SFC Markets and Finance | Singapore Business Federation CEO: CIIE Reflects China's Openness

南方财经全媒体集团首席记者 施诗 上海报道

In an exclusive interview with SFC Markets and Finance, Kok Ping Soon, Chief Executive Officer of the Singapore Business Federation (SBF), emphasized the pivotal role of the China International Import Expo (CIIE) in strengthening Singapore-China trade relations. "CIIE is a very important platform because it reflects China's commitment to open up and to draw in more foreign investors," Kok explained. 

He highlighted that this platform is not only crucial for showcasing Singapore's industries but also for fostering deeper ties, particularly in high-tech sectors like biotechnology. Kok further noted, Singapore will continue to pursue opportunities in China, focusing on areas where the Chinese government sees potential, such as the Greater Bay Area.

This year, Singapore is bringing 44 companies to the CIIE, underscoring the growing interest in exploring new business opportunities in both traditional and emerging industries.

SFC Markets and Finance: This is the seventh time for SBF to attend the CIIE. Why does the SBF pay much attention to the CIIE?

Kok Ping Soon: CIIE is a very important platform because it reflects China's commitment to open up and to draw in more foreign investors. CIIE is also particularly important for Singapore because it reaffirms the bilateral relations and our joint commitment to strengthen bilateral trade and relations. So, SBF continues to pay a lot of attention to this CIIE.

SFC Markets and Finance: Would you like to share some achievements of the previous expos?

Kok Ping Soon: Last year, we were able to manage to secure about 120 million in sales for our exhibitors, and we concluded over 13 MOUs. So those were an all-time high. And this year, we continue to hope to do more. We get more companies to be quite successful in this aspect.

SFC Markets and Finance: How many Singaporean companies will attend this year's Expo?

Kok Ping Soon: This year, we brought 44 Singaporean companies to CIIE, 70% of them are repeat exhibitors, another 30% are new exhibitors. And they cut across all three halls in consumer goods, in food and agriculture products as well as in trading services.

And many of the new participants and new exhibitors this year, are actually small and medium enterprises. And we're starting to see a trend of Singaporean companies not just in the traditional food and beverage business, but even in high-tech areas such as biotechnology. 

One of the notable companies that we've brought this year is a biotech company that has developed a blood-based cancer screening solution for stomach cancer. We have gotten their registration trial done in China and are looking to partner with Chinese hospitals to introduce it in China, because China has a tremendous market, about 660 million people are eligible for early-stage screening of stomach cancer.

SFC Markets and Finance: From the example you showed, can we have more cooperations on new technology?

Kok Ping Soon: I think there are lots of areas to cooperate in the new technologies. So, beyond the bio-technologies I talk about, there are tremendous opportunities to participate in the development of a smart economy, even in China.

So some of the companies include RMA Contract, they're in the business processing outsourcing, and they'll be using CIIE to announce a partnership for them to enter the Tianjin Ecocity to support the increasing number of companies who are looking to set up operations there, but don't want to deal with the back end of HR, finance, as well as IT.

SFC Markets and Finance: Through the CIIE, what are the Singaporean companies looking for?

Kok Ping Soon: Singaporean companies are looking for investment opportunities and partners to penetrate the Chinese domestic market. However, many of our Singaporean companies have provided feedback that coming to the CIIE also allows them to connect with buyers outside of China.

A great example is one of our local homegrown beverage companies, Yeo Hiap Seng. They participated in the CIIE last year and connected with importers from the Middle East. As a result, they have now expanded, and their products are available in the Middle East thanks to the connections they made at the CIIE.

SFC Markets and Finance: We talked new technology. Can we also explore more cooperation on finance?

Kok Ping Soon: Certainly, I believe there is significant potential for growth between the two countries. Singapore’s financial center is highly developed, as is China’s, particularly in Shanghai. We look forward to increased collaboration between financial institutions to facilitate the flow of capital and enable multi-currency exchanges between the two countries. This is an area of growth we hope to expand in the coming years.

SFC Markets and Finance: From your perspective, what role will the CIIE play in enhancing global trade and multilateral cooperation?

Kok Ping Soon: As I mentioned, the CIIE is a platform that demonstrates China’s commitment to opening up and attracting foreign investment, making it important for us to continue participating. Especially now, as the world moves toward greater protectionism and more tariffs emerge, it's crucial for more countries to take part.

This shows the world that the freer flow of trade, goods, and services, along with China’s transformation from a producer economy to a consumer economy, is beneficial not only for China but also for the global economy.

SFC Markets and Finance: Do you think China is still a popular destination for Singaporean companies to invest? Why?

Kok Ping Soon: Yes, based on our survey, China is one of the top three countries where Singaporean companies have a presence. When we ask them which markets they're eager to expand into, China consistently ranks among the top three. Our businesses take a long-term view of developments in China. Naturally, there will be ups and downs, as with any economic cycle, but our companies understand the importance of maintaining a presence in China to demonstrate their commitment. More importantly, they use the down cycles as opportunities to innovate and customize their products to better suit the Chinese market.

SFC Markets and Finance:China is committing to high-level opening up. What will this trend bring to Singaporean companies?

Kok Ping Soon: As China commits to opening up further across various sectors, there will be new opportunities for Singaporean companies beyond the traditional trade in goods and services. A great example is the recent conclusion of significant negotiations between ASEAN and China, leading to an upgraded ASEAN-China FTA. This upgraded agreement goes beyond cooperation in goods and services to cover areas like the digital economy, sustainability, supply chain management, and consumer protection. These are emerging fields with many opportunities that can benefit Singaporean companies.

SFC Markets and Finance: China and Singapore are important partners. So how do you think about China Singapore trade relations?

Kok Ping Soon: I believe the relationship between Singapore and China is not only important but also strategic. Last year, Singapore and China upgraded our ties to an all-encompassing, high-quality, forward-looking partnership, reflecting a relationship that is both longstanding and deep. This year, we celebrated 30 years of cooperation at the Suzhou Industrial Park, which exemplifies how, over three decades, it has evolved from attracting foreign investment to drawing high-quality investments in fields like biotech and semiconductors. Beyond the Suzhou Industrial Park, there are now two other government-to-government projects: the Tianjin Eco-City and the Chongqing Connectivity Initiative. This relationship is indeed very deep and enduring, and Singapore ranks among the top ASEAN countries in trade with China.

SFC Markets and Finance: Actually, besides Suzhou, Tianjin and Chongqing, Singapore and the Greater Bay Area also have more cooperation in the past few years. So, how do you think about the Greater Bay Area?

Kok Ping Soon: I believe Singapore will continue to pursue opportunities in China, focusing on areas where the Chinese government sees potential. The Greater Bay Area is certainly emerging as a region of increasing interest, but we need to follow where the business opportunities are. In fact, we are already seeing opportunities there. In January, we will lead a business delegation to Hong Kong in the Greater Bay Area to further strengthen cooperation between our two cities.

SFC Markets and Finance:How can China and Singapore promote regional development?

Kok Ping Soon: I believe Singapore and China, together with many like-minded countries, can work to emphasize the importance of keeping borders open and advocating for free trade. For instance, the upgrade of the ASEAN-China FTA is a great example of such collaboration. Another opportunity is to further integrate China into other multilateral platforms, like the Regional Comprehensive Economic Partnership (RCEP). When like-minded countries come together to discuss trade flows—not only in goods and services but also in emerging areas like the digital and green economies—it creates strong momentum to sustain global growth.

SFC Markets and Finance:Singapore is the hub for China's enterprises going global. So, do you have any suggestions for Chinese enterprises?

Kok Ping Soon: We continue to encourage Chinese enterprises to consider Singapore as their global hub outside of China. While it makes sense for Chinese companies to maintain operations in China to focus on the large domestic market, Singapore is a natural hub as they expand internationally—not only for Southeast Asia but for the world. This is due to our strong infrastructure, robust intellectual property regime, and the fact that Singapore is already a base for many U.S., Japanese, and European companies. We encourage Chinese enterprises to set up in Singapore and leverage it as a gateway to serve Southeast Asia and beyond.

SFC Markets and Finance: What areas can we deepen cooperation in the future?

Kok Ping Soon: As I mentioned, there are a few key areas. One is joint investment in third countries. Bilaterally, I see clear opportunities in the digital and green economies. In the digital economy especially, there is significant synergy between Singapore's Smart Nation initiative and China's digital economy efforts. A practical example would be exploring ways to facilitate trusted data flow between commercial enterprises.

SFC Markets and Finance: Looking ahead, do you think the US election will influence China-Singapore relations?

Kok Ping Soon: Clearly, we need to see how the situation unfolds—whether the increasing pessimism will continue, or if there’s a chance for stability or even a reversal of protectionist policies in the U.S., which would certainly affect China. For a small, open economy like Singapore, where trade flows amount to three times our GDP, we are particularly vulnerable to external shocks. However, despite what happens in the U.S., we must focus on strengthening what we can—our domestic sector, our capabilities—and work with like-minded countries to continue encouraging trade and investment flows. If globalization doesn't progress at the pace we hope, at least we have smaller regions working together in cooperation, and perhaps we can still navigate through this in a positive way.

策划：于晓娜 

监制：施诗

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记者：施诗  

制作：李群

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出品：南方财经全媒体集团