S'pore investments in Chongqing more than doubled in a decade

Investments from Singapore into Chongqing have more than doubled from US$5.7 billion (S$7.4 billion) in 2015 to US$12.7 billion in 2024, as the Republic’s businesses tapped opportunities in the western Chinese city.

- Annabelle Liang Correspondent

Cooperation with Chongqing has strengthened since the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) was launched, Senior Minister of State for Digital Development and Information Tan Kiat How said on Sept 29.

CCI is the third government-to-government project between Singapore and China, and was launched in November 2015.

Mr Tan said container volumes under a rail-sea multimodal transportation route for goods, linking Chongqing to Singapore, have grown nearly tenfold since 2019.

Chongqing has also overtaken Guangzhou to become China’s fourth-largest economic hub, after Shanghai, Beijing and Shenzhen.

In addition, the megacity has seen growth in local and foreign tourists. Singapore has also seen strong travel demand from visitors from Chongqing, with around 46,000 visiting from January to September.