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Singapore's Commodities Intelligence Centre Signs Investment Agreement to Establish Its Overseas Digital Trade Platform in Chongqing's Guoyuan Port
Aims to support greater digital trade connectivity between China, Singapore and the rest of ASEAN
SINGAPORE, Jun 17, 2021 - (ACN Newswire) - Singapore-based Commodities Intelligence Centre (CIC) has signed an investment agreement with Chongqing Liangjiang New District Management Committee. The agreement will see an investment commitment of RMB 10 million (S$2.07 million) by CIC to establish its overseas digital trade platform in China's Guoyuan Port in Chongqing Municipality. The agreement was formally inked by Mr Luo Lin, Deputy Secretary of the Party Working Committee and Director of the Management Committee of Chongqing Liangjiang New Area and Mr Peter Yu, Chief Executive Officer of CIC, at the "Chongqing Liangjiang New Area Key Technology Innovation Projects Virtual Signing Ceremony". CIC's parent company, ZALL Smart Commerce Group (2098.HK), also announced its plans to invest in Guoyuan Port for their projects in West China.
The project is expected to contribute towards the China-Singapore (Chongqing) Connectivity Initiative, and will be able to tap on CIC platform capabilities in Singapore to enable data interconnection and interoperability and grow a vibrant commodity trading ecosystem in Guoyuan Port. The move comes as CIC is stepping up efforts to expand its global supply chain network and provide companies with increased access to market opportunities in China and Southeast Asia, helping them uncover new business opportunities, reduce transaction costs and achieve greater trading synergies globally amid the pandemic.
Mr Peter Yu, Chief Executive Officer of CIC, shared, "The need to strengthen the digital connectivity of the world's supply chain ecosystem is more important than ever today. CIC is proud to have inked this strategic agreement to establish our overseas digital trade platform in Chongqing, an important region that connects the Yangtze River Economic Belt and the Belt and Road route. This investment affirms our continued commitment to expand our technology-enabled global B2B trading ecosystem that would enable businesses to reap the benefits of the global digital trade economy on the back of the world's largest trade pact, the Regional Comprehensive Economic Partnership (RCEP) and China's dual circulation strategy, with greater digital trade connectivity between China and ASEAN."
Leveraging the strategic connectivity advantages of the China-Singapore (Chongqing) Multimodal Transportation Demonstration Base, the new International Land-Sea Trade Corridor (ILSTC) and other international trade channels of the Chongqing Guoyuan Port National Logistics Hub, CIC's digital trade platform would provide global trading services, such as transaction matching, customs declaration and clearance, supply chain logistics, trade finance, and global trade compliance to facilitate the development of an international commodities trading cluster in Guoyuan Port. The platform could also help accelerate the opening up of China's inland economy and drive global commodity trading and investments into Chongqing, thereby bringing about deeper economic integration with China's Belt and Road Initiative and the country's western provinces and regions.
Located in the core part of Chongqing's Liangjiang New Area, Guoyuan Port is a logistics hub integrating "water, rail, and road transport" of China's inland rivers, and is the only port-type national logistics hub in west China. CIC's project signing comes amid deeper Sino-Singapore cooperation under the China-Singapore (Chongqing) Connectivity Initiative, and increased investments by Singapore enterprises into Chongqing in sectors such as aviation, financial services, logistics and information and communication technology.
About Commodities Intelligence Centre
The Commodities Intelligence Centre (CIC) is a global trading platform for physical commodities including Ferrous & Non-Ferrous Metals, Chemicals & Plastics, Oil & Petroleum, and Agri Commodities. Officially launched in Singapore on 12 Oct 2018, CIC is a Joint Venture between China-based ZALL Smart Commerce Group, Global eTrade Services (GeTS) and Singapore Exchange (SGX) to build trade connectivity through digital marketplaces and to grow a vibrant trading ecosystem in Singapore.
CIC aims to revolutionize commodity trading and facilitate cross-border trade through deal matching, trade finance, supply chain logistics, track and trace and global trade compliance. Since its establishment in October 2018, CIC has achieved a GMV (Gross Merchandise Volume) of more than US$13.4 billion (S$17.6 billion), with over 5,800 registered users covering markets including Singapore, Malaysia, Indonesia, India, China, among other countries in Asia. For more information, please visit www.cic-tp.com
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Source: Commodities Intelligence Centre
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