Shandong firms deepen ties with Singapore

As one of the events in the 2024 Singapore–Shandong Week, the Conference on Shandong State-owned Enterprises Cooperation with Singapore was held on Oct 10. Nearly 200 representatives from Shandong and Singapore attended the event to discuss deepening practical cooperation and achieving win-win results.

During the event, nearly $700 million was invested across 25 cooperation projects covering areas such as next-generation information technology and high-end equipment. Additionally, three new institutions were established.

Officials from Shandong stated that the Singapore–Shandong Week activities play an important role in the development of new quality productive forces for provincial-owned enterprises and achieving green, low-carbon, and high-quality development.

In recent years, State-owned enterprises in Shandong have continuously achieved new results in high-level opening up to the outside world.

According to incomplete statistics, as of the end of June, a total of 16 provincial State-owned enterprises had established 408 enterprises and institutions in 86 countries and regions (including Hong Kong and Macao), with total assets exceeding 460 billion yuan ($65.09 billion). Among them, 11 provincial State-owned enterprises, including Shandong Iron and Steel Co Ltd, Shandong Gold Group, and Hualu Holdings Co Ltd, have established 24 enterprises and institutions in Singapore, with total assets of nearly 95 billion yuan.

In recent years, Shandong's high-level opening-up has effectively promoted the high-quality development of provincial State-owned enterprises. In 2023, the cargo throughput of Shandong Port Group ranked first globally as did the sales of heavy-duty trucks and engines of Shandong Heavy Industry. Inspur Group ranked second in the global server market share and first in artificial intelligence servers. Additionally, Shandong High-speed Group maintained its industry-leading position in highway mileage.

The cargo throughput of Shandong Port Group ranks first globally in 2023. [Photo/Guanhai News]