Singapore and Shenzhen to Strengthen Cooperation on Cross-Border Digital Trade

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Singapore and Shenzhen to Strengthen Cooperation on Cross-Border Digital Trade
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Deputy Prime Minister Heng Swee Keat suggests that Singapore and Shenzhen should enhance their collaboration on a bilateral project that promotes cross-border digital trade and data flows. The Singapore-China (Shenzhen) Smart City Initiative (SCI) is set to celebrate its fifth anniversary in 2024, and both parties are urged to take it to the next level.

BEIJING/HONG KONG – Singapore and Shenzhen should strengthen cooperation on a bilateral project that promotes cross-border digital trade and data flows , said Deputy Prime Minister Heng Swee Keat.

DPM Heng described the SCI as a “very important pathfinder for cross-border digital trade and data flows”, which does so “by piloting projects to experiment with how we can do this well”.Mr Qin said that while the SCI had the words “smart city” in its name, the bulk of bilateral cooperation under its ambit was focused on trade.

A “cross-border trade big data platform”, which is to explore the exchange of trade data to improve the efficiency of two-way trade, has also been announced.DPM Heng affirmed the strong economic relationship between Singapore and Shenzhen, a city of more than 17 million people in Guangdong province. While in Shenzhen, DPM Heng visited several companies on April 11, which he described to Mr Qin as being “at the forefront of research and innovation” in areas such as financial services, advanced manufacturing and drug discovery. These include XtalPi, a technology start-up that uses artificial intelligence to discover compounds that can be developed into new drugs.

He also expressed confidence in Hong Kong’s continued development and prosperity under the “one country, two systems” framework. This refers to the principle under which Beijing has promised Hong Kong a high degree of autonomy that lets it retain its own systems unique from that of mainland China.Mr Lee said he was pleased to meet DPM Heng again since they last met during his visit to Singapore in July 2023.

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