ASEAN KEY DESTINATIONS
Singapore inks Chinese deals
Singapore and Chinese companies and industry associations have signed 18 business deals and memoranda of understanding (MOUs) in Shanghai, China, on the sidelines of the World Expo.
These include an agreement signed on Monday by the Media Development Authority (MDA) of Singapore with a China-based venture capital firm, Gobi Partners, to start a S$100 million fund.
This will allow Singapore digital media companies seeking to expand in China and beyond to tap onto the fund.
As many Singaporean companies are held back by funds, the S$100 million Gobi fund will support companies entering the Chinese market.
It will also support Chinese companies that want to venture into Singapore. This will mean a greater exchange of digital media content between the two countries.
The announcements were made by MDA on Monday at the China-Singapore Media Industry Exchange.
Dr Christopher Chia, CEO of MDA, said MDA's target is to support about 1,000 Singapore companies over the next few years.
He added: "Many of the small companies generally have very creative founders, very creative staff working in them. Generally, what happens though after a while is that when they develop projects, they find some difficulty scaling it for an international market place.
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