Written reply to PQ on identifying beneficiaries of Singapore-Hong Kong bilateral competition, and managing regulatory divergence and competitive positioning

Question:

Mr Jackson Lam: To ask the Deputy Prime Minister and Minister for Trade and Industry (a) which specific sectors has the Government identified as benefitting the most from Singapore-Hong Kong competition in global trade; (b) whether bilateral mechanisms exist to manage regulatory divergence between both cities; and (c) how does Singapore measure competitive positioning against Hong Kong beyond headline indices. 

Written Answer by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong

1.                  Singapore and Hong Kong serve as complementary hubs to our respective regions. For example, our financial services, logistics, innovation and tourism sectors are able to leverage on this dynamic to drive excellence and attract global businesses to Asia. We also encourage initiatives for Hong Kong and Singapore to collaborate. For example, both sides maintain close collaborations through regular official exchanges and business events like the Singapore Week of Innovation and Technology (SWITCH) and the Hong Kong Start-Up Express Competition. These engagements foster knowledge sharing, facilitate business partnerships, and create synergies that expand opportunities for both cities.

2.                  It is not meaningful to identify sectors as benefiting one side more than the other. The fundamental benefit of global trade is that it lifts all sides. As global fragmentation increases, it is also vital for Singapore and Hong Kong to work together internationally to support the rules-based trading system.