SINGAPORE, Nov. 4 (Xinhua) -- For Singapore businesses, the value of attending the China International Import Expo (CIIE) "deepens over time," Chairman of the Singapore Business Federation (SBF) Mark Lee told Xinhua in a recent interview, as the ninth edition of the expo is set to take place in Shanghai from Nov. 5 to 10.
"Many of our companies begin by using the CIIE to build visibility and gather market insights. Over several years, those initial engagements can grow into distribution agreements, joint ventures, and in some cases, regional partnerships that extend beyond China into Southeast Asia," Lee said.
The SBF is participating in the CIIE for the ninth consecutive year. This year, it will lead a delegation of 54 Singapore companies to showcase their capabilities across a range of sectors, including food, manufacturing, consumer goods and professional services.
Among the participants is biotechnology company Mirxes, returning for its third CIIE with an expanded presence at the expo. Singapore food companies including Naturie Enterprise, Kim Guan Guan Coffee and Tai Hua have also developed business collaborations through the platform.
"These examples show how the CIIE can support companies at different stages of their China journey, from establishing a market presence to developing longer-term partnerships," Lee said, adding that with support from government agency Enterprise Singapore, the SBF brings these businesses together under a strong, unified Singapore presence.
"The outcomes have been tangible," Lee said, noting that since 2018, Singapore companies have generated more than 533 million Singapore dollars (about 417 million U.S. dollars) in cumulative trade value through the CIIE.
Lee has also seen the composition of the delegation evolve over the past nine years, from a focus on established exporters to a more diverse mix that includes small and medium-sized enterprises, emerging brands and services companies. "This reflects the growing sophistication of Singapore's business offerings and the different ways our companies now engage the Chinese market."
The CIIE takes place against an increasingly complex global business backdrop, shaped by geopolitical uncertainty, rapid advances in artificial intelligence and shifting supply chains, and Singapore companies recognize the need to remain agile, diversify their markets and strengthen their capabilities, Lee said.
"China remains an important market for our businesses," he said.
"What is also changing is the nature of the opportunity -- beyond traditional trade, we see growing potential in digitalization, the green economy, and innovation," he said.
For many Singapore companies, this means moving beyond a purely export-driven approach to build in-market partnerships, co-innovation arrangements and localized supply chains in China, Lee added. "China is a strategically important part of a broader, diversified internationalization strategy."
Looking ahead, he sees particularly strong potential for Singapore-China business collaboration in three areas over the next three to five years: the sustainability economy; professional services, including legal, financial, risk management and consulting services; and joint regional expansion.
"The opportunity is not limited to our two domestic markets. Singapore's connectivity and links with ASEAN make us a natural platform for Chinese companies entering the region. Equally, Singapore businesses can work with Chinese partners to pursue opportunities in third markets -- ASEAN, the Middle East and beyond," Lee said.
He also stressed the importance of open markets and a rules-based trading environment amid growing global uncertainty.
"China's continued efforts to open its economy -- through the CIIE itself, and through expanded market access in services and finance -- are important signals to the global business community. They create tangible opportunities for Singapore companies and others to engage the Chinese market with confidence," he said.
"CIIE is definitely a platform that stands for openness and this rules-based order," Lee said, adding that the expo could provide a platform for dialogue on the importance of a rules-based trading system, while bringing businesses together to create more trade opportunities. ■
