Tiny yet so mighty.
Two Asian nations are making waves on the Asian and global stage by making feats that other bigger nations can only dream of.
We are talking about Singapore and Hong Kong, which now carry the status as Asia’s leading financial hubs. And with that title alone, it tells so much at how the economies of these two nations are performing compared to their Asian neighbors.
These two Davids possess similar and unique assets that catapulted them as one of Asia’s economic powerhouses. Let’s take a look at their notable economic strengths:
Singapore
Singapore, even with its small geographical size, has the highest value of exports in Asia. This is because of its re-exporting and high-value products such as refined petroleum and pharmaceuticals.
It has one of the world’s lowest taxes and implements a business-friendly environment and a transparent legal system.
It is a hub of entrepreneurship which makes it a haven for venture capital firms and newly established companies.
The Merlion state specializes at wealth management and Forex which furtherly cements its position as one of Asia’s top financial hub.
Let’s now have a look at Hong Kong:
Bloomberg’s yearly report declared Hang Seng Bank, one of Hong Kong’s biggest banks, as the most well-capitalized bank in the world (yes, in the world).
Similar to Singapore, it has also one of the lowest taxes in the world and transparent legal system. This nation is also a magnet for foreign capital, a clear validation of their economy’s robust status.
Hong Kong has also a specialization in key areas such as investment and finance and investment banking.
Amazing, isn’t it? And with the current progress that they are taking now, it is certain that Singapore and Hong Kong can do much more, perhaps even higher than the feats that it had achieved in the past.
Also read: 4 Business Ideas You Can Do in Singapore