Image Source: AsiaOne
Prolonged disruption to Hong Kong's stability will have a "negative spillover impact" on Singapore and the wider region, the Southeast Asian city state's trade minister warned on Monday. Chan Chun Sing said close trade and investment ties between the two cities meant Singapore would likely be impacted by the anti-government protests in Hong Kong. The southern Chinese city was Singapore's fifth largest trading partner last year, Chan said, and its fourth largest investment destination at the end of 2017. Trade between the two accounted for an estimated 1.2 per cent of Singapore's gross domestic product last year, according to the Lion City's trade ministry. Chan said his country's economy had not yet been significantly affected by the tensions in Hong Kong, but businesses with a "strong dependence" on the city might see a greater impact. Hong Kong has for the past three months been roiled by increasingly violent anti-government unrest.
Source: AsiaOne