Singapore continues to pour money into Suzhou Industrial Park
From our Correspondent
Singapore has reiterated its committment to the Suzhou Industrial Park during a joint steering council meeting on 24 August 2009.
It also pledges to work together with China to ensure that the SIP continues to develop as ‘a vibrant, internationally competitive and modern high tech industrial park that is ecologically sustainable’.
The China-Suzhou Industrial Park (SIP) was set up in 1994 at the outskirts of the Suzhou City in Jiangsu province with the help of Singapore funds and expertise. Singapore owned a 65% stake in the park.
Gallery:
Even as the park was being constructed, the Suzhou City government set up Suzhou New District Industrial Park (SND) right next to SIP. It was the exact replica of the Singapore model.
As the Suzhou City government had a majority stake in SND, it largely ignored the SIP and concentrated on promoting the SND instead.
After incurring losses of some US$90 million over 5 years, the Singapore consortium lowered its stake to 35 percent, raising the Chinese consortium’s stake to 65 percent from 35 percent and reducing the Singaporean share from a planned 70 sq.km. to just 8 sq.km (source: wikipedia)
One year after Singapore lowered its stake, the park made its first profit of $3.8 million. Till today, it was not revealed the exact amount of money Singapore had loss in the Suzhou Industrial Park.
The SIP celebrated its 15th anniversary in May. Over the past five years, the industrial park has enjoyed the best spurt in development and growth in its 15 years history.
GDP has grown by an average of 20 per cent in the past five years to 100.2 billion yuan (S$21.1 billion), according to a Singapore’s Ministry of Trade and Industry statement.
The continued involvement of Singapore with the SIP is a testimony of the growing trade ties between Singapore and PRC.
Besides Suzhou, the Singapore government is also planning similiar joint ventures in Nanjing, Tianjing and Shenyang.
Many Singaporeans have flocked to China to work and live in the last few years. For some retirees, its low cost of living and familiar culture is a major selling point for them to spend their golden years there.
Singapore has also attracted a large number of Chinese nationals with many becoming PRs and citizens.
Despite the cozy ties between the two governments, Singaporeans remain lukewarm towards PRC. Their women are often vilified as husband-snatchers while the men as uncouth country bumpkins.
The influx of large numbers of Chinese nationals who do not speak the English language has led to calls for more stringent criteria to be set for PRs and new citizens.
Related articles:
>> Suzhou Industrial Park becomes model of Singapore-China cooperation
>> Why there was zero “foresight” in investing in Suzhou Industrial Park by The Brotherhood Press
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Exposer on Tue, 25th Aug 2009 8:51 am
Wayang party,
There must a reason why LKY insist on not giving up on Suzhou. That is if there is no legacy in Singapore, Suzhou will leave a recognized legacy oversea and Suzhou. Where else in the world can the old fart plant his legacy blatantly except in China ?
nlbeer on Tue, 25th Aug 2009 9:53 am
Brotherhood press said it all, there is zero foresight in investing in SIP. Now what they want to do is turn black into white. That way this terrible episode will hopefully be forgotten and go down smoothly into the book shelf of history.
Lehman Brothers on Tue, 25th Aug 2009 12:18 pm
The content of four of the paragraphs seem to have been plagiarised from Wikipedia…
Fairplayplease on Tue, 25th Aug 2009 4:07 pm
They are treating us in the SIP investment at best as “business” – no holds barred to get ahead applying the lowest scum politics of inclusion and exclusion. They welcome our investment as inclusion of their development but levered against the success of that joint venture by exclusion of favouring their own exact replication in competition.
After wearing our patience of losses thin, they take over majority control and then the profits roll…..NEVER MIND THE PYSCHOLOGICAL CONTRACT OF SPIRIT IS DECEIVED TO ADVANTAGE. But we are not the only foreigners browbeaten in China.
NOW WE ARE WORSHIPPING THEM like paying homage to the Emperor. Foreigners must think we are very strange of logic and maybe enduring of being used repeatedly.
Is there anything wrong with our national pysche??
Magpie on Tue, 25th Aug 2009 7:17 pm
Only those with sharp politcal acuteness can see the potential and not-too-long benefit of such a tie-up.
The government is not a stupid one. It has the majority at heart. Rough seas around.
The 3G miltary is one such example. Another, Pedra Branca. It was no walkover like Christman Island.
Only fools are blind.
Exposer on Tue, 25th Aug 2009 8:27 pm
“Only those with sharp politcal acuteness can see the potential and not-too-long benefit of such a tie-up.
The government is not a stupid one. It has the majority at heart.”
Oh yes, you are so smart and so sharp to see that gov is not a stupid one then you better don’t complain about foreigner taking out your job or depressing your pay, or that SIN land become foreign land and that and that due to government’s foreigner policy. Okay ?
Exposer on Tue, 25th Aug 2009 8:28 pm
“The 3G miltary is one such example.”
Did you actually means 3P ?
Fairplayplease on Tue, 25th Aug 2009 9:28 pm
Some fortune-tellers see things all in mythical terms. Like magician, theyt cover your eyes with empty promises and layered it with threats of impending doom if you don’t follow blindly and with a quick swipe of the hand, the deception in magic will bear fruits to entertain your visual delights.
Realities is harder to accept than fortune-telling and magician shows for gullible fools only.
The simplest truth is that neither fortune-tellers nor magician even holds a candle to political ideology which ruthless politicians survive on.
Has anyone seen any job advertisements ANYWHERE in the world for vacancy of politicians? If there is no traded market place for this job, how else could they survive other than ideology, political chicanery and deceptions?
Anyone got better ideas?
Boon Teck on Tue, 25th Aug 2009 11:11 pm
I’m a casual blogger.
But what I read from some bloggers are really out of reality.
Have you really travelled the region, let alone the world?
No one owes Singapore a living.
We in fact have plenty relative to the larger and resource rich countries around. A safe environment, day & night. Citizens get money from the Resilence Package, Growth Dividends, etc.
No . . no . . sane people won’t rock the boat. Come every elction like-minded & grateful people will again vote the PAP in for many for good years. No we know the history of the boat people and other scary happenings of same people in the region.
Fairplayplease on Wed, 26th Aug 2009 12:03 am
@Boon Teck on Tue, 25th Aug 2009 11:11 pm…greetings…
…..We in fact have plenty relative to the larger and resource rich countries around.A safe environment, day & night. Citizens get money from the Resilence Package, Growth Dividends, etc….???
I think you arfe kidding yourself here. No one who “been around” could fathom your bald assertions. You travelled outside your home?? I doubted so. No need to travel the region or world. Just google will tell you a few facts
- Every taxpayer in Australia got at least A$900 or more from their Government stimulus package when they have no recession despite the meltdown. This is on top of the existing welfare benefits they getting. Does the Resilience Package and Growth dividend here matches this amount??
- Australia signed a 20 years’ gas supply with China valued at A$50 billion last week. The gas will come from ONLY ONE gas discovery called Gorgon in the North West Shelf of Western Australia (among the many gas fields there). We got more plenty relative to resource rich countries like Australia??
THE ONLY GAS I HEARD OFF IN PRODUCTION HERE IN SINGAPORE ARE THOSE NOISY ONE COMING FROM SOMEWHERE BETWEEN THE WALKING LEGS AND SOUNDS LIKE TWO STROKE ENGINES OF YOUR OLD CAR. The fragrance depends on what you eat but no matter what has NO COMMERCIAL VALUE INSIDE OR OUTSIDE SINGAPORE. Do you agree?
The only other “natural” resources that we have come from the sewage works …but then, that is not harvested for farmer’s in Choa Cho Kang farming.
There is however some ikan bilis swimming near Pedra Branca if another economic meltdown brings this country closer to a wasteland after foreign investors pulled out.
Bring a fishing rod along, it might be of great help to feed your hunger then.. the rest of us my squat illegally in Johore doing some subsistance farming like MSK was having his little vacation recently.
Exposer on Wed, 26th Aug 2009 12:05 am
“No one owes Singapore a living.”
What are you thinking ? No one owes the government a living too. Don’t you agree ?
“We in fact have plenty relative to the larger and resource rich countries around. A safe environment, day & night. Citizens get money from the Resilence Package, Growth Dividends, etc.”
For a tiny red dot that has no natural disaster, our autocratic government has it too easy. Don’t you think so ?
“Citizens get money from the Resilence Package, Growth Dividends, etc.”"
Oh… if you have travelled a lot, I do not see why you haven’t been so sharp. Didn’t you notice that “Resilence Package, Growth Dividends,” comes from your CPF ? (Notice the minimum sum increment ? Can those wayang package exceed the increment ? The increment is mulitude of time more than those packages.)
Boon Teck on Wed, 26th Aug 2009 7:27 am
“comes from your CPF ?7″
Serious? Todate I’ve not heard of anyone suing the government to get his CPF upon retirement since the PAP took over.
Some money have to be held back for old age. Why? Because I’m a taxpayer, brother. Why shd I pay for the oldies squandering all his nest egg at Batam or with a foreign young chick.
Well, come Sep. No clowns will accuse the government of passing on the held back sum (surety) to the old deceased next of kin when the monthly annuity is in place for his lifetime.
Think lah!
Fairplayplease on Wed, 26th Aug 2009 9:27 am
@Boon Teck on Wed, 26th Aug 2009 7:27 am …greeting….
……….Because I’m a taxpayer, brother. Why shd I pay for the oldies squandering all his nest egg at Batam or with a foreign young chick………..
Now that is an UNREASONABLE protest, any oldies squandering all HIS nest egg in whatever way or where is NONE OF YOUR F@#KING business in the same way as you might want to squander yours digging your limping sausage into some old hens in the back lane of Desker Road.
His CPF is HIS money, not YOURS, MYOB!
Fairplayplease on Wed, 26th Aug 2009 9:53 am
Warren Buffet says, amongst other gems of his investing wisdom,..
Rule 1. Never lose your shareholders’ money
Rule 2. Never forget Rule 1.
It seems that we, Singaporeans, are smarter than Buffet. Our formulae seems to be
Rule 1. Make sure you lose your shareholders’ money
Rule 2. Forget Rule 1
Rule 3. Keep betting, maybe it is BETTER LUCK the next time round.
Rule 4. If Rule 3 does not materialise due to shocking bad luck, it could the the NEXT TIME LUCKY!!
Rule 5. Just tell your shareholders – it is HONEST MISTAKES all along, LUCK never visited me, “luck” visited the other party all the time – that is why for them it is “dishonest rewards”