Quarantine-free Travel and In-person Conferences Signal Recovery
Singapore is witnessing a resurgence in its business event sector, hosting a series of high-profile conferences attended by global executives, while its rival Hong Kong remains encumbered by strict travel restrictions. Events such as the Milken Institute’s Asia Summit, the Bloomberg New Economy Forum, and a sovereign wealth fund gathering by GIC attracted hundreds of participants. These events were held under strict health protocols, including swab tests and mask mandates.
Singapore’s Business Resurgence
Singapore’s ability to host on-site events stems from its robust vaccination rollout, covering 85% of its population, and the introduction of quarantine-free travel lanes to over a dozen countries. UBS recently celebrated the opening of its largest Asian office in Singapore with a high-profile event, reinforcing the city-state’s position as a business hub.
Luxury venues, such as the Capella hotel, reported full bookings during these events. Meanwhile, major corporations, including Goldman Sachs, HSBC, and Standard Chartered, participated in these gatherings, marking the first in-person business engagements for many executives since early 2020.
Hong Kong’s Struggles
In contrast, Hong Kong continues to follow China’s stringent COVID-19 policies, including mandatory three-week quarantines for arrivals. While this has kept local infection rates low, business leaders warn that these measures may deter talent and investment. Larry Fink, CEO of BlackRock, expressed hopes for an eventual relaxation of quarantine rules during a virtual event earlier this month.
Looking Ahead
Despite strict social distancing and mask mandates, Singapore is moving forward with more events, including concerts and international expos, signaling a cautious but steady recovery. Meanwhile, Hong Kong faces growing pressure to balance public health measures with economic competitiveness.
