Singapore and Shandong have agreed to further increase trade and investments in the fields of mutual interest, such as education, healthcare and energy and petrochemicals.
This comes following a visit of Chee Hong Tat, Singapore's senior minister for communications & information and his delegation to Shandong.
The delegation also viewed new opportunities for Shandong companies to expand their presence in Singapore, using Singapore as a regional hub to access markets in Southeast Asia under the Belt and Road Initiative.
Shandong's GDP of S$1.35 trillion ranks third in China, with GDP per capita hitting
S$13,500. The growing consumption, and related expenditure in areas such as logistics driven by e-commerce and demand for fast delivery is driving demand in education, healthcare and logistics.
Investments by Singapore companies in Shandong have grown significantly since the establishment of the Singapore-Shandong Business Council in 1993, and have now exceeded S$13 billion, according to the press release.
The delegation discussed new opportunities for Singapore companies to partner Chinese enterprises as they look to expand overseas, especially in Southeast Asia.