Singapore is the best since the entire region is stable and thus, can attract investors, Lee Hsien Loongl, Prime Minister said as unrest continues to torment Hong Kong.
Lee said at the Forbes Global CEO Conference in Singapore on Wednesday, that investors can come and not think that they are in the dangerous part of the world.
“We are the best in Singapore when the region is stable when other countries can do business with us,” he told the audience at a dialogue with Steve Forbes, who is the chairman and editor-in-chief of Forbes Media.
The ties with other countries will include those in financial services with Hong Kong, tourism, or trade.
“When Hong Kong is troubled, when there’re demonstrations or worse, there are riots; when the chief executive is booed out of the Legislative Council chamber, I think that’s reslly bad for the region,” he said. He was referring to the incident where Hong Kong Chief Executive Carrie Lam was heckled and interrupted by pro-democracy lawmakers twice while she was trying to make her annual policy address. She ended up delivering the speech by a video.
“We look on with concern. We hope Hong Kong will overcome these problems. I don’t see any easy way ahead,” Lee said.
The protests are over now and extradition bill has been withdrawn. It would have allowed China to freeze their assets in the city which initially created reports that said Hong Kong tycoons have already started to move their personal wealth offshore. Wealth managers and various bankers told Reuters that they were receiving more queries from individuals about moving their funds to Singapore.