After several years of being the "world’s factory", the Suzhou Industrial Park (SIP), together with Suzhou city, has now embarked on a transformation to be the "world’s office" in an attempt to re-invent itself.
Suzhou party secretary Jiang Hong Kun referred to the “world’s office” as a hub for services like software outsourcing, financial, commercial tourism and logistics & exhibition.
"Following the global financial crisis period, the world economy is undergoing major adjustments and restructuring," said Mr. Jiang. "China, which has often been deemed the world’s factory, also hopes to achieve economic transformation. As for Suzhou, it has also been heavily focused on manufacturing in the past and our hope is to tap on the opportunities available to speed up the economic development and move towards more advanced manufacturing and scientific activities."
The transformation of SIP and Suzhou City will see a broadening and deepening of relationships between China and Singapore, as the two governments have signed a letter of intent to deepen their relationship.
Separately, cooperation for 31 projects has been signed, with the Singapore organisations involved including the Singapore Exchange, the National University of Singapore, and the Singapore Nanotech Association. The 31 projects would lead to total investments worth more than US$1.6 billion.
Currently, 44 Chinese and foreign firms in SIP have created 60 new jobs, which include positions in electronics, education, precision engineering, biomedical and finance sectors.
Suzhou mayor Yan Li said the environment and nanotechnology sectors are among the emerging industries that are being promoted by the city. Lee Yi Shyan, Minister of State for Trade & Industry, suggested that the two nations should also encourage the exchange of talents to facilitate cross-learning.
The SIP is managed by the China-Singapore Suzhou Industrial Park Development Co (CSSD), which is preparing for a listing over the next one to two years. Several officials said the option is still open as to whether the listing site will be in Singapore or China.