Singapore and East China's Zhejiang province elevated their economic cooperation on Nov 18 as the 18th Meeting of the Singapore-Zhejiang Economic and Trade Council convened in Taizhou.

The two sides signed 16 memorandums of cooperation covering trade and connectivity, platform development, technological innovation, and education exchanges. This year's agreements place a strong emphasis on green and innovative sectors, including green vessels, low-carbon building solutions, and early cancer screening technologies.

Bilateral trade has continued to strengthen. In 2024, Zhejiang and Singapore recorded $9.38 billion in imports and exports, up 2.5 percent year-on-year and among the highest between Zhejiang and ASEAN countries. In the first three quarters of this year, trade reached $9.19 billion, rising 42 percent and maintaining strong momentum.

Since the council's establishment in 2003, bilateral trade has expanded sharply from $900 million to $8.25 billion in 2022, and reached $6.51 billion in the first half of 2025.

Singapore also remains one of Zhejiang's major sources of foreign investment, with nearly 2,000 Singapore-invested projects in the province by the end of 2024. More than 650 Zhejiang firms now operate in Singapore, including Alibaba's regional operations center.