SHANGHAI – Singapore and Shanghai are set to deepen their collaboration, with both sides identifying “great prospects” for further economic and strategic ties, according to Senior Minister Lee Hsien Loong and Shanghai party chief Chen Jining on November 28.
The two cities already share strong economic links, with over 4,000 Singaporean companies operating in Shanghai. Senior Minister Lee expressed his satisfaction with the city’s ongoing development, noting that each of his visits over the past three decades has highlighted Shanghai’s growth in new industries and innovative ideas.
Chen also highlighted the significant potential for future collaboration, noting that trade between the two cities has grown 20% since the establishment of the Shanghai-Singapore Comprehensive Cooperation Council five years ago. He added that Shanghai is keen to further promote bilateral ties as China and Singapore prepare to mark 35 years of diplomatic relations in 2025.
In the first half of 2024, trade between the two cities surged by 15%, reaching RMB 61.57 billion (S$11.4 billion), driven by strong exports from Shanghai to Singapore. Singapore remains Shanghai’s largest foreign investor, with cumulative investments reaching US$25.99 billion (S$34.9 billion) by mid-2024. Real estate, financial services, and manufacturing sectors dominate Singapore’s investments in Shanghai.
During their meeting, SM Lee emphasized the importance of cooperation between like-minded partners in a challenging international environment, suggesting that stronger collaboration could yield mutual benefits. The meeting marked the first formal encounter between the two leaders.
SM Lee’s visit to China is his first as senior minister, following his official trip to Suzhou to commemorate the 30th anniversary of the Suzhou Industrial Park. He will return to Singapore on November 29.