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

The partners aim to help Chinese enterprises internationalize their businesses, strengthen supply chains in the region, enable job creation and accelerate sustainable development.

DBS’ regional clients will be able to tap CCPIT’s network to expand into China, while Chinese companies can take advantage of the bank’s extensive presence in the region to grow their businesses.

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. 

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.