The Belt and Road Initiative involves the construction of roads, ports, railways and industrial hubs to connect around 65 countries across Asia, Africa and Europe.
Singapore signed an agreement with China on Sunday (8 Apr) to improve cooperation on the latter’s ambitious Belt and Road Initiative (BRI), reported the Straits Times.
Under the memorandum of understanding (MOU), the Ministry of Trade and Industry and Enterprise Singapore will team up with China’s National Development and Reform Commission to identify markets and sectors where both countries are keen to do business and organise activities to promote collaboration between firms from both nations.
More: 5 Things To Know About China’s One Belt One Road
This partnership includes infrastructural and financial connectivity, as well as collaboration in other countries, including joint training for officials from nations involved in BRI. Both governments will also join forces with other organisations to provide financing for businesses and projects in other countries.
The MOU signing held at the Diaoyutai State Guesthouse was witnessed by Chinese Premier Li Keqiang and Prime Minister Lee Hsien Loong on Sunday. The event was held during the first day of PM Lee’s visit to China.
“Singapore’s strength as a key infrastructure, financial and legal hub in the region will add value to Chinese companies expanding along the Belt and Road,” noted Minister for Trade and Industry Lim Hng Kiang.
Announced by Chinese President Xi Jinping in 2013, the BRI involves the construction of roads, ports, railways and industrial hubs to connect around 65 countries across Asia, Africa and Europe that creates a trade network similar to the ancient Silk Road.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com