The fifth Singapore-Jiangsu Cooperation Council (SJCC) meeting concluded on Monday, with 17 deals inked.

The total investment value across the collaborations is S$3.3 billion – the highest amount since the cooperation was established in 2007.

Education Minister Heng Swee Keat and Jiangsu Governor Li Xueyong co-chaired their first SJCC meeting in Singapore.

Both are newly-appointed co-chairmen, with Mr Heng taking over from National Development Minister Khaw Boon Wan.

The SJCC aims to enhance economic cooperation in service industries, exchanges in urban solutions, education, healthcare, talent development, science and technology.

In 2007, Singapore’s cumulative actual foreign direct investment in Jiangsu was US$11.44 billion with over 2,500 projects.

As of end August 2011, the value has grown to US$18.19 billion with over 3,500 projects.

In the first eight months of 2011, Singapore-Jiangsu bilateral trade increased by 28.8 per cent to reach US$7.92 billion, compared to the same period in 2010.

Mr Heng said he is cautiously optimistic of the collaborations, and encourages companies to be prudent in looking at the opportunities.

He added that the Chinese economy is not decoupled from the global one, and must factor in buffers for potential stresses.

Mr Heng said: “Unlike in earlier years, it is not the case that every project will have guaranteed returns. It is a much more uncertain, much more volatile environment globally. And I do not think any country will be immune from this volatility.”

Source: CNA