Fruits, seafood, and Chinese medicinal herbs are examples of some goods which could flow more easily between western China and Southeast Asia once trade on the Southern Transport Corridor (STC) takes off.
Jointly developed by Singapore and China under the Chongqing Connectivity Initiative G2G (government-to-government) project, the STC is a multimodal transport route linking Chongqing in western China to Singapore via rail and sea.
The STC will provide new opportunities for ASEAN companies to tap into growing demand in western China, said Singapore Trade and Industry Minister Chan Chun Sing on Tuesday (Aug 28).
He was speaking on the second and final day of the FutureChina Global Forum and Singapore Regional Business Forum in Singapore, where growing connectivity between China and Southeast Asia was a key focus.
Last year, bilateral trade between China and Southeast Asia reached a record high, totalling more than US$515 billion (S$701 billion).
Chongqing Mayor Tang Liangzhi, who was speaking at the forum, noted that the STC has already reduced travel time between western China and Southeast Asia by two-thirds.
Chan added that the STC is an open platform, as having more users will expand its network, build economies of scale, and benefit all by reducing costs.
At a separate panel session in the afternoon, Chan noted that it took Singapore “very long” to develop a new concept for partnering China on bilateral infrastructure projects.
.Channel NewsAsia
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