Singapore and China's Sichuan Province on Monday agreed to tie up to explore the development of a 35-sq km hi-tech innovation park in Chengdu, Sichuan.

According to Singapore's pro-trade agency International Enterprise Singapore, the collaboration was raised at the 12th Singapore-Sichuan Trade and Investment Committee (SSTIC) held on Monday.

The hi-tech innovation park is expected to integrate modern manufacturing, modern services and modern living into one and become a key regional business hub and gateway for businesses expanding into West China.

Other key areas of collaboration are in transport & logistics, education, food & beverage and retail, urban infrastructure, infocomm technology, and banking & finance.

According to the Sichuan Department of Foreign Trade and Economic Cooperation, from Jan. to May 2010, bilateral trade between Singapore and Sichuan amounted to US$267.12 million, an increase of 68.4 percent over the same period last year.

In these five months, Sichuan's exports from Singapore amounted to US$132.46 million (+60 percent) while imports to Singapore reached US$134.66 million (+77.5 percent).

(Xinhua News Agency June 29, 2010)