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SINGAPORE - Singapore businesses can benefit from China's "One Belt, One Road" initiative by investing in Shaanxi province as five Singapore companies and five Shaanxi private and government entities signed agreements to solidify further cooperation at a trade and commerce cooperation promotion forum on Tuesday.

Jointly organized by the Shaanxi government and Industrial and Commercial Bank of China, the forum featured various investment projects across many areas such as logistics, transportation, finance, e-commerce, big data and bio-tourism. Nearly 200 government officials and representatives from enterprises and financial institutions participated in the forum.

Shaanxi, located in the northwestern part of China, is one of the cradles of Chinese civilization and the starting point of the Silk Road in history, said Zhao Zhengyong, secretary of Shaanxi Provinceial Committee of the Communist Party of China.

The economy of Shaanxi province has been growing at high speed in recent years and the province has played a pivotal role in the "One Belt, One Road" initiative, said Zhao.

Since the initial announcement in 2013 during Chinese President Xi Jinping's visit to Kazakhstan and Indonesia, the New Silk Road Economic Belt and 21st Century Maritime Silk Road, or "One Belt, One Road" initiative, have been extensively discussed both in China and related countries.

Zhao said Singapore's founding Prime Minister Lee Kuan Yew had visited Xi'an three times, which laid the foundation for cooperation between China's Shaanxi province and Singapore. As 2015 marks 25th anniversary of the establishment of China- Singapore diplomatic relations, this will offer Shaanxi great opportunities.

Chinese Ambassador Duan Jielong said the enhanced China- Singapore ties are based on trade and investment and highlighted by cooperation in finance, human resources, and fully demonstrated in science, education and environmental protection. China and Singapore are working together to propel the third governmental project in west China and to upgrade free trade negotiations.

Duan noted that Shaanxi province, with rich cultural heritage, has potential to seize opportunities to cooperate with Singapore in carrying out "One Belt, One Road" initiative and China's western development strategy to build a new platform with modern services and connectivity.

Zhao also met with Singapore's Senior Minister of State in the Ministries of Trade and Industry and National Development Lee Yi Shyan and visited Changi Airport on Tuesday.