The 24th Meeting of the Singapore-Shandong Business Council was held in Jinan, Shandong in 2023. [Photo /WeChat account: jnxxq2017]

Shandong was the first province in China to establish a trade and economic cooperation mechanism with Singapore. In 2023, Singapore became the province's second-largest source of foreign investment, with bilateral cooperation growing in both depth and scale.

In 2024, Shandong will launch a number of major activities to deepen cooperation with Singapore, including the Singapore-Shandong Week and a series of overseas exhibitions in Singapore. These events will provide new opportunities for businesses from both sides to connect and collaborate.

Shandong and Singapore have a long history of cooperation, with cooperation in finance, logistics, agriculture, real estate, and marine-related areas. In 2024, Shandong included the Singapore-Shandong Week in the provincial government work report and proposed accelerating comprehensive cooperation with Singapore.

Creating a welcoming business environment

Shandong is committed to creating a welcoming business environment for foreign investors. The province has recently introduced a number of policies to improve the investment environment, including increasing financial support and providing equal treatment for foreign enterprises in areas such as intellectual property protection, standard-setting and government procurement.

The Singapore-Shandong Week is scheduled to be held in Singapore in the second half of this year. It will focus on organizing economic and trade activities and feature cultural and tourism promotion conferences, talent exchange conferences, exhibitions and other types of exchange activities. Shandong will also hold a promotion exhibition in Singapore to further enhance its influence in the country.

A mutually beneficial partnership

Tenaris, a leading global supplier of pipes and services for the energy and industrial sectors, has increased its capital eight times since its establishment in Shandong province.

According to statistics, there are currently 581 Singapore-invested enterprises in Shandong with a total investment of $33.89 billion. A number of projects in e-commerce, finance, and logistics have achieved impressive development in Shandong.

Shandong is currently home to 21 national key laboratories and 210 national enterprise technology centers, ranking first in the country. Its industrial economy and digital economy are both growing rapidly as well.

Shandong is also accelerating its "going out" pace. The Shandong Heavy Industry Group (SHIG) Singapore Operation Center was established on Jan 24. It will be the strategic operation center of SHIG in the Southeast Asian market.

In 2024, Singapore will remain one of Shandong's key international partners. The province looks forward to a new chapter of in-depth cooperation with Singapore.