China Torch Centre, an agency of the Chinese Ministry of Science and Technology, is opening an incubation centre in Singapore for Chinese IT and high-tech corporations wanting to enter the global market.
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The centre aims to promote Chinese startups and small and medium-sized companies seeking venture capital investment for growth and expansion globally, and will allow Chinese companies to tap into the vast consumer market of Southeast Asian nations, said Zhao Yu Hai, director general of the centre.
Centres are also planned for US and Russia, but the one in Singapore is moving ahead first because Singapore and China already have a good business foundation established, are close geographically and share cultures.
Singapore is also the largest international finance market in Southeast Asia, and offers other benefits such as 140 risk investment companies with more than $70bn in funds.
The official opening of China Torch Centre in Singapore will coincide with a high-tech event, Global Entrepolis, set for 27 October to 3 November, where 53 high-tech parks from China will be represented. The event will include sessions for venture capitalists to exchange ideas and knowledge, discover technology, find partners, access funds and make deals.
So far there are 200 Chinese companies operating in Singapore, of which 60 are high-tech firms, some of which are listed on the Singapore Stock Exchange. Other countries besides China have operations similar to the incubation centre in Singapore, including Germany, Japan, India, South Korea and New Zealand.
Gideon F For-mukwai writes for IDG News Service