Lim Hng Kiang
Singapore's Minister of Trade and Industry Lim Hng Kiang attends an interview with Reuters. Reuters

Singapore and China will continue to enhance economic cooperation and deepen two-way investment ties, the Ministry of Trade and Industry (MTI) said as the two countries push ahead with their economic transformation efforts.

The announcement was made by the MTI after the Investment Promotion Committee (IPC) meeting in Beijing on Tuesday.

At the meeting, both Ministers affirmed the strong and long-standing bilateral economic ties between Singapore and China, including through cooperation in Government-to-Government (G-to-G) projects, which has developed in tandem with both countries' development priorities.

The meeting noted the growing and diversifying investments by Singapore companies in China, both in terms of sectors and geography, and both Ministers exchanged views on how Singapore companies could capture new opportunities arising from China's 11 Free Trade Zones and regional development initiatives such as the Beijing-Tianjin-Hebei regional integration.

Singapore also welcomed China's interest to support the internationalisation of Chinese companies under the Belt and Road Initiative, by tapping on Singapore's infrastructure development and financing capabilities and legal and dispute resolution services.

"There is scope for Singapore companies to forge closer partnerships with Chinese companies, be it in China, Singapore or in third-party markets," Minister for Trade and Industry (Trade) Lim Hng Kiang said.

Singapore and China enjoy strong bilateral economic relations. In 2016, China was Singapore's largest trading partner while Singapore has been China's largest foreign investor since 2013.