East China’s Jiangsu province has adhered to the principle of openness, cooperation, unity and win-win, comprehensively expanded opening up, more efficiently connected internal and external markets, and shared factor resources, making the Jiangsu market a shared market for East Asia and the world so as to continue to build industrial and supply chains and strengthen regional cooperation.
In Ascendas Innovation Park of Suzhou Industrial Park, the New Scientific Research Enterprise Cooperation Center, the first overseas agency established by the Agency for Science and Technology of Singapore, has introduced 22 Singapore technology companies within less than two years of operation.
Hexalotus Liulian Technology, which is engaged in the research and development of medical imaging systems, is one of the companies that have settled in Ascendas Innovation Park.
It is difficult for Hexalotus Technology to commercialize its technological innovations on a large scale by relying on the local market in Singapore.
"China's market is big enough, even if I only operate in Jiangsu, we can get a big enough market share," said Yuan Xinsheng, Operation Director of Suzhou Hexalotus Technology Co., Ltd.
"We help Chinese companies go to Singapore to raise funds and issue bonds, set up R&D centers and conduct R&D cooperation with universities or R&D institutions in Singapore," said Zhang Feng, Deputy Director of Suzhou Industrial Park Investment Promotion Bureau, Director of Yangtze River Delta Overseas Investment Promotion Center
Taking advantage of its geographical proximity with ASEAN, Japan and South Korea, and complementary economic and trade cooperation, Jiangsu has unswervingly fulfilled its responsibilities as a builder, maintainer and contributor to the 10+3 cooperation, providing a broad space for expanding mutual cooperation and exchanges.
"We hope to complete the entire supply chain system in China as much as possible. Some of our products have already begun to be exported to Japan. This year we have begun to sell to the Chinese domestic market. We hope to gradually open up the Chinese market," said Masahide Watanabe, Chairman of Sumitomo Electric Yuntech Co., Ltd. China and General Manager of Sumitomo Electric Yuntech Electric Wire (Changzhou) Co., Ltd.
ASEAN, South Korea and Japan are Jiangsu's second, fourth and fifth largest trading partners respectively. As of May this year, ASEAN, Japan, and South Korea had established more than 6,000 enterprises in Jiangsu with the foreign direct investment hitting 7.4%, 5.6% and 4% respectively.
