Singapore has signed a memorandum of understanding with thriving Chinese port city Ningbo near Shanghai to develop the Ningbo Meishan Bonded Free Trade Port Zone.
The 7.7 sq km area on the Ningbo Meishan island was approved as one of China’s seven free trade port zones by its State Council. Bonded free trade port zones typically focus on port operation, logistics and export processing in ports and neighbouring areas.
Sinapore senior Minister of State for Finance and Transport Lim Hwee Hua said that Singapore and Ningbo, both as international port cities, ‘share many similarties in orientation and outlook’.
‘New companies for our companies to collaborate with Ningbo are opening up,’ she said, adding that firms are already exploring the possibility of a logistics park.
Source: Straits Times