Singapore and Chongqing announced a joint investment fund to support technology companies working in artificial intelligence, the Internet of Things, and blockchain. The fund supports Singaporean firm
Singapore and Chongqing announced a joint investment fund to support technology companies working in artificial intelligence, the Internet of Things, and blockchain. The fund supports Singaporean firms seeking to establish operations in Chongqing and develop smart districts.
Singapore's Minister for Trade and Industry Chan Chun Sing and Chongqing's Mayor Tang Liangzhi signed the memorandum of understanding on August 28 at the FutureChina Global Forum and Singapore Regional Business Forum. Tang was visiting Singapore for the first time since his January appointment as mayor. The two officials reviewed progress on the China-Singapore (Chongqing) Connectivity Initiative since its launch in 2015.
Officials designed the fund as part of this broader initiative. On the same day, they signed additional agreements covering information and communications technology, financial services, tourism, and healthcare. In a separate accord, officials established an innovation center in Chongqing where Singaporean small and medium enterprises in the information, communications, and media sector could set up operations and serve as a landing point for other Singapore firms entering the city.
The officials discussed ways to move goods across China, Singapore, and the rest of the world using the CCI-Southern Transport Corridor. They noted growing collaboration between the two cities in healthcare and tourism.
During a forum panel on China-Asian Connectivity, Chan discussed how the region's approach to connectivity had changed. "Connectivity used to be thought about in just three dimensions: air, land, and sea," he said. Singapore now emphasizes four additional dimensions: finance, data, talent, and technology.
Chan also responded to other panelists' comments about how Asian countries develop at different rates. He described this as an opportunity. Nations at different stages can complement each other when each country recognizes and leverages its particular strengths. "Each of us must appreciate our respective strengths," he said.
