The international trade model is the best option for Hong Kong and Singapore because they both have a low labor cost that allows them to hire many people for little money.
What is Hong Kong?
Hong Kong is an administrative region of the Republic of China, which is characterized by having an independent economic system from the rest of China. Hong Kong is important because it has a free market economy focused on the service sector.
A large part of the operations of financial services and telecommunications companies in Asia are carried out from there. In 2019 it was placed in the second position of the Index of Economic Freedom, only surpassed by Singapore.
What is Hong Kong related to Singapore?
Like Singapore, its economy has grown exponentially over the last decade, becoming one of the most important cities for the world economy due to the high incomes there.
A remarkable aspect of these two places is that the cost of labor is low, which is why companies prefer to establish their headquarters there in order to hire all the required employees without spending much.
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