Singapore Government Press Release
Media Relations Division, Ministry of Information, Communications and the Arts,
MITA Building, 140 Hill Street, 2nd Storey, Singapore 179369
Tel: 6837-9666
SINGAPORE EDUCATIONAL SERVICES PROVIDERS SEEK OPPORTUNITIES IN CHINA
SENIOR MINISTER OF STATE FOR MINISTRY OF TRADE & INDUSTRY AND MINISTRY OF EDUCATION TO LEAD BUSINESS MISSION TO SHANGHAI, SHENYANG AND DALIAN
26 June 2002
Business Mission to Shanghai, Shenyang and Dalian
Come 27 June, Senior Minister of State for Ministry of Trade & Industry and Ministry of Education, Mr Tharman Shanmugaratnam, will be leading an educational services business mission to China, organised by IE Singapore and supported by Network China. Accompanying Mr Tharman on this business mission is Mr Lee Yi Shyan, the Chief Executive Officer of International Enterprise Singapore (IE Singapore). The business mission delegation, comprising 25 Singapore educational services providers, will visit Shanghai (26-30 June), Shenyang (30 June –1 July) and Dalian (2 - 4 July) from 26 June to 4 July 2002 respectively.
As part of IE Singapore’s continuing effort to help Singapore-based companies to internationalise, this business mission aims to help companies in the educational services sector venture overseas. This mission will allow them to touch base with relevant education related government agencies, including its leaders, so as to get a better understanding of the opportunities available in these Chinese cities. It will also include visits to prominent Chinese educational institutions and providers.
MOU Signing Ceremonies
During the mission, Mr Tharman will witness the MOU signing ceremonies of the following Singapore companies:
These developments are in line with the keen interest of the Singapore companies to achieve business collaborations with their Chinese partners in the area of educational services.
Bilateral Trade and Investment
In terms of bilateral trade and investment, a three-fold growth in Sino-Singapore was registered in the last decade. In 2000, Sino-Singapore total trade expanded by 32%, increasing from S$5.4 billion 1991 to S$21.6 billion. This growth, however, moderated in 2001, with the trade figure reaching S$22.4 billion, an increase of 4.1% over Year 2000. Singapore's trade with most other major trading partners registered negative growth during this period.
In the first five months of 2002, the Sino-Singapore trade grew significantly. Total trade reached S$10.77 billion, an increase of 18.9% over the same period in the previous year. China's share of Singapore's total trade hit a height of 6.26%, overtaking Hong Kong as the fourth largest trade partner of Singapore, only behind Malaysia, US and Japan.
As at end March 2002, cumulated contractual Singapore FDI in China was US$37.66 billion while cumulative actual FDI from Singapore was US$19.78 billion. There are a total of 9,652 Singapore projects in China. Singapore is China’s fifth largest foreign investor, after the USA, Japan, Hong Kong SAR and Taiwan. Main areas of Singapore investments in China include logistics, manufacturing, finance, tourism, infrastructure and real estate.
Education and Training (E&T) is one of the major driving forces in the expansion of China consumer market, along with information technology, tourism and the services sector. According to the States Administration of Internal Trade in China, total expenditures on education alone reached US$54 billion in 2000 and has been growing at an annual rate of 20%. Opportunities for corporate training also exist among China’s 8000 large-scale enterprises. Singapore companies’ keen interest to pursue business collaboration with Chinese partners in the area of educational services is in line with such a growing demand.
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