China will set up its first overseas innovation center in Singapore
to help its high-tech enterprises enter the international market,
said sources with China's
Ministry of Science
and Technology yesterday.
The Torch High Technology Industry Development Center under the
ministry last week signed a memorandum of understanding with the
Economic Development Board of Singapore to promote the innovation
and industrialization of Chinese enterprises using Singapore as a
global launch pad.
The establishment of the China Innovation Center for High
Technology Enterprises in Singapore will help Chinese companies
internationalize by providing them with a conducive and
pro-business environment and by easing their start-up process, said
Zhao Yuhai, director-general of the Torch center.
"Our Chinese companies will be able to set up operations in
Singapore and innovate and commercialize their products and
services to the international market." said Zhao. "They can take
advantage of Singapore's international links, efficient
infrastructure and trade benefits stemming from Singapore's free
trade agreements."
Besides linking the Chinese companies to the global market,
Singapore has additional draws such as the common use of
putonghua (mandarin) which greatly eases communication
between Chinese and Singapore businesspeople.
In
addition, other crucial factors that attract China to Singapore are
its strong legal framework, low political risk, stable financial
system, pro-business environment and its good relations with
China.
The easy access to funds is another key factor to Chinese
technology enterprises and start-ups seeking financing, Zhao
added.
Principles and management regulations of the innovation center in
Singapore are under discussion and will come into shape later this
year, according to Zhao.
China desires to boost its economy by further extending its
external wing and internationalizing its companies.
The country also plans to establish innovation centers in other
foreign countries, such as Russia and the United States, to "step
up international cooperation and to bring domestic high-tech
industries on the track of internationalization," said Zhao.
To
date, Singapore has five foreign incubators located on the island
hub, including ones for Germany, India, Japan, South Korea and New
Zealand.
(China
Daily June 6, 2002)