China-Singapore Suzhou Industrial Park
China-Singapore Suzhou Industrial Park is an international industrial park which is often cited as a national flagship project between China & Singapore governments. On 26th February 1994, then Vice Premier Li Lanqing and Senior Minister Lee Kuan Yew represented China and Singapore respectively in signing the Agreement to Jointly Develop Suzhou Industrial Park (SIP). The project was officially commenced on 12th May in the same year.
SIP is located in the eastern part of the ancient urban area of Suzhou and is connected to the surrounding main cities via well-developed highways, railroads, waterways and aviation networks. Travel by rail to Shanghai will take some 20 minutes, 60 minutes to arrive in Nanjing, while the rail traffic from the area connects smoothly with rail traffic through Shanghai, Nanjing and Hangzhou.
Characteristics of China-Singapore Suzhou Industrial Park
Crossing the 20th year mark of establishment in 2014, Suzhou Industrial Park has developed into a competitive high-tech industrial park and a modern garden-like city. Complete with commercial, logistics, residential, social and recreational amenities, different functional areas such as IT Park, Export Processing Zone, International Science Park, Logistics Center were established in the main 80 sq. km site of Singapore-China Cooperation, out of SIP's total jurisdiction area of 288 sq. km.
Role of Mitsubishi Corporation
The developer of this industrial park is China-Singapore Suzhou Industrial Park Development Co. Ltd (CSSD). CSSD -- a joint venture that is 28% owned by Singapore-based SSTD and 52% owned by a Chinese consortium.
Mitsubishi Corporation together with Mitsui & Co. Asia Pacific Pte Ltd. has established a joint venture company -- Mi-Mi Investment Singapore Pte Ltd -- to participate in this project as one of the 24 members in SSTD. Similarly, Mitsubishi Corporation is also actively assisting CS-SIP to attract Japanese investors who are interested in venturing into China, capitalizing on its huge consumer market and cheap labour force, to set up their operations there.
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