Multinationals Pick Singapore Over Hong Kong for Asian Headquarters
- Singapore’s Western ties, talent pool lure firms, report says
- City state’s 4,200 regional HQs dwarf those of Hong Kong
Singapore also has targeted incentives for foreign companies looking to set up regional hubs, an approach that is paying off.
Photographer: Lauryn Ishak/BloombergThis article is for subscribers only.
The international business community is clear on where it wants to call home in Asia: Singapore.
The city state hosted regional headquarters for 4,200 multinational firms in 2023, extending its lead and dwarfing the 1,336 found in Hong Kong, its main rival, according to a Bloomberg Intelligence report that details Singapore’s rise in the perennial battle to be known as Asia’s premier business destination. Even many Chinese companies seeking to hedge geopolitical risks and broaden their reach pick Singapore over Hong Kong, the report found.