Singapore’s Prime Minister Lee Hsien Loong said he was not seeking to woo business out of Hong Kong amid increasing reports about the city-state’s role as a beneficiary of the rival hub’s downturn.
«We think it’s better for Hong Kong and better for the region — and Singapore — if Hong Kong is stable and calm and prosperous,» Lee told a virtual event of the Atlantic Council in Washington, according to an «AFP» report.
«On balance, I would say I much prefer Hong Kong doing well than to have people looking for places to go out of Hong Kong.»
Dual Hubs
Following the enactment of the national security law in Hong Kong, interest from the financial industry in Singapore has been rapidly increasing from capital flows to talent reallocation. The Monetary Authority of Singapore came out twice to reassure that flows from Hong Kong were not significant, caveating that with comments that increased inquiries driven by increased uncertainty was normal.
According to Lee, the Singapore and Hong Kong were in «friendly competition» but not added that it was not a «very serious rivalry».
The son of Lee Kuan Yew, modern Singapore’s founder, also noted that the coronavirus derailed his plans to retire when he reached 70 years old in February 2020 and that he would have to «see this through and hand over Singapore in good shape to good hands». His party, People’s Action Party, has ruled Singapore for six decades and once again retained power in the recent general elections earlier this month.
