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Singapore and Hong Kong Pioneering Economic Hubs

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Shared ideals and goals are the foundation of Singapore and Hong Kong’s close and enduring friendship. Despite limited resources, both cities have encouraged their creative and entrepreneurial sides, developing themselves as thriving economic hubs with excellent global connectivity and an abundance of highly qualified people.

One asset that Singapore and Hong Kong share, according to Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat, is their strategic locations—both within their own neighbourhoods and within a bustling Asian region.

By 2030, the ASEAN region aims to be the fourth-largest economy in the world. Hence, Asia has promising growth possibilities. It is anticipated to account for almost 70% of worldwide growth this year.

There is untapped potential. Youth make up 34%, or more than one-third, of the 654 million people in ASEAN today. The potential for growth in several fields, including technology, sustainability, and the digital economy, is great.

The Deputy Prime Minister is pleased with how Singapore and Hong Kong’s financial cooperation has grown over the years. Financial regulatory bodies in Singapore and Hong Kong collaborate closely in areas including information sharing, financial regulation and oversight, and developing FinTech sectors.

Singapore and Hong Kong ought to continue to serve the region well and stay on top of emerging trends as worldwide financial centres anchored in Asia. The partnerships have increased the stability and openness of the regional financial sector, which will in turn draw funding to important development sectors in Asia including the green and digital economy.

Deputy Prime Minister Heng stated that the digital economy has the power to transform society and improve people’s lives in a variety of ways. But it’s crucial to be aware of and prepare for any potential difficulties presented by the digital economy.

“As we continue to promote and uphold confidence in a rules-based global multilateral trading system, we should also build a strong foundation among ourselves to catalyse cooperation, particularly in new growth sectors like digital trade and intellectual property protection and enforcement,” he added.

The importance of digital trade is likely to continue to grow in the years to come as digital technologies are making it easier, cheaper, and more efficient for businesses to trade across borders. As a result, digital trade is expected to play an increasingly important role in the global economy. It is firmly believed that technical advancements and innovation in cutting-edge fields like sustainability and digitalisation will be the source of the next spurt in global economic growth.

To launch and scale solutions to some of the most urgent global concerns, including climate change, food and water security, and the demands of an ageing population, Singapore sees itself as a Global-Asia hub of technology, innovation, and entrepreneurship. Collaboration and making the most of these new growth prospects are encouraged by Deputy Prime Minister Heng as partnerships are essential to accelerating such effective solutions.

He also mentioned the signing of 7 new Memoranda of Understanding (MoU) by organisations in Singapore and Hong Kong. These agreements span topics including business promotion, Fintech, innovation and entrepreneurship, decarbonisation, and research and development.

“As they seek to strengthen their partnership for success in the years to come, Singapore looks forward to further strengthening and extending their collaborations with Hong Kong in these and other fascinating new sectors,” Deputy Prime Minister Heng said.


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