Singapore and Hong Kong compete, but in addition mutually profit from one another: Ong Ye Kung


SINGAPORE: Whereas Singapore and Hong Kong’s firms and sectors compete, in addition they mutually profit from one another to an excellent higher extent – each strategically and in the long run, mentioned Singapore Minister for Well being Ong Ye Kung on Thursday (Nov 3).

Talking on the inaugural South China Morning Publish Hong Kong-ASEAN Summit which he attended nearly and was one of many keynote audio system, Mr Ong described the connection between Singapore and Hong Kong as one in all “mutual symbiosis”.

“Many comparisons have been made between Singapore and Hong Kong. The favored narrative is to color us as zero-sum competitor(s). However I feel it is a slender and inaccurate view,” he defined.

“Quite, I feel there may be mutual symbiosis within the Singapore-Hong Kong relationship.”

Mr Ong mentioned that offer chains, manufacturing capabilities and markets, in addition to folks relations are all “carefully intertwined” the world over and between cities. Singapore-Hong Kong relations have to be seen from that perspective, he added.

Pre-pandemic, Hong Kong was Singapore’s fifth largest buying and selling companion and seventh largest funding vacation spot, whereas Singapore was Hong Kong’s fifth largest buying and selling companion, he identified.

“COVID-19 struck on the coronary heart of our financial survival, and our identification as vibrant worldwide cities. We needed to work collectively to maintain hope alive and revive our cities. By our mixed efforts, we saved our ports working and sustained commerce inputs,” Mr Ong defined.

Consequently, whole merchandise commerce between Singapore and Hong Kong grew by over 24 per cent year-on-year in 2021, he added.

Within the midst of the pandemic, each cities additionally concluded they wanted to attempt to combat the virus, in addition to open up protected passages to the skin world. And the Singapore-Hong Kong Air Journey Bubble (ATB) was arrange, mentioned Mr Ong.

“Though the ATB didn’t succeed, there was no remorse. The viability of our economies was at stake and we should put up an excellent combat. If we will flip again the clock, I feel we are going to do that another time,” he added.

“Throughout the disaster, Singapore and Hong Kong realised that we’re essentially kindred spirits and bulwarks of the globalised economic system and the worldwide monetary system.” 

SUGGESTIONS TO STRENGTHEN PARTNERSHIPS

In his speech, Mr Ong additionally listed just a few options to strengthen partnerships between Singapore and Hong Kong.

For one, each events can proceed to champion free commerce and funding flows inside their areas and likewise facilitate “nearer integration” between these areas. 



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