Guangzhou, Singapore to build scientific innovation zone

A cooperation agreement on the construction of a Sino-Singapore international scientific innovation cooperation demonstration zone in Guangzhou was signed during the China-Singapore Joint Council for Bilateral Cooperation Meeting in Chongqing on Oct 15.

The zone, located in Sino-Singapore Guangzhou Knowledge City, will be co-built by the administrative commission of Sino-Singapore Guangzhou Knowledge City, Sino-Singapore Guangzhou Knowledge City Investment and Development Co Ltd, and CapitaLand Limited, one of Asia's largest diversified real estate groups.

Being designed as a high-level industrial zone for Sino-Singaporean international scientific innovation, the zone will carry out mutual cooperation in areas like intellectual property, smart cities, financial services, digital economy, and talent training.

It is expected that the zone will attract a total investment of 50 billion yuan ($7.06 billion) to prioritize the development of industries such as biomedicine and big health, smart manufacturing, the new generation of information technology, new materials, as well as new energy in the next five to 10 years.

Five functions, namely the research and development of science and technology, finance and business, cultural creativity, tourism and leisure, as well as ecological living will be covered in the overall layout of the zone. Quality resources from Singapore in areas like education and financial innovation will be introduced.

Currently, work has begun on a total of 54 major industrial projects and 113 construction sites, initially establishing an advanced high-tech industrial system. The number of companies registered in the zone has reached 1,605, while the accumulated registered capital has amounted to 136.03 billion yuan.