Singapore and the Chinese city of Chongqing have signed a series of memorandum of understandings (MoUs) to improve links in trade, finance, technology and transport.
The MoUs were signed during the inaugural Singapore-Chongqing Financial Summit on November 2 in Chongqing, which was attended by more than 500 government officials and businesspeople from China and Southeast Asia.
As well as agreements to enhance cross-border collaborations in the FinTech industry, there was a MoU that committed governments and businesses in Singapore and Chongqing to the Southern Transport Corridor (STC).
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The STC is a rail network that links Chongqing, a major Chinese inland city, to the port in Quanzhou in the southeast.
Furthermore, it will also connect 10 of China’s inland provinces to sea lanes as part of China’s Belt and Road Initiative (BRI), a USD$ 900 billion project to promote free trade and technological supply chain research.
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In a statement following the summit’s conclusion, the Managing Director of the Monetary Association of Singapore, Ravi Menon, said: “This Summit has helped to rekindle interest in connectivity between the Western Region of China and Southeast Asia, two key economic regions in Asia that have links going back centuries.
“The participation of leaders from the Western Region, the ASEAN central banks and financial institutions enabled a rich discussion on cross-border financial and infrastructure connectivity.”
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