Singapore's Minister of State for Trade and Industry Lee Yi Shyan officiated at the opening of Li-Ning's badminton flagship store in Singapore, its first store in Asia outside China.

The sportswear giant Li-Ning, founded by top China gymnast Li Ning, set up its Southeast Asia regional headquarters in Singapore's newest shopping mall, Ion Orchard, according to a statement by Singapore's Ministry of State for Trade and Industry.

The minister said that over the last five years plus, the number of Chinese companies in Singapore has increased by more than two folds, from 1,300 to 3,000 in March 2009.

He added that Singapore offers locational and unparalleled access to the growing market for sports and lifestyle products and services in the region.

In thanking Li-Ning for their sponsorship of the Singapore Badminton Association's players and tournaments for 2009, he said, "We are happy that Li-Ning has chosen Singapore for the same reasons. Li-Ning's confidence in Singapore as base for its first foreign venture is truly a testament to our strength as a platform for internationalization."

Source: Xinhua