Singapore and China's Shandong Province on Tuesday signed 11 Memorandum of Understanding (MOU) at the 19th Singapore-Shandong Business Council (SSBC) meeting here, said International Enterprises (IE) Singapore in a statement.
The agreements allow Singapore enterprises capture more opportunities in financial services, healthcare, logistics and tourism sectors in Shandong, a coastal province in east China.
IE Singapore said most of the signings were projects relating to modern services, across the education, healthcare and logistics and waste management sectors.
SSBC has identified healthcare and logistics, including smart technologies, as key sectors that offer emerging opportunities for Singapore companies.
The meeting on Tuesday was co-chaired by Singapore's Minister of State for Manpower Teo Ser Luck, and Vice Governor of China's Shandong Province Xia Geng.
Teo said China's Shandong Province has been experiencing steady growth, fueled by rising consumption, growing agricultural and manufacturing trade. Its aging population is also creating a strong demand for healthcare services. Singapore is Shandong's third largest foreign investor, with actual investments into the province increased by 15.7 percent to reach 1.4 billion U.S. dollars in 2015.
IE Singapore said that trade between Singapore and China's Shandong Province reached 3.14 billion U.S. dollars last year.
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