SINGAPORE - As China’s north-eastern rust belt seeks to transform its economic fortunes after years in the doldrums, Singapore is positioning itself to ride the next wave of opportunity that could come with that.

Six new deals spanning healthcare, research, and technology were signed by Singapore entities in Liaoning province during a trade meeting on Aug 11, which was attended by close to 60 officials and business representatives from both sides.

At the meeting, political leaders from Singapore and Liaoning touted the business prospects arising from a push to revitalise a slowing, greying region that was once at the heart of China’s planned economy.

Liaoning, which has long relied on traditional heavy industries such as steel and petrochemicals, is known as the birthplace of China’s first ocean-going freighter and aircraft.

But in recent years, the coastal province has been plagued by severe brain drain and economic stagnation, driven largely by an aggressive national pivot towards high technology and modernisation.

Home to more than 40 million people, with its largest cities being the capital, Shenyang, and the port hub, Dalian, it has since 2023 sought to reshape its industrial system by focusing on green technology and digital transformation.

Minister for Social and Family Development Masagos Zulkifli, who was in Shenyang to co-chair the 11th meeting of the Singapore-Liaoning Economic and Trade Council, said Singapore has supported Liaoning’s economic development over the past two decades.

“We remain committed to deepening our cooperation with Liaoning as it embarks on the next phase of growth. Through the (council), we look forward to facilitating new partnerships and unlocking opportunities for our businesses, research institutions and communities,” he added.