To encourage more Singapore-based companies to participate in the Tianjin Eco-city, International Enterprise (IE) Singapore is offering a new 'Tianjin Eco-city Assistance Programme' ('TAP Programme') for Singapore companies.
Ms Grace Fu, Senior Minister of State (SMS) for National Development and Education and Vice Chairman of the Singapore-Tianjin Economic and Trade Council (STETC), announced this at the Sino-Singapore Tianjin Eco-city Investment Promotion Seminar organized by IE Singapore on Friday.
Singapore-based companies can now enjoy a grant of up to $150,000, to set up a physical presence in Eco-city, develop in-market expertise for key staff and penetrate the local market .
Located within the Tianjin Binhai New Area, Tianjin Eco-city has attracted some RMB 1.19 billion ($232 million) - making up 46 per cent of Eco-city's total commercial investments - from Singapore-based companies as of December 2010.
Apart from the investments, over $22 million worth of consulting projects have been awarded to about 20 Singapore-based companies since the Eco-city's establishment in April 2007. Key Singapore investors for the Eco-city include Pan Asia Water, PV World, Keppel District Heating & Cooling Systems and STSE Engineering Services.
From January - October 2010, bilateral trade between Singapore and Tianjin amounted to US$1.37 billion ($1.77 billion). During the same period, Singapore's actual foreign direct investments in Tianjin hit US$0.28 billion with 19 projects.
