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Singapore has not ‘supplanted’ Hong Kong, each profit from one another’s progress: Shanmugam


Turning to Singapore, Mr Shanmugam stated it was “all the time a fantastic place to take a position”, and the widespread consensus was that post-COVID, Singapore has emerged even stronger due to how the nation dealt with the pandemic.

“Lots of people discovered that their cash was protected, they usually had been protected, with a world-class healthcare system and rational insurance policies,” he stated.

“Traders from all around the world are Singapore.”

He pointed to a gradual enhance within the web inflows of belongings underneath administration. The variety of household workplaces in Singapore grew from 400 on the finish of 2020 to 700 as of end-2021.

He stated that Singapore will do very nicely so long as two situations are fulfilled: For Asia, or at the very least important components of it, to develop; and for Singapore to stay “wise” on its employment, tax and enterprise insurance policies.

“So by advantage of the geography of each locations, and what Hong Kong and Singapore have constructed ourselves into, each can and I feel will do very nicely. It is by no means a zero-sum sport,” stated Mr Shanmugam.

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