Singapore’s trade ties with China have strengthened in recent years, with bilateral trade reaching a record high of SGD 153 billion in 2024. This significant increase in trade is attributed to Singapore’s strategic location as a hub for international trade and its favorable business environment. Singapore’s government has been actively promoting free trade agreements (FTAs) with various countries, including China, to boost economic growth and increase exports.
Singapore’s investment in China has also grown, with Singapore-based companies investing heavily in the Chinese market. The Singapore government has established several economic partnerships with China, including the China-Singapore Free Trade Agreement (CSFTA), which has facilitated greater trade and investment between the two countries. This partnership has led to the establishment of several Singaporean companies in China, including in the technology and finance sectors.
The strengthening of Singapore’s business ties with China has been welcomed by both countries, with Singapore’s Prime Minister Heng Swee Keat stating that the partnership is a key component of Singapore’s economic strategy. As global economic uncertainty continues to rise, Singapore and China’s deepening economic ties are seen as a positive development for both countries. The partnership is expected to continue to grow, with Singapore and China planning to increase their bilateral trade and investment in the coming years.