU with China Council for Promotion of International Trade (CCPIT) where Chinese companies can access UOB's suite of regional banking solutions while ASEAN companies can also tap on CCPIT's network to expand into China. To date, over 1,500 companies have already benefited from this MOU on their business expansion endeavours. With this being said, the establishment of the CABC Experts Committee couldn't have come at a better time. I look forward to working with fellow experts from other ASEAN member states and China as we continue fostering a stronger China-ASEAN connectivity. #Asean #China

🦁🐼 #Singapore and #China pledge to deepen #economic cooperation. The 7th Investment Promotion Committee (IPC) meeting between Singapore and China unfolded in Beijing, marking a new chapter in economic #partnership. Co-chaired by Minister Mr Gan Kim Yong and Mr Wang Wentao, PRC Minister of Commerce, the meeting resonated with a shared commitment to fortify economic ties. 🤝💼 China holds special allure for Singaporean businessmen and entrepreneurs due to its robust infrastructure, technological advancements, diversity and sheer size of the consumer base, and the ongoing initiatives fostering economic collaboration between the two nations. Building on agreements from previous IPC meetings, the ministers highlighted the significance of MOUs on Green Economy, Digital Economy, and Electronic Commerce Cooperation, signed last year, which have paved the way for further collaboration. 🌱💻 SME Centre@SMF (Singapore Manufacturing Federation) is here to be your steadfast partner on your #internationalisation journey. Book a complimentary 1-to-1 #business advisory session here: https://lnkd.in/g_5tassX and let us assist you! #sme #smes #smesupport #support #sgbusiness #businessgrowth #businesssupport #businessadvisory #consulting #businessstrategy #SGeconomy #economy #economicdevelopment #tradepartnership #globalcollaboration #businessexpansion #digitaltransformation #collaboration #internationalization

China, ASEAN target institutional opening-up With economic cooperation between China and the Association of Southeast Asian Nations strengthening toward a higher level, all parties concerned are expected to embrace institutional opening-up in order to co-create a new future for regional development, officials and experts said during the ongoing China-ASEAN Expo in Nanning, capital of the Guangxi Zhuang autonomous region. "This year marks the 20th anniversary of the China-ASEAN Expo, or CAEXPO, as well as the establishment of the China-ASEAN strategic partnership. With high-standard opening-up bringing new opportunities, trade and economic cooperation between both sides has seen rapid improvement," said Li Fei, China's vice-minister of commerce, during a thematic event on the expo's sidelines. "Both sides have become each other's largest trading partner, with cumulative two-way investment being boosted and upgraded," he said. #trade #ASEAN #FTA #China

We are delighted to have participated in the Hong Kong-ASEAN Summit 2023, an independent platform bringing together business leaders, policymakers and entrepreneurs from Hong Kong, Mainland China, the ASEAN and beyond to discuss opportunities in the ASEAN and map the way forward. The summit featured a star-studded line-up of 20 illustrious speakers, attracting some 120 participants attending in person while more than 500 dialled in from across the region.   The ASEAN was Hong Kong’s second largest trading partner in 2022 with trade amounting to HK$1.29 trillion or 13.7 per cent of the city’s total. Strengthening ties with ASEAN member states holds immense importance to Hong Kong’s future as a super connector linking Mainland China and the ASEAN. We look forward to continuing to work together towards sustainable growth in the region.    #hongkongaseansummit2023 #hongkongaseanfoundation #HKAseanFoundation #hkasean #asean

Check out the latest Thailand Business News article “A New Class of Digital Services is Fueling Significant Success in the Asia Pacific Region” featuring insights from WTCA Vice President-Asia Pacific Scott Wang who discusses his recent participation at the China International Fair for Trade In Services (CIFTIS) and China International Fair for Investment and Trade (CIFIT) in September, where the WTCA co-hosted a platform to facilitate sharing, ideas and trends across different industries. Mr. Wang elaborates how the rapid development of digital services in the Asia Pacific region is transforming the way developing countries access international market. Read the full article here: https://bit.ly/3tJ0WAw #AsiaPacific #GlobalTrade #DigitalServices #APAC #CIFIT #CIFTIS #DevelopingCountries #ConnectingBusinessesGlobally 

𝐹𝑒𝑎𝑡𝑢𝑟𝑒𝑑 𝐼𝑛𝑠𝑖𝑔ℎ𝑡: 𝐂𝐡𝐢𝐧𝐚’𝐬 𝐌𝐨𝐝𝐞𝐫𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧: 𝐂𝐚𝐭𝐚𝐥𝐲𝐳𝐢𝐧𝐠 𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐢𝐧𝐠 𝐂𝐨𝐮𝐧𝐭𝐫𝐢𝐞𝐬. 📌 In this latest piece, published by the Business & Financial Times, I shared insights on China’s modernization initiative and how that has been successful in transforming its economy and infrastructure." "The Belt and Road Initiative has provided opportunities for many developing countries, including African countries, to benefit from China’s pursuit of modernization. Despite criticisms, the BRI remains a useful platform for promoting international trade, and investment, and fostering economic growth." 𝐑𝐞𝐚𝐝 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭: https://lnkd.in/dtyb4PtH #accpa #africachinacentre #africachina #sinoafrica #research #policy #modernization

𝐹𝑒𝑎𝑡𝑢𝑟𝑒𝑑 𝐼𝑛𝑠𝑖𝑔ℎ𝑡: 𝐂𝐡𝐢𝐧𝐚’𝐬 𝐌𝐨𝐝𝐞𝐫𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧: 𝐂𝐚𝐭𝐚𝐥𝐲𝐳𝐢𝐧𝐠 𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐢𝐧𝐠 𝐂𝐨𝐮𝐧𝐭𝐫𝐢𝐞𝐬. 📌 In this piece, Paul Frimpong, ICCE® ( 保罗·弗里姆庞。), ACCPA's Executive director shares insights on China’s modernization initiative and how that has been successful in transforming its economy and infrastructure." "The Belt and Road Initiative has provided opportunities for many developing countries, including African countries, to benefit from China’s pursuit of modernization. Despite criticisms, the BRI remains a useful platform for promoting international trade, and investment, and fostering economic growth." 𝐑𝐞𝐚𝐝 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭: https://lnkd.in/dcKpRTXi #accpa #africachinacentre #africachina #sinoafrica #research #policy #modernization

Today, we marked a milestone for Singapore and the US as we celebrated 20 years of economic relations through the US-Singapore Free Trade Agreement (USSFTA) at the 20th Anniversary Reception in Washington DC. Just 10 years ago, PM Lee Hsien Loong underscored the strategic importance of the USSFTA during his address here in Washington DC. This landmark agreement demonstrates how two countries, built on trust and shared principles, can benefit from an open, inclusive and rules-based multilateral trading order. Over the past 20 years, bilateral trade between our countries has almost tripled, delivering tangible benefits for our economies and people. Singapore has established itself as a strategic gateway to the region and an innovation hub for over 6,000 US companies. Likewise, over 200 Singapore firms operate across 40 US states. I look forward to the next phase of our cooperation together, as we deepen cooperation in frontier areas driving the modern economy. This includes critical and emerging technologies like AI and quantum computing as well as in the green economy. Read more here: https://lnkd.in/gFqswyE9 Ministry of Trade and Industry (Singapore)