Jointly organised by China Business Network (CBN), My China Channel (MCC), co-organised by Business China, and supported by IE Singapore and The Shanghai Municipal Commission of Commerce, the inaugural 2015 China Business Network Forum (Singapore • Shanghai), held on 13 May at Shangri-La Hotel, attracted over 120 guests in attendance.
Business China Board Director and Senior Minister of State for Ministry of Trade & Industry and Ministry of National Development Mr Lee Yi Shyan and Mayor of Shanghai Mr Yang Xiong graced the event and shared their perspectives on efforts to promote technology and innovation in Singapore and Shanghai and avenues to further foster economic collaborations between the 2 cities in this Forum themed “Technology. Innovation. Opportunities”
In his opening address, SMS Lee shared that that Research and Development (R&D) is integral to Singapore’s development strategy. The budget for the current five-year plan is S$16 billion and has achieved initial desired results. According to the Global Innovation Index 2014 (GII), published by Cornell University and the World Intellectual Property Organization, Singapore was ranked the most innovative country in Asia and 7th in the world.
SMS Lee also remarked that Singapore and Shanghai has maintained close bilateral cooperation over the years, with bilateral trade increasing 5.6 per cent year-on-year to US$12.8 billion in 2014. Singapore’s investments into Shanghai grew over 78% year-on-year to US$2.2 billion in 2014. As both cities progress, collaborations in new areas including finance, telecommunications and e-commerce can be fostered, thus resulting in win-win outcomes and strengthened relations.
On a similar note, Shanghai Mayor Yang Xiong remarked that Singapore and Shanghai share the vision on innovation-driven economic transformation. There is huge potential for increased levels of partnership between the two cities in various fields. With the emphasis on the “One Belt, One Road” strategy which involves The Silk Road Economic Belt and the 21st Century Maritime Silk Road, Singapore can also play a significant role in China’s development.
Keynote speaker Dr Alex Lin, CEO, Infocomm Investments Pte Ltd elaborated on the current innovation landscape in Singapore and the incentives implemented to encourage accelerated growth. Correspondingly, Pudong New District Mayor Mr Sun Jiwei, shared about opportunities in the Shanghai Free-Trade Zone and Pudong’s economic stategy during his keynote presentation. Mr Sun expressed that Shanghai is keen to learn from Singapore’s experience and strategies in terms of promoting technology and innovation.
There was a highly interactive panel discussion featuring six expert panelists from Singapore and China, which includes Mr Wang Depei, Vice President, China Society of Economic Reform; China’s Ministry of Education Cheung Kong Professorship awardee Prof Zhu Yi Zhun; Mr Xu Ming, Vice President, ZTE Corporation; Prof Liu Hong, Chair, School of Humanities and Social Sciences, NTU; Mr Tay Choon Chong, Managing Director and Chief Investment Officer, Vertex Ventures and Mr Wong Soon Nam, Vice President, Smart & Safe City, Centre of Excellence, NCS. The panel discussed a wide range of pertinent topics ranging from constructing smart cities to the government’s role in promoting innovation. With their varied experience and expertise, they compared innovation in both countries across various industries and how they can learn from one another.
Business China Chairman Mr Chua Thian Poh and Board Directors, local business leaders and top academia also attended the inaugural Forum, which was conducted in Mandarin. The Forum is recorded and will be aired on China Business Network in China, NOW TV in Hong Kong and Starhub Cable in Singapore.