This year marks the 30th anniversary of the Suzhou Industrial Park (SIP) in east China's Jiangsu Province.

This combo photo shows a blueprint of the Suzhou Industrial Park drawn in 1994 (top), a view of the industrial park in 2012 (middle), and an aerial view of the industrial park (bottom, taken by Xinhua photographer Li Bo) on Aug. 29, 2024, in Suzhou, east China's Jiangsu Province. [Photo/Xinhua]

Over the past decades, SIP, once home to extensive paddy fields and fish ponds on the outskirts of the city of Suzhou, has grown from an initial 8-square-kilometer start-up area to an extraordinary city area of 278 square kilometers.

Founded in 1994 as the first inter-governmental cooperation project between China and Singapore, SIP has witnessed closer cooperation between the two sides. It is now embarking on a new journey as China recently pledged to build it into a globally attractive two-way open hub.

Open and innovative development

A total of 26 investment project agreements between China and Singapore were signed last week at the China-Singapore Investment Forum held at SIP.

These projects, spanning sectors such as biopharmaceuticals, digital economy and collaborative innovation, include the China-Singapore Sustainable Estate Joint Innovation Workshop and the establishment of new overseas headquarters and operation centers by Chinese enterprises in Singapore.

An aerial drone photo taken on Aug. 30, 2024 shows "the Gate of the Orient," a landmark complex at the Suzhou Industrial Park in Suzhou, east China's Jiangsu Province. [Photo/Xinhua]

"For Singaporean enterprises, China is a huge market. Singaporean technology firms excel at offering services in a variety of industrial chain subdivisions -- which can support Chinese businesses throughout the transformation cycle to fortify and enhance the industrial chain," said Tan Chuan Seng, director of the Agency for Science, Technology and Research Partners' Centre, which was launched in 2020 in SIP.

These are the latest efforts in the open and innovative development process of this significant industrial park. Over the past 30 years, the park has attracted more than 5,100 foreign-funded projects, including 174 projects from 104 Fortune 500 companies, with the actual utilization of foreign investment exceeding 40 billion U.S. dollars.

Staff members work at a semiconductor company at the Suzhou Industrial Park in Suzhou, east China's Jiangsu Province, Nov. 12, 2024. [Photo/Xinhua]

"The industrial park is a showcase of China's progress in promoting international cooperation," said Li Xiaomin, chairman and general manager of Wintech Nano (Suzhou) Co., Ltd.

Li founded Wintech Nano in Singapore in 2004. He described his business as a "hospital for chips," which aims to detect failures or potential problems in design to improve the quality of chips.

In 2012, Li decided to establish a new base for his business in SIP. Wintech Nano has since expanded quickly and recently gained approval from the Shanghai Stock Exchange for an initial public offering.

In October 2024, Bosch Group launched a new R&D and manufacturing site for new energy vehicle core components and automated driving in this industrial park. Since the establishment of a Suzhou subsidiary in 1999, the German company has been steadily investing in production, R&D, supply chain and services.

Zhang Ying, general manager of Bosch Automotive Products Suzhou Co., Ltd., said it took only some 500 days from signing for the land to the launch of operations, while the sound business environment provided by SIP has enabled the company to seize market opportunities sooner.

SIP now boasts an array of high-tech industries, including two pillar industries in the form of next-generation information technology and high-end equipment manufacturing, as well as three emerging industries, namely biopharmaceuticals, nanotechnology application and artificial intelligence.

A staff member works at a biomedicine company at the Suzhou Industrial Park in Suzhou, east China's Jiangsu Province, Nov. 12, 2024. [Photo/Xinhua]

During the past three decades, SIP has generated 1.09 trillion yuan (about 152 billion U.S. dollars) in overall tax revenue, 1.1 trillion yuan in fixed asset investment, and 1.54 trillion U.S. dollars in imports and exports.

Going overseas

SIP is hailed as an important window through which to view China's reform and opening-up initiatives and serves as a successful example of international cooperation. After drawing experience from the Singaporean side during its growth process, SIP has now evolved into a fine example for other countries keen to develop their own industrial parks.

In addition, SIP established the Yangtze River Delta Overseas Investment Promotion Center -- which has helped more than 700 enterprises in the park invest and expand in over 60 countries and regions.

Huang Ming, an SIP investment promotion staff member, is currently working at the China-UAE Industrial Capacity Cooperation Demonstration Zone in Abu Dhabi, capital of the United Arab Emirates (UAE), trying to help UAE locals copy the "SIP model."

Exhibitors and buyers exchange views during the 2024 Chinese Industrial Products Exhibition held at the China-UAE Industrial Capacity Cooperation Demonstration Zone in Abu Dhabi, the United Arab Emirates, Nov. 18, 2024. [Photo/Xinhua]

"Many Chinese companies have hoped to tap the Middle East market since 2023, and our work is to create a complete and sound business ecosystem to help them settle here better and faster," Huang said, while adding that SIP, an investor in the demonstration zone in Abu Dhabi, will strive to build a sound business environment there.

From attracting overseas investors to helping businesses expand and copy its experience overseas, SIP has become an epitome of China's ambition and confidence in opening up wider and embracing the world.

"The 30th anniversary marks an important milestone in our development," said Shen Mi, a senior official of Suzhou. "We will go all out to upgrade practical cooperation and be a pathfinder of China-Singapore cooperation."

Related

Go to Forum >>0 Comment(s)