Singaporean Companies Advised in Tapping Chinese Market

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Last updated at: (Beijing Time) Friday, April 05, 2002

Singaporean Companies Advised in Tapping Chinese Market

China's winning of the bid to host the Olympics 2008 spells immense business opportunities for merchandising, advertising, training and other services for Singaporean companies, the Trade Development Board (TDB) of Singapore advised the local companies to tap Chinese markets.

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Tapping opportunities in China

In order to be successful in tapping opportunities in China, Singaporean companies should have a long-term view for doing businesses in China, the Trade Development Board (TDB) of Singapore advised the local companies Thursday.

China's winning of the bid to host the Olympics 2008 spells immense business opportunities as huge amounts of investments into sports facilities, accommodation and tourist infrastructure, communication systems, airport and highway construction would be needed for Beijing and other cities involved and there would also be opportunities for merchandising, advertising, training and other services, TDB said at a seminar.

Better understanding of China

Talking about bureaucracy and red-tape, lack of understanding of the Chinese way of doing business, lack of human and financial resources and enthusiasm of Singaporean companies, the TDB asked the companies to find a suitable niche area of expertise and understand thoroughly the business operating environment in China.

It also urged them to learn experience with other companies operating in China and cooperate with foreign partners.

Tense competitions

While meeting with media, Network China Chairman Ng Ser Miang said that many companies have indicated their interest in Olympics- related projects and have embarked follow-up actions to detail.

He also noted that competitions will be tense due to greater transparency. He suggested them to team-up with local and Singapore-based foreign companies to better enter into the market of China.

Economic Cooperation between China and Singapore

The trade between China and Singapore developed rapidly in recent years and Singapore has maintained the first position among ASEAN countries in their trade with China. The bilateral trade reached 8.154 billion US$ in 1998, 8.56 billion US$ in 1999 and 10.821 billion US$ in 2000. Singapore is now the 7th biggest trade partner of China whereas China is its 6th biggest trade partner.

Singapore is the traditional export market for China's textiles, grain and oil products, specialties and petrochemical products. In recent years, metals, electromechanical equipment, feed, shipping, communication equipment, electronic component, textiles and clothing have been added to the list. Singapore is also an important country for China's labor export. By the end of June 2000, Singapore investments committed in China have reached 34.514 billion US$ and 159.04 billion US$ have been actually put in, making Singapore China's 5th biggest external investor. >>details

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