More Singapore Companies Leveraging the Sino-Singapore TianJin Eco-City To Enter The North China Market
23 May 2013
Since the launch of the Sino-Singapore Tianjin Eco-City four and a half years ago, close to 60 Singapore companies have participated in the development of the Eco-City. To date, the total cumulative contractual investment by Singapore companies amounted to USD 850 million (SGD1.06 billion).
Mr. Teo Eng Cheong, CEO of IE Singapore (5th from left, back row), Mr. Yang Zhize, Vice-Chairman of Eco-City Administrative Committee (6th from left, back row), Mr. Ho Tong Yen, CEO of Sino-Singapore Tianjin Eco-City Investment and Development Co. Ltd (SSTEC) (4th from left, back row) and Mr. Liew Choon Boon, Senior Director of MND, Eco-City Project Office (3rd from left, back row) witnessing the signing of investment deals with representatives from SSTEC and four Singapore companies (Front row, from left to right: Yorkool Pte Ltd, Flexmech Engineering Pte Ltd, SSTEC, EduHub Investment Pte Ltd and LOOK Architects Pte Ltd.
Ms. Yang Liu, Director of Commercial Bureau, Eco-City Administrative Committee (2nd from right) together with Mr. Law Chung Ming, Group Director (China Group) of IE Singapore (3rd from left), Mr. Hu Beihai, Assistant General Manager of Bank of China (1st from right), Singapore Branch, Mr. Tan Ru Jin, Business Development Manager of Flexmech Engineering (1st from left) and Mr. Daniel Yew, CEO of SPINN (2nd from left) having an insightful session on doing business in China and the opportunities provided by the Tianjin Eco-City.
The above was announced by Chief Executive Officer of the Sino-Singapore Tianjin Eco-City Investment and Development Co. Ltd (SSTEC), Mr. Ho Tong Yen at a half-day Tianjin Eco-City Investment Seminar jointly organized by SSTEC, the master developer of the Tianjin Eco-City, and the Sino-Singapore Tianjin Eco-City Administrative Committee (ECAC), the local government in-charge of the Tianjin Eco-City.
The seminar, which was supported by the Ministry of National Development, IE Singapore, Singapore Business Federation, Singapore Chinese Chamber of Commerce and Industry and the Singapore Manufacturing Federation, attracted some 200 participants, signaling the keen interest from Singapore companies in exploring business opportunities in Tianjin.
During the seminar, SSTEC also signed new deals with 4 Singapore companies interested in taking advantage of the platform provided by the Tianjin Eco-City to enter the rapidly growing North China market. These companies, namely EduHub Investment Pte Ltd, Flexmech Engineering Pte Ltd, LOOK Architects Pte Ltd and Yorkool Pte Ltd, signed framework lease agreements with SSTEC to setup offices in the Eco-Business Park, joining around 900 foreign and Chinese companies already registered in the Eco-City.
SSTEC also signed a Memorandum of Understanding (MOU) with Bank of China (BOC) Limited Singapore Branch and BOC Tianjin Branch to provide financial support and services of up to RMB 8 billion (SGD 1.6 billion) for Singapore companies looking to enter the Eco-City over the next three years. The MOU will allow Singapore companies preferential access to corporate loans, trade financing and project financing, aiding their expansion into the Tianjin Eco-City.
[See Annex A for details on the companies involved.]
ECAC Vice-Chairman Mr. Yang Zhize said, “The Tianjin Eco-City carries the important mission of exploring a road for sustainable development, which differentiates it from other economic function districts. With the strong support from the high-level government officials of China and Singapore, the Eco-City will provide a good platform for Singapore companies interested in exploring business opportunities in the China market.”
Providing an update on the progress of the Tianjin Eco-City, CEO of SSTEC, Mr. Ho said, “The Tianjin Eco-City is intended to be a model for sustainable urbanisation. Much progress has been achieved since the groundbreaking in September 2008. Today, the Eco-City is not just a plan or a vision, but a rapidly growing, new, green city. We now have more than 3000 residents, 4000 to 5000 people working in the Eco-City and around 900 registered companies in the Eco-City. The promotion of sustainable development is a key priority of the Chinese government, and the Tianjin Eco-City provides a useful platform for Singapore and other international companies to enter both the North China market and China’s fast growing sustainable development market.”
Companies that signed lease agreements with SSTEC at the Seminar
1. Name of Company: Flexmech Engineering Pte Ltd
Company Background: Established in 1983, Flexmech is a machine tools solutions provider and celebrated its 30th anniversary in 2013. The company is an established machinery solutions partner for the Semiconductor, Electronics, Aerospace, Oil & Gas and Medical manufacturing sectors. With its headquarters in Singapore, Flexmech has sales & service offices in Singapore, Kuala Lumpur, Penang and Shanghai, with newly set up machine showrooms & technical training center facilities in Singapore and Shanghai.
Business Scope in the Tianjin Eco-City: Flexmech Tianjin will provide manufacturing solutions & machines, specifically catered for the Aerospace, Oil & Gas and Electronic segments. This Tianjin branch will also act as a marketing office to promote the group’s range of manufactured products as well as an export department for any of Flexmech group’s supply chain requirements.
Quote: Managing Director of Flexmech, Mr. Ron Tan said, “We find the Tianjin Eco- City a suitable and premier location for reaching to our customer base in Tianjin, as well as a convenient springboard to penetrate the Northern China markets in Qingdao, Dalian & Shenyang”.
2. Name of Company: LOOK Architects Pte Ltd
Company Background: Established in 1993, LOOK Architects is one of the most innovative architectural and urban design practices in Asia. Over the past two decades, the practice has pioneered a collaborative and integrated approach toward architecture, showcasing a versatile portfolio comprising public urban designs, civic and cultural buildings, residential developments and exclusive private houses.
Business Scope in the Tianjin Eco-City:To provide architectural and urban design services and work together with reputable developers in Eco-City.
Quote: Managing Director of LOOK Architects, Mr. Look Boon Gee said, “With support from SSTEC and IE Singapore, it is a great opportunity for SMEs like our company to venture abroad to discover new growth potentials and extend our design services overseas. We believe that the Tianjin Eco-City is a right place for us to grow our business and capability on an international platform”.
3. Name of Company: EduHub Investment Pte Ltd
Company Background: EduHub Investment specializes in the business of helping youth acquire global market and industrial perspectives. Its core businesses include overseas education immersion & training, student recruitments and youth training. Singapore and China are two major markets for the company.
Business Scope in the Tianjin Eco-City: EduHub will set up an “International students training and service center” (ISTSC)@ Eco-city to facilitate and support international students to learn about China’s eco & environment industrial development and market.
Quote: Managing Director of EduHub Investment, Mr. Wilson Koh said, “We appreciate the high level of eco and environmental city development standards in the Tianjin Eco-City. This project will set a good model for many countries and cities and also provide good learning opportunities for education institutions and students. With the setup of International Students Training and Service Centre (ISTSC)@Eco-city, we can closely follow the developments in the Tianjin Eco-Cityas well as the environmental industry in China. We can then better facilitate and support education institutions and students who are keen to have an in depth knowledge and awareness in these areas”.
4. Name of Company: Yorkool Pte Ltd
Company Background: Yorkool provides turnkey solutions, including clean room, mechanical and electrical design and installation, energy contract management.
Business Scope in the Tianjin Eco-City: Yorkool plans to provide a comprehensive range of advanced energy-saving and environment-friendly products and equipment, technology development, installation, consultation and contract management to the companies in the Tianjin Eco-City and Tianjin.
Quote: Managing Director of Yorkool, Mr. Chua Boon Seng said, “The China and Singapore governments have provided great support to the Tianjin Eco-City project. As such, this gives us confidence in the project and its development. More importantly, our company is committed to providing energy-saving and environment-friendly product development and applications. Tianjin Eco-City’s development goals strengthen the positioning of our corporate culture and long-term corporate development.”
Company that signed Memorandum of Understanding (MOU) with SSTEC at the Seminar
1. Name of Company: Bank of China (BOC) Limited and BOC Singapore Branch
Company Background: Bank of China has a long history over a century years since its establishment in 1912. As the most international and diversified bank in China, Bank of China provides comprehensive and qualified financial services to customers through its global network across the mainland China, Hong Kong, Macau, Taiwan and 36 overseas countries. The Bank’s core business is commercial banking. Other business area includes investment banking, insurance, fund management and aircraft leasing business. Throughout its hundred-year history, Bank of China has been upholding the spirit of pursuing excellence, with wide recognition for its prudent operations, principle of integrity and customer-centric business concepts. With historical opportunities now arising, Bank of China will actively promote its innovative, transformative and cross-border approaches to development and remain focused on its goal of becoming a premier multinational bank.
Established in 1936, Bank of China Singapore Branch holds the Qualifying Full Bank License (QFB) in Singapore. It has a network of five sub-branches and one remittance center. With over 70 years of presence in Singapore, leveraging on a team of experienced professionals and the Group’s extensive global network, the Branch provides a full range of banking services to its customers. Over the years, it has demonstrated its long-term commitment to promote bilateral economic and trade relations between China and Singapore. The Branch is among the first to introduce RMB services in Singapore, providing the most comprehensive RMB services to its customers, including RMB loan, RMB trade settlement and finance, RMB time deposit, RMB remittance, RMB exchange, RMB investments products and BOC CUP Great Wall Card Platinum etc.
Please visit www.boc.cn and www.bankofchina.com/sg for more details.
Scope of MOU: Singapore companies can look forward to preferential access to financial services including corporate loans, trade financing and project financing to strengthen their presence in the rapidly growing North China market. The MOU will also see SSTEC and BOC deepening their partnership through jointly held events to encourage more Singapore companies to invest in the Eco-City, and to participate in the Eco-City’s development.
Quote: General Manager of BOC Singapore Branch, Mr. Zhang Qingsong, said, “We believe that more and more enterprises will be attracted to invest in the Tianjin Eco-City for its ideal location, advanced strategic planning and thoughtful lifestyle facilities. The BOC Singapore Branch and Tianjin Branch will make full use of our specialties in the financing area to provide convenient, efficient and comprehensive financial services to Singapore companies who are keen to invest in the Tianjin Eco-City.”