Shanghai and Singapore are set to further enhance collaboration in multiple areas such as economy and trade, scientific innovation, urban governance, and cultural exchanges, according to officials and business leaders at the fifth meeting of the Singapore-Shanghai Comprehensive Cooperation Council.

This year celebrates the fifth anniversary of the Singapore-Shanghai Comprehensive Cooperation Council (SSCCC). Founded in 2019, the council's objective is to strengthen bilateral cooperation and improve connectivity between the two markets.

The SSCCC primarily concentrates on collaboration in six key areas: the Belt and Road Initiative, financial services cooperation, scientific and technological innovation, business environment optimisation, urban governance, and cultural exchanges between people, Shine News reports.

Over the past five years, Shanghai and Singapore have signed and implemented 37 memorandums of cooperation, with an additional 15 signed during the recent meeting, according to Gong Zheng, mayor of Shanghai and co-chairman of the SSCCC.

“Trade and economic cooperation between Shanghai and Singapore has seen continuous growth. Last year, Shanghai's total imports and exports with Singapore exceeded 107.5 billion Yuan ($14.78 billion), growing nearly 20% compared with five years ago. Over 300 Singaporean businesses settled down in Shanghai in 2023, increasing 20% year-on-year,” said Gong.

Shanghai is aiming to achieve global leadership by 2025 in economy, finance, trade, shipping, and scientific innovation, while Singapore is working towards its Economy 2030 vision focusing on trade, enterprise, manufacturing, and services. 

Edwin Tong, co-chairman of the SSCCC and Singapore's Minister for Culture, Community and Youth and Second Minister for Law, highlighted that the council has evolved into a crucial platform for enhancing business and investment, strengthening cooperation, and promoting people-to-people communication between Singapore and Shanghai.

He added that the establishment of the council aims to improve the quality of life for people and expressed hope that cooperation between the two sides would reach new heights.