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A woman smiles in front of a railway station ahead of the Spring Festival in Qingdao, Shandong province, China, January 18, 2017. Reuters

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.