Hong Kong’s China-centric approach has been raising few eyebrows in the Asian markets very recently. Capitalizing on this, Singapore is outdoing Hong Kong to become Asia’s Business Hub, said Singapore Economic Development Board (EDB). Globally, many MNCs are competing to set up their headquarters in already-jammed (retail space) Singapore, where the sky is the only alternative and not the land.
According to the Singapore’s EDB, it believes that Singapore is already beating Hong Kong in this space, and is likely to emerge as the new address for Asian Business Hub. A senior official at EDB felt that Singapore being a small country is highly unlike the Silicon Valley of the US, which is self-sufficient. Thus the need to constantly attract the industry leaders from outside.
‘We need to attract industry leaders to set up their headquarters in our country. Singapore is a small nation, and we are aware of that. Yet, many APAC (Asia-Pacific) countries have their headquarters, or at the least APAC non-China headquarters in Singapore’, a senior official said in an interview with Bloomberg.
Industry analysts strongly believe that China’s growing influence on Honk Kong is driving out most of the MNCs headquartered in the Chinese territory.
Currently, more than 7000 APAC companies and 37,400 MNCs operate out of the state, while headquartered in Singapore.
This news development is reported in Bloomberg.