HK and SG ink deals to foster cross-border cooperation

Hong Kong and Singapore have signed seven memoranda of understanding (MoU) on trade, financial services, fintech, innovation and technology, and research collaboration, said Hong Kong's leader John Lee after his meeting with Singaporean prime minister Lee Hsien Loong.

Lee said that the signing of the MoUs mean that Hong Kong has already agreed to open up co-operation in those seven areas. "That means both ways, activities will start. I am very glad that the parties who will sign the MOUs have already geared up for many ideas as to how they will promote co-operation in those seven areas," he added.

"Signing of MoUs is like opening a door for people to then pass through and carry out activities in those areas," Lee added. He took the 10 signed MoUs during his last visit to the Middle East for example, "I have known of some deals being closed, some offices being set up in Hong Kong, and actually, some visits have been made to Hong Kong as well, to look at investment opportunities and also organise conferences and summits. So, all these positive signs will thereafter result in some actual closing of deals or signing of contracts. I am very positive that we will be signing seven MOUs and develop co-operation opportunities in those seven areas."

During the trip, both leaders agreed Hong Kong and Singapore should increase cooperation in various aspects. For example, both agreed to resume the civil service exchange programme that was suspended due to the pandemic. Lee also introduced the advantages of Hong Kong and the latest investment to about 200 representatives of the government and business leaders of Singapore.

Lee said, “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. Competition and collaboration come hand in hand in today's closely connected global economy, and he believed Hong Kong and Singapore will continue to be active partners in advancing both places and play a useful role in regional developments.

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Another target of the delegation is the bid to join the RCEP, which is an important step in strengthening its relationship with ASEAN and Singapore shows its support of Hong Kong's access to RCEP. Lee expressed Hong Kong is ready to engage in exploratory discussions with RCEP members, including Singapore, intending to deepen mutual understanding and lay the groundwork for the ensuing formal negotiations.

Lee will depart for Jakarta, Indonesia, today to continue his visit programme.

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