In a landmark development, Hong Kong and Singapore have taken a giant leap towards strengthening their mutual economic ties by signing seven Memoranda of Understanding (MoUs). These agreements span areas such as trade, financial services, fintech, innovation and technology, and research collaboration. The signing of these MoUs was announced by Hong Kong’s leader John Lee, following his meeting with Singaporean Prime Minister Lee Hsien Loong.
John Lee expressed his optimism about the strategic collaboration, stating, “Signing of MoUs is like opening a door for people to then pass through and carry out activities in those areas.” He revealed that the plans for cooperation in these seven areas are already in motion, anticipating an influx of activities to commence on both sides.
This diplomatic maneuver is not unprecedented. Drawing from the successful implementation of 10 MoUs signed during his recent visit to the Middle East, Lee recounted the establishment of new offices, the closing of significant deals, and hosting of industry conferences and summits in Hong Kong. This past success fuels his confidence in the new collaborative undertakings with Singapore.
During their meeting, both leaders concurred that Hong Kong and Singapore should amplify cooperation in various fields. They agreed to revive the civil service exchange programme, which had been on hold due to the pandemic. Lee also showcased the benefits of investing in Hong Kong to approximately 200 Singaporean government representatives and business leaders.
He emphasized, “Singapore has consistently been Hong Kong’s largest trading partner in ASEAN and ranked first among ASEAN countries as the largest place of origin in terms of the number of companies present in Hong Kong.” He added that he envisions Hong Kong and Singapore as active partners advancing both territories and playing a pivotal role in regional developments.
In addition to the MoUs, the delegation also discussed Hong Kong’s bid to join the Regional Comprehensive Economic Partnership (RCEP). Singapore has shown support for Hong Kong’s accession to the RCEP, a move seen as an important step in bolstering its ties with ASEAN. John Lee affirmed Hong Kong’s readiness to engage in exploratory discussions with RCEP members, including Singapore. After Singapore, Lee is scheduled to continue his visit in Jakarta, Indonesia.
This news is based on information provided by Marketing Interactive.