Hong Kong, Singapore can work to expand the pie, competition not zero-sum: envoy

Singapore's consul general in Hong Kong, Eric Teo Boon Hee, has emphasized the potential for collaboration between the two Asian financial hubs, refuting the notion that they are engaged in a zero-sum race for the title of Asia's top financial center. Teo, speaking to the South China Morning Post, highlighted that healthy competition between Hong Kong and Singapore could lead to mutual improvement and better outcomes for their citizens and businesses.

He stressed that both cities have admiration for each other's achievements and that the world is moving towards more win-win collaboration in various sectors, including finance and wealth management. Despite past tensions arising from talent and company outflows from Hong Kong following the national security law and pandemic restrictions, Teo pointed out that officials from both jurisdictions are now increasingly focusing on potential areas of cooperation.

Notably, Singapore's Prime Minister Lawrence Wong and Hong Kong's Chief Executive John Lee Ka-chiu recently emphasized their shared values in areas such as free trade and multilateralism, aiming for enhanced collaboration. Teo also noted that the growing capital influx into the region provides an opportunity for the two financial centers to work together and expand the market.

He described Hong Kong and Singapore as being located in different business nodes, with Hong Kong situated in northeastern Asia and Singapore in Southeast Asia, suggesting that they can complement each other's strengths. Teo acknowledged that there are certain areas where cooperation might not be feasible but expressed confidence that there are still significant opportunities for collaboration in various sectors impacted by challenges such as low fertility rates, aging populations, public housing, and artificial intelligence.

Since January 2023, there have been 15 ministerial-level visits from Singapore to Hong Kong, underscoring the robust trade, investment, and people-to-people ties between the two cities. Teo also mentioned the permanent secretaries exchange program and shared his personal experience of flying to Hong Kong in 1980, noting the observance of Hong Kong's economic resurgence under his watch.