Singapore, China Step Up Economic Cooperation Ahead of ASEAN Chairmanship

Singapore and China are looking to deepen economic cooperation, with both countries placing greater emphasis on the digital economy, green development and regional connectivity ahead of Singapore’s ASEAN chairmanship next year.

The two countries discussed ways to strengthen bilateral business ties and expand cooperation in emerging industries during the 8th Investment Promotion Committee meeting, held virtually on 13 October.

The meeting brought together Singapore’s Ministry of Trade and Industry and China’s Ministry of Commerce. Singapore Deputy Prime Minister and Trade Minister Gan Kim Yong and Chinese Commerce Minister Wang Wentao reaffirmed their commitment to working together in areas of mutual interest.

Key focus areas include services, the digital economy, green development, innovation and connectivity, as both countries seek to identify new opportunities for businesses and strengthen their economic partnership.

Key economic projects remain central to cooperation

During the meeting, both sides reviewed progress on major bilateral initiatives, including the Suzhou Industrial Park, the Chongqing Connectivity Initiative and Guangzhou Knowledge City.

These projects reflect the countries’ ongoing efforts to strengthen business collaboration, promote investment and improve economic links across the region.

The ministers also exchanged views on the international economic outlook amid ongoing changes in the global economy.

Gan said closer cooperation was increasingly important as businesses navigated a changing global environment.

He emphasised that Singapore and China should remain open and connected while working together to create new opportunities for businesses and their people.

Beyond commercial partnerships, Gan also highlighted the potential to expand policy exchanges and cooperation in emerging areas of shared interest, supporting the next phase of bilateral relations.

Digital and green industries in focus

The emphasis on digitalisation, green development and innovation highlights areas where Singapore and China could deepen cooperation as technology and sustainability increasingly shape regional economic growth.

Stronger connectivity could also help businesses explore new markets, strengthen supply chains and expand cross-border commercial opportunities.

As Singapore prepares to take on the ASEAN chairmanship next year, closer engagement with China could contribute to wider regional discussions on economic cooperation and connectivity.

While the meeting reaffirmed both countries’ commitment to closer ties, the next step will be translating these discussions into practical cooperation and business opportunities across the region.