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Milestone investor signing in Singapore
The first investors have signed on for the Eco-Industrial Park (EIP) at Tianjin Eco-City, a landmark bilateral project between China and Singapore.
The signing ceremony took place in the Lion City on Friday (26 February 2010) involving several Singapore investors who will help launch eco-manufacturing operations in Tianjin Eco-City.
With an estimated total investment of RMB 4 billion (US$585 million) when fully completed in five to six years, the EIP is expected to be the base for global eco-businesses in the Bohai Rim. It is intended to serve China's growing need for clean technologies and sustainable urban solutions.
The signing was hosted by the Sino-Singapore Tianjin Eco-City Investment and Development (SSTEC) and involved He Lifeng, deputy secretary of the CPC Tianjin Municipal Committee, director-general of TBNA Administrative Committee and chairman of SSTEC, together with distinguished guests from the Singapore Ministry of National Development, Sino-Singapore Tianjin Eco City Administrative Committee (ECAC), senior management of Keppel Group and SSTEC.
SSTEC signed a letter of intent with Pan Asian Water Solutions (PAWSL), a catalyst-listed company in the Singapore Stock Exchange which will invest RMB100 million in the EIP over two years. The company plans to site its China headquarters in Tianjin Eco City and consolidate its existing quality pipe and valve manufacturing operations, with activities including a global logistics and warehousing hub, clean environment value-added processing of piping products and accessories.
Business friendly
PAWSL CEO Eddie Koh said the Eco-City offered one of the best business friendly environments they had seen so far.
"Both the developer and the local authority had been proactive to make sure our interests are taken care of," Koh said. "Setting up a base here would enable us to expand into new areas of businesses and at the same time to further improve our value add to our existing customers. We believe that our shareholders' interests would be safely protected here. In addition, the Eco-City's environmental theme is in line with the company's direction. We are very excited to be among the pioneer investors here."
The entry of these Singapore investors such as PAWSL was facilitated by International Enterprise (IE) Singapore, the lead agency promoting the overseas growth of Singapore-based enterprises and international trade.
"Singapore's response to the scarcity of natural resources has resulted in the sustainable city model that we are today," said Tham Poh Cheong, group director for infrastructure, environment and engineering, IE Singapore. "Singapore-based private sector companies have the necessary expertise to support similar development efforts in other markets. PAWSL is one such company with the capabilities to contribute to the success of the Tianjin Eco-City and IE Singapore is glad to have played a role in bringing about their partnership with the SSTEC."
STEC also signed a letter of intent with PV World (PVW), a Singapore-based manufacturer of wafer-based photovoltaic solar modules. PVW shall invest an estimated total of RMB500 million (US$73.25 million) for a 240MWp solar module manufacturing facility sited within the EIP. The facility will be developed in three stages with first-stage production expected to commence in 2012.
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