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China, singapore to build 100 bln yuan high-tech zone - China Water Dispenser Part by e55he swrzsnb

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China, singapore to build 100 bln yuan high-tech zone - China Water Dispenser Part by
Article Posted: 07/04/2012
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China, singapore to build 100 bln yuan high-tech zone - China Water Dispenser Part

Business,Business News,Business Opportunities
The construction of a 100-billion yuan (16 billion U.S. dollars)high-tech zone was jointly launched Tuesday in southwest China'sSichuan province by the provincial government and a Singaporecompany. The Singapore-Sichuan High-tech Innovation Park, planned to cover10.34 square kilometers and house 120,000 residents in Gaoxindistrict and Tianfu district in Chengdu, capital of Sichuan, isexpected to attract an investment of 100 billion yuan from 2012 to2020. Under the guidance of Sichuan government authorities, the projectwill be operated by the Singapore-Sichuan company Sino-Singapore(Chengdu) High-Tech Innovation Park Development Company Ltd., witha registered capital of 297 million U.S.

dollars, jointly investedby Singapore state-owned company Temasek Holdings and ChengduHigh-tech Investment Group, said Tang Hua, deputy director of thedevelopment administration of Gaoxin district. Of the 100 billion yuan investment, 20 billion yuan (3.2 billionU.S. dollars) will be invested by the Sino-Singapore company,mainly for infrastructure construction, while the rest will comefrom global investors, Tang said. The park will mainly focus on eight industries includinginformation technology, service outsourcing, digital media,biomedicine, environmental protection, precision machinery, financeand training, Tang said. The park is expected to have 120,000 to 150,000 employees as a newplatform for China, Singapore and other countries to invest inwestern China, said Lim Swee Say, minister of Prime Minister'sOffice, advisor of Singapore-Sichuan Trade and InvestmentCommittee, secretary-general of Singapore National Trade UnionCongress.

As the first Sino-Singapore large-scale integrated project, thepark is expected to be a model for China's western development, Limsaid. Jiang Jufeng, governor of Sichuan said the launch of the park'sconstruction signified that Singapore had gained the upper hand inthe new round of western development. Sichuan with the largest economy of China's western provinces, wasone of the first Chinese provinces which set up cooperation withSingapore five years ago. The province's GDP reached two trillion yuan in 2011.

In the sameyear, Sichuan attracted 11 billion U.S. dollars and the totalimport and export volume was 47.7 billion U.S. dollars, whichtopped China's western provinces. Over the past five years, Singapore's investment in Sichuan hasincreased 11 fold and Sino-Singapore bilateral trade volumeincreased 5.5 times. Non-stop flights had been set up between Chengdu and Singapore byeither country's airlines.

Singapore enterprises had over 20 years of investing experiences inSichuan, which made them clear about the potential of China'swestern provinces, said Low Sin Leng, executive chairwoman ofSembcorp Development Ltd, which participated the investment. With advantages in human resources and infrastructures, plusSichuan's pleasing residential environment, the investment work ofthe park has progressed smoothly, Low said.

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