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China, Singapore Agree to Support Development of Suzhou Industrial Park
China and Singapore agreed to continue to support the development of the Suzhou Industrial Park, a large Sino-Singaporean project in east China's Jiangsu Province.
Chinese Vice-Premier Li Lanqing and Singaporean Deputy Prime Minister Lee Hsien Loong reached the agreement on Monday at the 5th meeting of the China-Singapore Joint Steering Council. The two deputy prime ministers co-chaired the meeting.
The two sides reached consensus on the future development and construction of the industrial park, the largest cooperative project between the two countries. Both sides reiterated that they will, in the spirit of "equality and mutual benefit and sincere cooperation", carry out the framework of cooperation and pledges the two sides made for the development of the park in the past.
They agreed to continue to support the development of the park, including infrastructure construction and invitation of investment. The two sides aim to turn the park into one of the most competitive national development zones in China, and one that will help the development of relations between the two countries.
The industrial park, launched six years ago, has drawn 7.4 billion U.S. dollars of contractual foreign investment. A total of 197 overseas investors have come into the park. Materialized investment added up to 3.9 billion U.S. dollars.
Most investment focused on electronics, precise machinery, bio-medicine and new material.
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