29 November 2005
|Signing of the MOU at the SCE 2005 exhibition in Tianjin
||China as witnessed by Tianjin Mayor Mr. Dai Xianglong and Singapore Minister for Transport Mr. Yeo Cheow Tong
YCH Group ("YCH"), Singapore’s logistics and supply chain management giant, has signed another Memorandum of Understanding (MOU) with the Tianjin Port Free Trade Zone Administrative Committee ("TJFTZ") to invest in a 4.6 hectare 'YCH Bonded Logistics Park' ("YCH BLP") within the Tianjin Airport International Logistics Zone ("TAILZ"). This will increase YCH Group’s investment in Tianjin by an additional SGD 30 million bringing the total investment to SGD 70 million occupying in three locations over 13 hectares of prime and strategic logistics facilities for end-to-end supply chain management services to world-class MNCs in Tianjin.
The YCH BLP will be the third state-of-the-art integrated supply chain management facility that is developed in Tianjin. This latest facility will enable end-to-end supply chain services to be provided for cargoes that are managed by both the sea port and airport in Tianjin.
The signing of the MOU was jointly witnessed by Singapore’s Minister for Transport, Mr Yeo Cheow Tong and Mayor of Tianjin, Mr Dai Xianglong at the Opening Ceremony of the Singapore Country Exhibition 2005 held at the Tianjin Binhai International Exhibition & Convention Centre earlier today.
Dr Robert Yap, CEO of YCH Group said, "The YCH BLP is a strategic facility that will further strengthen our supply chain solutions network and capabilities in China and the region. Together with our two other facilities, the YCH BLP will propel Tianjin, as the North Asia hub of YCH Group, to serve as the central node for expansion into the Northeast Asia region."
YCH is one of the few pioneer Singapore firms, which penetrated the China market more than a decade ago. The Group has since developed a pervasive logistics network, serving various Fortune 500 MNCs such as Dell, Motorola, DSM and Ciba Specialty Chemicals in China. It started its Tianjin operations in 1999. Since then, it has established an existing SGD 15 million 3.3 hectare Tianjin YCH DistriPark located in the Tianjin Port Free Trade Zone. This high tech DistriPark currently serves as YCH’s flagship operations in China. In May 2005, YCH has also confirmed the development of another 5.2 hectare YCH Airport Logistics Park, situated strategically in the Tianjin Airport Industrial Park, northeast of the Tianjin airport. The logistics park is expected to be completed by early 2007.
"YCH Group’s continued investments in Tianjin and the other cities of China reflect a growing demand for its innovative and award-winning supply chain management services and solutions. We saw the opportunities in China and its phenomenal economic growth. YCH was correctly positioned to act as a catalyst for the trade flows between the two countries. The Group is thus ready to grow its business further into the China market and beyond," added Dr Robert Yap.
According to the statistics released from the Chinese customs, Sino-Singaporean trade had jumped to nearly 21 billion US dollars in just the first 8 months of this year. As China’s biggest trading partner in Southeast Asia, Singapore’s total trade with China has recently reached USD 26.7 billion.
Mr Wang Fuqiang, Vice President of the Tianjin Port Free Trade Zone Administrative Committee, said "The Tianjin and YCH partnership serves as a very important and strategic model. It shows how world-class companies can work closely with the authorities for a win-win relationship. To us, the YCH Group is certainly a pioneer as well as one of the most innovative and dynamic partners in this respect. This new MOU signifies the confidence and commitment of YCH in the potential and development of Tianjin which is one of their key regional hubs for the customers in Asia."
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