Singapore and Hong Kong share a common interest to uphold a rules-based multilateral trading system, said Senior Minister of State for Trade & Industry and Education Chee Hong Tat.
He made such comment during his visit in Hong Kong from 2 to 5 December 2018 when he met with Hong Kong government leaders, including Secretary for Commerce and Economic Development Edward Yau and Secretary for Constitutional and Mainland Affairs Patrick Nip.
The two sides reaffirmed the close bilateral economic ties and discussed the latest developments and opportunities in the region.
“Singapore and Hong Kong share close economic ties underpinned by frequent people-to-people exchanges. As like-minded economies that thrive on openness and free trade, we share a common interest to uphold a rules-based multilateral trading system,” he said.
Mr. Chee also met with the Hong Kong business community who shared their views on how Singapore and Hong Kong businesses could explore partnership opportunities.
He also engaged Singaporeans based in Hong Kong during a networking reception and visited the Hong Kong Science Park, Tai Kwun Centre for Heritage and Arts and the Singapore International School.
Singapore and Hong Kong enjoy strong investment ties. Hong Kong was Singapore’s third largest investment destination in 2016, with a cumulative investment of S$52.8 billion.
In the same year, Singapore was Hong Kong’s seventh largest investment destination, with cumulative investment totaling HK$94.8 billion (approximately S$16.9 billion).
Regarding trade in goods, Singapore and Hong Kong are each other’s fifth largest trading partner in 2017. In 2017, overall trade in goods between Singapore and Hong Kong increased by 8.4% and reached S$69.6 billion