Enterprise Singapore has stated that the purpose of the MoU is to improve greater collaboration between companies in Singapore and China, including infrastructure projects.
It will also see CTIG launch an innovation lab in Singapore costing an initial sum USD $2 million, with the aim of exploring financial technology (fintech) partnerships in the wider region, especially Artificial Intelligence (AI) and big data analytics.
CTIG will also invest a further $3 million after two years.
The BRI is the biggest state-backed infrastructure project in the world and is rumored to be costing China approximately $900 billion as it builds ports, railways, and supply chain technology.
Beijing has invested more in Singapore than in any other country currently participating in the BRI and China accounts for 13% of Singapore’s worldwide trade.
In its statement, Enterprise Singapore set out the key aims of the MoU:
Source: Port technology