Hong Kong Closes the Gap with Singapore in Economic Growth
According to Secretary for Commerce and Economic Development Algernon Yau Ying-wah, Hong Kong needs to leverage the strengths of mainland China and increase its integration with the Greater Bay Area in order to achieve economic growth, particularly in competition with Singapore.
During a radio program on Monday, Yau noted that the Middle East is keen to enhance economic and trade relations with Hong Kong, as they view the city as a gateway to the Greater Bay Area.
Yau emphasized the importance of Hong Kong’s integration into regional development in the context of the current geopolitical and unilateral environment. He also dismissed concerns about Hong Kong losing its competitive edge to Singapore.
Citing the Middle East’s interest in doing business with Hong Kong and the city’s strong economic foundation with the support of the mainland. Yau stated that Hong Kong is only temporarily trailing behind and will soon catch up, as foreign companies have renewed confidence in the city.
Yau further highlighted the crucial role played by the convention and exhibition industry in Hong Kong’s economy, pointing out that it has generated around HK$50 billion in annual income for the city in recent years.
In the government’s annual budget blueprint announced last week, Financial Secretary Paul Chan Mo-po allocated an extra HK$200 million to attract more opportunities for international conventions and exhibitions in Hong Kong.