Chinese high-tech companies will be better able to internationalise their products and market them globally, through an incubation center to be opened later this year in Singapore, agencies from the two governments said Wednesday.
Singapore's Economic Development Board (EDB) has signed a MOU (memorandum of understanding) with China's Torch High-Tech Industry Development Center to set up a Singapore-based facility called the China Innovation Center for High Technology Enterprises.
China's high-tech companies will use the center for product innovation and development and to enable Chinese companies to reach global markets and gain wider international recognition. The center will showcase Chinese technologies to the world, foster technology transfer into China, and attract venture capital investment into China, the agencies said in a statement.
The center plans to attract both start-ups and established Chinese high-tech companies, which will be encouraged to use Singapore as a global launch pad and to seek funding from venture capitalists or form alliances and joint ventures here.
Torch's director-general, Zhao Yu Hai, said that Singapore will be able to help connect these firms -- which are likely to be mainly from the IT, telecommunication, biotechnology and new materials industries -- to the international market.
China currently has 24,000 high-tech companies employing 2.9 million people in 53 national-level high-tech zones, according to the statement.
Singapore's government has put considerable emphasis into developing the country as a development hub and trading center for information and communications technology goods and services.
There are already four foreign technology incubation centers in Singapore -- the German Center, India Center, Japan Business Support Center and Korea Venture Acceleration Center. The number is expected to double to eight by the end of this year, EDB said, with New Zealand expected to be one of the new entrants.