Singapore-Sichuan Investment Holdings to explore technology park project

Newly-formed consortium signs MOU with Chengdu Hi-Tech Zone to conduct feasibility study of the Park.

Singapore-Sichuan Investment Holdings Pte Ltd (SSIH), a Singapore consortium initiated by Temasek Holdings, will explore the joint development of the Singapore-Sichuan Hi-Tech Innovation Park (HTIP) with its Sichuan counterpart.

The HTIP project is a key collaboration project mooted and supported by the Singapore-Sichuan Trade and Investment Committee (SSTIC). The SSTIC Advisors are Mr Lim Swee Say, Minister, Prime Minister’s Office and Sichuan Governor Jiang Jufeng while the Co-Chairmen are Associate Professor Koo Tsai Kee, Minister of State (MOS) for Defence and Sichuan Vice Governor Huang Xiaoxiang, with International Enterprise (IE) Singapore as the Singapore secretariat of the SSTIC, according to an IE Singapore report.

Witnessed by Minister Lim Swee Say and Sichuan Party Secretary Liu Qibao, two Memoranda of Understanding (MOU) were signed in Singapore this afternoon to kick-off the project. The first MOU was signed by the SSTIC Co-Chairmen, MOS Koo and Sichuan Vice Governor Huang to signify the commitment and support of the government; the second MOU was signed by Mr Fock Siew Wah, Chairman, SSIH and Mr Jing Gang, Party Secretary of the Chengdu Hi-Tech Zone to explore the project. Following the signings, the consortium will work with the Chengdu Hi-Tech Zone to conduct a feasibility study for the project. The study is expected to be completed by the first half of 2011.

Said Minister Lim, “The Singapore-Sichuan Hi-Tech Innovation Park marks a significant milestone for the economic collaboration between Singapore and Sichuan. It builds on our current and continuous efforts to contribute to the development of Sichuan and the Central Region of China towards the direction of modern manufacturing, modern services and modern living. To succeed, our shared challenge is to create a Park that is pro-people, pro-business and pro-environment.”

Said MOS Koo, “With the project being commercially-driven, it will ensure continued viability as well as long-term sustainability. The consortium approach is ideal as the different companies involved can complement each other’s area of expertise. They will also have the relevant networks to bring in different partners for subsequent phases of development. The SSTIC will provide the necessary support for the smooth development of this project.”

Added Mr Fock, “SSIH is pleased to have the opportunity to participate in the development of HTIP. By leveraging expertise and experience from four Singapore-based companies, we hope to create a commercially attractive, sustainable and innovative business park in Sichuan.”

The Singapore-Sichuan HTIP project will be situated in the Chengdu Hi-Tech Zone, which is currently ranked fourth out of the 54 national Hi-Tech Zones gazetted in China in terms of comprehensive competitiveness. The 35-sq km development will first begin with an initial start-up area of 10 sqkm. It will focus on integrating modern manufacturing, modern services and modern living into one.

The signings of the two MOUs follow the recent business mission to Sichuan from 1 – 4 September led by Minister Lim and MOS Koo, where they met Party Secretary Liu Qibao, Governor Jiang, Chengdu Party Secretary Li Chuncheng, Vice Governor Huang and Chengdu Mayor Ge Honglin to discuss details of the HTIP project. The mission delegates also visited the project site.

Sichuan Party Secretary Liu, Chengdu Party Secretary Li and Sichuan Vice Governor Huang are currently in Singapore with a delegation of more than 300 officials and businessmen. During this trip, the delegation will visit the Urban Redevelopment Authority Gallery, Marina Bay New CBD area, and find out more about some initiatives which contribute to Singapore’s efficient infrastructure such as the intelligent transport system. A Sichuan Investment Promotion Seminar will also be held on Friday. The trip ends on 18 September 2010.