As bilateral trade increased, local companies strengthened links with their Shanghai counterparts by signing several agreements in a wide range of industries.
Official statistics show that trade between Singapore and Shanghai increased by 8% in 2022 compared to the previous year, reaching US$20 billion (RM88.69 billion) as demand increased.
Around 6,000 Shanghai-based projects with links to Singapore received investments totaling nearly US$24 billion (RM106 billion) during that time.
The majority of these investments were invested in industries including manufacturing, consumer products, real estate, and financial services.
Companies from Singapore and Shanghai met on-site for the first time since the Covid-19 epidemic to sign new agreements that would launch the following round of investments.
At the event, Singapore and Shanghai inked a record 15 memorandums of agreement.
They included businesses specializing in technology, innovation, digital economy, and financial services.