(channelnewsasia.com):Singapore and the Chinese city of Tianjin have agreed to set up a bilateral council to promote trade and investment.
This will be the fifth such bilateral council between Singapore and China.
A Memorandum of Understanding was signed on Thursday between Singapore and Tianjin.
It was witnessed by Trade and Industry Minister Lim Hng Kiang and Ma Xiuhong, China's Vice Minister for Commerce.
The Singapore-Tianjin Economic and Trade Council will be chaired by National Development Minister Mah Bow Tan and Dai Xianglong, the Mayor of Tianjin.
The council aims to boost the economic cooperation between Singapore-based and Tianjin companies, as well as identify projects for collaboration.
According to IE Singapore, the sectors of potential in Tianjin include business process outsourcing, financial innovation and cooperation, port operations and logistics, environmental services and township development.
IE Singapore will serve as the Singapore secretariat for the council, which will meet annually, alternating between Singapore and Tianjin.
From January - November 2006, bilateral trade between Singapore and Tianjin amounted to US$3.86 billion, up 45.6% over the same period in 2005.
Some Singapore projects in Tianjin include:
i) PSA International's joint venture with the Tianjin Port Group to build a six-berth container terminal at the western part of the Dongjiang Free Trade Port, which will be able to handle four million standard containers annually;
ii) Yanlord's Riverside Plaza, a 100,000 sqm site to be developed for commercial, residential, office, hotel purposes and serviced apartments;
iii) Mapletree's 54,000 sqm warehouse development project in Tianjin Airport International Logistics Zone;
iv) SATS' provision of ground handling, cargo agency and aircraft ramp services to Tianjin Airport through its joint venture company and
v) YCH's S$15 million, 3.3 hectare Tianjin YCH Distripark in the city's free trade zone, among others.