DBS inks MOU with China trade promotion council to boost Asia trade, investment

DBS’ foreign direct investment unit will work with Chinese enterprises.

DBS has signed a memorandum of understanding with the China Council for the Promotion of International Trade (CCPIT), one of China’s largest trade bodies, to boost foreign investment and trade between China, Singapore and the ASEAN region. 

DBS will work with CCPIT to help Chinese enterprises internationalise their businesses through its Foreign Direct Investment unit, the bank said in a press release.

The MOU will focus on industries including logistics and e-commerce at the outset, with other key growth sectors to be added in the future.

Amongst DBS’ and CCPIT’s goals are to strengthen supply chains in the region, enable job creation and accelerate sustainable development.

Meanwhile, DBS’ regional clients will also be able to tap the trade body’s network to expand into China.

The CCPIT was founded in 1952 under China’s Ministry of Commerce. It plans and implements strategies to foster trade, investment, economic and technology cooperation between China and the region.