Singapore's close cultural links with China can help shorten the time and improve the effort needed to engage in each other's business endeavours, senior officials from Singapore said in Shanghai on Friday, hoping the two countries can foster closer business ties to accelerate prosperity in Asia.

"Tapping into our common culture and historical background is something that multi-racial Singapore is well placed to do," Grace Fu, senior minister of state for information, communications, arts, environment and water resources, said at a forum organised by the Shanghai Singapore Business Association – Singapore Club Shanghai.

In the face of a smaller and increasingly interdependent world, Fu suggested Singapore investors can make use of networks and relationships in China to consolidate their business and help newcomers.