DBS Group Holdings (DBS) announced, on Oct 7, that it had signed a memorandum of understanding (MOU) with the China Council for the Promotion of International Trade (CCPIT), to boost foreign investment and trade between China, Singapore and Asean.
CCPIT was founded in 1952 under China’s Ministry of Commerce. It plans and implements strategies that foster trade, investment, economic and technology cooperation between China and the region, the announcement states.
According to DBS, the partnership aims to help Chinese enterprises internationalise their businesses, strengthen supply chains in the region, encourage job creation and accelerate sustainable development.
Through DBS’s foreign direct investment unit, Chinese companies are able to tap into the bank’s presence across Asia and help businesses capitalise on regional growth opportunities and implement strategies for market expansion, DBS says.
The MOU focuses on the logistics and e-commerce industries at the outset, with other key sectors to be added in the future.
Adrian Chai, managing director and group head of global industries in DBS’s industrial banking group, notes that “the strong ties between China and Southeast Asia have fuelled investment flows, technological innovation and economic growth across the region.”
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Fu Xiaohui, chief representative of CCPIT representative office in Singapore notes that, “as global supply chains evolve, Southeast Asia has emerged as a vital market for Chinese businesses. Singapore’s strategic location makes it a pivotal hub for regionalisation.”
“Together, we can support Chinese businesses to build resilient supply chains and establish a strong presence in the region,” Fu adds.
