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Goh Chok Tong Visits China-Singapore Suzhou Industrial Park

Following his visit to Beijing, Mr. Goh Chok Tong, Senior Minister of Singapore went on to Suzhou on Arpil 14. His previous visit to Suzhou happened in 1997, when China-Singapore Suzhou Industrial Park was in the start-up stage. At the meeting with Senior Minister Goh Chok Tong on the evening of April 14, Wang Rong, Secretary of CPC Suzhou Municipal Committee, gave a briefing on the development of SIP in recent years, and told the senior minister that his visit had long been expected.

Wang Rong said that Goh Chok Tong had expressed the hope that SIP would attract over 50 foreign-invested enterprises before his next visit so that SIP would make profit in the course of growth. "These tasks have long been accomplished."

Wang said that within the 70 square kilometers of China-Singapore cooperation zone, more than 900 foreign-invested enterprises have been set up, and SIP began to make profit several years ago. "The situation has changed drastically since 1997, thanks to the support and cooperation from Singapore."

Senior Minister Goh Chok Tong replied that when he met with Premier Wen Jiabao, both sides expressed satisfaction over the development of SIP and they agreed to encourage the expansion plan of SIP.

Senior Minister Goh Chok Tong pointed out that there was scarcely room for growth in the 70-square-kilometer China-Singapore cooperation zone, and CSSD, which was managing the zone hoped to extend the cooperation zone by doubling the area to achieve value-added growth.

Talking about the plan to list CSSD, Wang Rong expressed that preparations are being made by departments concerned. "Listing in Singapore will be given priority, but the Board of Directors will have further consultations from practical point of view, but we believe this plan will soon be implemented."

Senior Minister Goh Chok Tong said that if CSSD could be listed in Singapore, it would be a renewed demonstration of the cooperation between the two countries. Yet he held that the timing for listing will have be linked with the consideration whether CSSD could be expanded since shareholders would be eager to know how much room there could be for the stocks to grow in value.

He said that everybody knew SIP was making profit, but if there was no further room for growth, the value of stocks would be limited.

Apr. 15, 2006

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