On the day before he's due to officiate at the launch of CapitaLand's $1 billion Raffles City Chengdu - a retail, office, hotel and serviced residences development here - Prime Minister Lee Hsien Loong said his government will continue to support Singapore investments in Sichuan.
But it's up to the private sector, backed by the host government, to take the lead in selling their projects to investors, he told the province's Party Secretary Liu Qibao in a half-hour-long meeting yesterday before he was hosted to a dinner.
The private sector can do a better job at promoting their projects to investors, said Mr Lee who arrived at Chengdu in Sichuan province yesterday to kick off a week-long visit to China.
In his opening remarks at yesterday's meeting, Mr Liu, who is tipped to be promoted to the Politburo at the coming 18th National Congress of the Communist Party in China, has suggested that the Singapore government play an active role in promoting the Singapore-Sichuan Hi-Tech Innovation Park, which he called a "milestone" project for Singapore in western China.
The US$16 billion project, involving Temasek Holdings, Sembcorp Development, Chengdu High-Tech Investment Group and others, is supported by the Sichuan provincial government and Singapore government.
The Sino-Singapore company that spearheads the project is expected to fork out US$3.2 billion for the park's construction, which will begin soon after two years of talks.
The rest of the money will come from global investors.
The park is expected to be a model for China's western development.
It will focus mainly on eight industries, including information technology, service outsourcing, digital media, biomedicine and environmental protection.
Mr Lee is confident that the Singapore-Sichuan Hi-Tech Innovation Park will take off successfully, because it's at the right place and right time.
He recalled his last visit to Sichuan in October 2006, when he was told by Singapore businessmen here that they were happy with the progress of their projects in the province.
Singapore has a total of 454 projects in Sichuan as at June this year, with cumulative investments of US$2.45 billion.
Mr Lee said he's not only anxious to see how Sichuan has changed during his current trip but he has also brought a business delegation - led by International Enterprise Singapore - to deepen and expand economic cooperation between Singapore and Sichuan.
Mr Liu said Sichuan has emerged from the 2008 earthquake stronger than before. The reconstruction efforts in the past three years have laid "a solid foundation for future development", according to him.
▲PM assures support to investment
By Chuang Peck MingSource: The Business Times
