Chief Executive John Lee hailed the signing of seven memorandums of understanding (MOUs) between enterprises and institutions of Hong Kong and Singapore on Monday evening as “opening a door” for more opportunity to cooperate.

Speaking to reporters during the second day of his visit to Singapore, Lee said the seven MOUs cover areas like trade, financial services, fintech, I&T and research collaboration.

Lee said he was positive they will help develop more opportunities for cooperation in the seven areas.

“Signing of MOUs is like opening a door for people to then pass through and carry out the activities in those areas,” he said.

“For example, following my last visit to the Middle East, we signed over ten MOUs, and I’ve already known of some deals being closed, some offices being set up in Hong Kong. And actually visits have been made to Hong Kong as well, to look for investment opportunities and also organising conferences and summits.”

Lee added that to his understanding, relevant parties have “geared up” for promoting further co-operation.

Speaking to Singapore’s business leaders at a dinner gathering, Trade Development Council chairman Peter Lam said Singapore and Hong Kong can combine their strengths to achieve higher goals.

“Whether it’s in financial investment co-operation, cultural and education exchanges, infrastructures on new market assets, there are so many opportunities that will bring benefits to Singapore and Hong Kong, as well as the wider Asian region,” he said.

Singapore’s Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat told the dinner gathering that all parties should work together to create opportunities for both sides.

“Building closer ties digs the collective efforts of the public and private sectors. While governments can build institutional bridges, businesses catalyse trade investment,” he said.

During an earlier meeting with Lee, Singapore’s Prime Minister Lee Hsien Loong told the Chief Executive that the city-state and Hong Kong should “ramp up relations” again as the world recovers from the pandemic.

He emphasised that Singapore has a very important relationship with the SAR.

For his part, Lee said the relationship will continue to develop.

He also thanked Singapore for its support for Hong Kong joining the world's largest free-trade pact, the Regional Comprehensive Economic Partnership (RCEP).

Hong Kong's Chief Executive will travel to the Indonesian capital, Jakarta, on Tuesday for the second leg of his Asean countries trip.