SE Asia enterprises benefit from HK as they explore Chinese mainland market
Hong Kong Chief Executive John Lee Ka-chiu (left) meets with Prime Minister of Singapore Lee Hsien Loong in Singapore on Monday. (PHOTO / HKSAR GOVERNMENT)
Hong Kong Chief Executive John Lee Ka-chiu on Monday stressed the importance of the close relations that exist between Hong Kong and Singapore, as the Hong Kong Special Administrative Region and the city-state signed seven memorandums of understanding on areas including trade, financial services, fintech, innovation and technology, and research collaboration.
“I am certain that our relationship will continue to develop from strength to strength,” Lee said in a social media post.
The pacts were made during a trip to Singapore by a high-level Hong Kong delegation, led by Lee. The delegation is on the second day of a weeklong tour, which will also include trips to Indonesia and Malaysia.
Earlier in the day, Lee met with Prime Minister of Singapore Lee Hsien Loong to explain Hong Kong’s distinctive advantages gifted by the “one country, two systems” principle.
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The Hong Kong chief executive expressed gratitude to Singapore for supporting Hong Kong’s accession to the Regional Comprehensive Economic Partnership, and said that the Hong Kong SAR government stands ready to engage in exploratory discussions with RCEP members with a view to deepening mutual understanding and laying the groundwork for the ensuing formal negotiations.
Briefing reporters later in the day, John Lee revealed that he and Lee Hsien Loong had agreed to resume the exchange program for civil servants, which had been interrupted by the COVID-19 pandemic.
He disclosed that the SAR government has been in discussions with some members of the Association of Southeast Asia Nations (ASEAN) over simplified entry visa arrangements, including the possibility of mutual visa-free arrangements.
The Hong Kong delegation poses for a photo with representatives of Meinhardt Group in Singapore. The delegation was welcomed by the executive chairman of the group, Shahzad Nasim (first row, seventh from left). (PHOTO / HKSAR GOVERNMENT)
John Lee’s Monday schedule also included a breakfast meeting chaired by Singapore Deputy Prime Minister Lawrence Wong Shyun Tsai, and a tour of a major Singaporean enterprise, Meinhardt Group, to learn about its business development in engineering consulting services.
He said that the company’s successful experience in making use of Hong Kong as a springboard to tap into the Chinese mainland market could inspire other Singaporean and ASEAN enterprises to follow suit.
He also encouraged the group to participate in major development projects that Hong Kong is currently promoting, including the development of the Northern Metropolis.
John Lee was joined by a group of senior HKSAR government officials and about 30 high-level representatives from the city’s industry and commerce, financial services, transportation, logistics and e-commerce, and innovation and technology sectors.
Among the delegation is Hong Kong lawyer Ronald Sum Kwan-ngai, who said that this trip is aimed at helping influential figures in some countries better understand Hong Kong’s advantages and convincing them of the potential for fruitful returns on their investments in Hong Kong.
Sum said the visit so far is “meeting expectations”, adding that through its discussions with the local business community and tour of innovation centers in Singapore, the Hong Kong delegation has gained a wealth of experience.
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In his social media post, John Lee said that Hong Kong and Singapore have maintained close economic relations for years, and that Singapore has consistently been Hong Kong’s largest ASEAN trading partner. In 2022, bilateral trade in goods amounted to HK$481.5 billion ($61.59 billion). Despite the impact of the pandemic, the annual average growth rate has been 5.9 percent since 2018, Lee added.
The Hong Kong delegation will depart for Jakarta, Indonesia, on Tuesday morning, then travel to Malaysia on Thursday and return to Hong Kong on Saturday.
Atlas Shao contributed to the story.
