According to a Bloomberg report, Teo Siong Seng - MD of the Pacific International Lines Group (PIL) – “sees his life as one immersed in the ancient trading networks of Asia”.
So he is seeking to benefit as China rejuvenates its Silk Road routes to the Middle East and Europe, and is setting up a joint venture with China Cosco Shipping Corporation to help China’s largest shipping group build connections in Southeast Asia and beyond.
“The venture underscores Singapore’s potential as a gateway to Southeast Asia for China as President Xi Jinping seeks to export excess industrial capacity while building influence overseas,” the report added. “Lured by shared cultural bonds and the former British colony’s legal and financial systems, the number of Chinese companies registered locally has almost doubled in the past five years to more than 7 500.”
