Promotion of digital projects highlights the importance of ILSTC - Minister Insights

Chongqing - "Singapore and China have identified digitalization as one of the new areas for economic growth and cooperation," said Mrs Josephine Teo, Minister for Communications and Information and Second Minister for Home Affairs of Singapore, during a fireside chat at the 15th Chinese Journalists Visit Programme (CJVP) on July 26.

Creating conducive conditions for investment

Teo emphasized the importance of the government's understanding of the diverse needs of enterprises to foster successful collaboration in Chongqing and other regions. She brought attention to the Singapore Airlines Aircraft Spares Bonded Distribution Centre (Chongqing), which began its operations in 2022.

Situated at the Chongqing Jiangbei International Airport, this center represents a landmark institutional innovation under the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI), with the endorsement of the General Administration of Customs of the People's Republic of China.

This groundbreaking initiative has established China's first-ever "airline-based" bonded aircraft materials customs supervision model, effectively addressing supply challenges for Singapore Airlines' international routes operating in Chinese mainland.

Under this model, Singapore Airlines can now request the import of bonded aircraft parts and materials into Chongqing and efficiently transfer them to various distribution centers across China based on specific requirements.

"Thus, both governments need to create favorable conditions to attract more investment," Teo said. "Mutual understanding and support between the two sides could contribute to the prosperity and development of both countries."

Teo said that Singapore and Chongqing have identified "modern services" as a broad framework of collaboration, which allows for the adaptability to cover a broad array of fields, including digital services, the green economy, financial services, and transportation and logistics, thus providing many collaboration opportunities.

"I hope that in time to come, especially as we approach the 10th anniversary of the CCI, Chongqing and Singapore will be able to identify even more new projects that will be able to complement the existing base of projects," Teo said.