Singapore and China's Sichuan Province on Monday agreed to tie up to explore the development of a 35-sq km hi-tech innovation park in Chengdu, Sichuan.

According to Singapore's pro-trade agency International Enterprise Singapore, the collaboration was raised at the 12th Singapore-Sichuan Trade and Investment Committee (SSTIC) held here on Monday.

The hi-tech innovation park is expected to integrate modern manufacturing, modern services and modern living into one and become a key regional business hub and gateway for businesses expanding into West China.

Other key areas of collaboration are in transport & logistics, education, food & beverage and retail, urban infrastructure, infocomm technology, and banking & finance.

According to the Sichuan Department of Foreign Trade and Economic Cooperation, from Jan. to May 2010, bilateral trade between Singapore and Sichuan amounted to 267.12 million U.S. dollars, an increase of 68.4 percent over the same period last year.

In these five months, Sichuan's exports from Singapore amounted to 132.46 million U.S. dollars (+60 percent) while imports to Singapore reached 134.66 million U.S. dollars (+77.5 percent).
                                                                                                             Source: Xinhua