Singapore, Sichuan to Invest RMB 100 Bln in High-Tech Park

China Business News, 9/12/12

Singapore Prime Minister Lee Hsien Loong said in an interview today that Singapore will increase the presence of Singaporean companies in Sichuan through the newly announced Singapore-Sichuan Hi-Tech Innovation Park. Singapore and Sichuan have already invested RMB 2.13 bln in the park and plan to invest another RMB 100 bln and employ 120,000 people over the next seven years.

The project is being undertaken by the China-Singapore (Chengdu) Hi-Tech Innovation Park Company and will encompass an area of 10.34 square kilometers, with a focus on the outsourcing, IT, and digital new media industries. Construction began on May 8 of this year.

Singapore and Chengdu will begin negotiating with companies to set up facilities the park in early to mid September. Currently, Singapore is the fourth largest foreign investor in Sichuan, in 2011 total investments from Singapore in the province totaled USD 645 mln, up 113.5% YoY from 2010. Trade between Singapore and Chengdu totaled USD 908 mln in 2011.

Keywords: Lee Hsien Loong technology park hardware software foreign investment

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