Singapore, Chongqing to jointly build airport economic zone

Singapore will join with Chongqing Municipality in building an airport economic zone in the southwest Chinese city, as cooperation agreements have been signed.

It will become Singapore and China's third joint project after an industrial park in Suzhou and an eco-city in Tianjin.

Singapore has been eyeing the western region of China as the area will become very important if China's Belt and Road Initiative becomes a reality, said Kenneth Teo, regional director (West China), International Enterprise (IE) Singapore.

The agreements include cooperation projects on airline meals, ground service operation, an aviation logistic park and bonded logistics.

Singapore's advanced aviation, logistics and service experiences will fully tap Chongqing airport region's potential, said Wang Yi, deputy secretary-general of Chongqing municipal government. The cooperation will also improve the diversification and convenience of investment in Chongqing.

China is Singapore's largest trade partner, exports market as well as source of imports. Meanwhile, Singapore is Chongqing's biggest foreign investor, with the actual use of foreign capital reaching 5.5 billion U.S.dollars.