Companies in Hong Kong are looking to shift to Singapore due to protests

One of the biggest development in recent times after the US-China trade ban is the Hong Kong protests. We know that almost everyone around the world in and around Hong Kong is affected by the protests happening in Hong Kong. While Hong Kong’s leader has announced her decision to withdraw the controversial extradition bill which stirred up the protests, the Hong Kong protests are still going on. Due to the protests, we have seen multiple flights getting cancelled as well as delayed.

Now, we are seeing some big impact on the business sector due to these protests. It has been reported that companies in Hong Kong are looking to shift elsewhere in order for them as well as their employees to remain unaffected by the Hong Kong protests. According to a report, Hong Kong firms are looking at Singapore to be the best option for them to move to if needed.

A survey reports that almost a quarter of businesses in Hong Kong are looking to move to Singapore. While 23% of companies according to the survey are looking to move to Singapore, 1% of the companies have already made plans to move as per the survey. As per the survey, every 9 of the 10 firms in this survey consider Singapore as the best location for relocation.

Apart from that, 80% of the businesses say that their investment plans have also been impacted because of the Hong Kong protests. However, Singapore also remains sceptical of the Hong Kong protests rather than being excited about the survey. Because Singapore’s Trade and Industry minister says that “continued disruptions to Hong Kong’s stability will have negative spillover impact on Singapore and the region given these close linkages” in trade and investment matters. Also, 86% of the companies looking to move away from Hong Kong said that Singapore will reap gains from this.