Singapore and China signed a fresh Memorandum of Understanding (MoU) on 08 April 2018, in a bid to intensify co-operation between the two countries in foreign markets along the Belt and Road Initiative (BRI). Singapore’s strength as a key infrastructure, financial and legal hub in the region will add value to Chinese companies expanding along the Belt and Road.
The National Development Minister of Singapore, Lawrence Wong, and NDRC vice-chairman Zhang Yong signed the MoU in the presence of Prime Minister of Singapore Lee Hsien Loong, who is on a five-day visit to China, and Chinese Premier Li Keqiang at the Diaoyutai State Guesthouse in the Chinese capital
According to The Strait Times, markets and sectors of mutual benefits will be outlined by the Ministry of Trade and Industry (MTI) of Singapore, Enterprise Singapore and China’s National Development and Reform Commission (NDRC), who will also organize business activities to promote co-operation between companies from both the nations.
The BRI mega-project is a plan to connect around 68 countries across Europe, Asia and Africa through a network of infrastructures such as roads, railways, ports and industrial hubs to recreate the ancient Silk Road network of trade routes connecting the East and the West, with China at the centre of trade and economic affairs.