China-ASEAN Monitor: Singapore, China ink nine bilateral cooperation agreements

Photo Credit: MCI

 

Economy, Investment and Trade

 

Singapore, China ink nine bilateral cooperation agreements
(9 October 2019) Southeast Asian stores accounted for half of the top 10 (15 October 2019) The annual high-level bilateral meeting between Singapore and China held in Chongqing last week concluded with the inking of nine agreements and memoranda of understanding witnessed by Singapore Deputy Prime Minister Heng Swee Keat and Chinese Vice Premier Han Zheng. The leaders also reviewed existing bilateral collaborations such as projects under the Belt and Road Initiative (BRI), and announced two new cooperation areas: a Smart City Initiative for Shenzhen in the Guangdong-Hong Kong-Macau Greater Bay Area, and an initiative on capital market cooperation.
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Malaysia and Chengdu sign US$42.4 million in deals
(18 October 2019) The Chengdu-Kuala Lumpur Urban Economic & Trade Cooperation Exchange concluded with the signing of three investment cooperation agreements worth US$42.4 million between industry players from both sides. According to Chengdu deputy mayor Liu Xiaoliu, Malaysia was Chengdu’s second largest trade partner in ASEAN from January to August this year with two-way trade totalling US$2.8 billion. Furthermore, there are presently 96 Malaysian firms in Chengdu with cumulative investments worth US$900 million, and 18 Chengdu enterprises in Malaysia with investments worth US$28.44 million.
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Siem Reap to welcome new Cambodia-China Cultural Park
(16 October 2019) Cambodia’s investment agency announced last week that it has approved the development of a US$27.5 million Cambodia-China Cultural Park in the Sla Kram commune in Siem Reap where the project is expected to complement new initiatives to boost tourism in and around the vicinity of the Angkor Archaeological Park. These initiatives come as the Cambodian government looks to boost visitors to the park, which saw an 8% drop in foreign visitors in the first half of 2019. Cambodia receives the majority of tourists from China, South Korea and the US.
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TH Milk becomes Vietnam’s first exporter of milk to China
(19 October 2019) Vietnamese milk producer TH Milk became the first local firm to be allowed to export sterilised and modified milk products to China, according to an announcement by the Vietnamese Embassy in China last week. TH Milk is one of five Vietnamese firms who have applied for permits to export milk to China, with the other four applications still being reviewed. Ultimately, the Vietnamese government hopes to raise its revenue from dairy exports to China from US$120 million to US$300 million next year.
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Indonesia to boost coffee production in anticipation of Chinese demand
(19 October 2019) Indonesia’s coffee bean producers are pushing their production levels in hopes of reaping 50-60% more beans in the next five years despite declining bean prices as they anticipate growing demand both at home and in China. According to US government data, the Chinese coffee market grew over nine times in the past ten years. Meanwhile, the Indonesian market is expected to grow 5-6% each year. Robusta beans account for around 72% of Indonesia’s coffee bean output, followed by Arabica beans at 18%, while the rest is made up of liberica and excelsa beans.
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