Singapore CIC to Establish Digital Commerce Platform in Chongqing Guoyuan Port

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Support digital business connectivity between China, Singapore and ASEAN

SINGAPORE, June 17, 2021 – (ACN Newswire) – Singapore-based Commodities Intelligence Center (CIC) has signed a strategic agreement with the Chongqing Liangjiang New District Management Committee, with an investment commitment of 10 million RMB (S $ 2.07 million) from CIC to establish its global digital commerce platform in Guoyuan Port, Chongqing Municipality, China. The agreement was formally signed by Mr. Luo Lin, deputy secretary of the Party working committee and director of the management committee of the new Chongqing Liangjiang area, and by Mr. Peter Yu, general manager of CIC, at the “Chongqing Liangjiang New Area Key Technology Innovation Virtual Project Signing Ceremony “.

CIC’s parent company, ZALL Smart Commerce Group (2098.HK), has also announced plans to invest in Guoyuan Port as part of the West China project.

The project is expected to contribute to the China-Singapore Connectivity Initiative (Chongqing) and will leverage the capabilities of the CIC platform in Singapore to enable data interconnection and interoperability and develop a vibrant commodities trading ecosystem in Guoyuan Port. The move comes as CIC intensifies its efforts to expand its global supply chain network and provide businesses with increased access to market opportunities in China and Southeast Asia, helping them discover new business opportunities, reduce transaction costs and achieve greater business synergies globally, in the midst of the pandemic.

Mr. Peter Yu, President and CEO of CIC, said, “The need to strengthen the digital connectivity of the global supply chain ecosystem is more important than ever today. CIC is proud to have signed this strategic agreement to establish our overseas digital commerce platform in Chongqing, an important region that connects the Yangtze River Economic Belt and the Belt and Road Highway.

This investment confirms our continued commitment to expand our technology-based global B2B business ecosystem that enables businesses to reap the benefits of the global digital commerce economy, on the back of the Regional Comprehensive Economic Partnership (RCEP) and strategy of dual circulation of China, with greater digital trade connectivity between China and ASEAN. “

Leveraging the strategic connectivity advantages of the China-Singapore Multimodal Transport Demonstration Base (Chongqing), the New Land-Sea International Trade Corridor (ILSTC) and other international trade channels of the Chongqing Guoyuan Port National Logistics Center, CIC’s digital commerce platform would provide trade 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 commodity trade hub in Guoyuan Port.

The platform could also help accelerate the opening up of China’s domestic economy and boost global commodity trade and investment in Chongqing, thereby leading to deeper economic integration with China’s Belt Initiative. and the Route “and the western provinces and regions of the country.

Located in the heart of Liangjiang New Area in Chongqing, Guoyuan Port is a logistics hub integrating “water, rail and road transportation” of China’s inland rivers, and is the only national port-type logistics center in China. western China. The signing of the project by CIC comes as part of deeper Sino-Singaporean cooperation under the China-Singapore Connectivity Initiative (Chongqing) and increased investment by Singaporean companies in Chongqing in sectors such as aviation, financial services, logistics and information and communication technologies.

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