Tan was speaking at the Hong Kong-Asean summit 2023, which focuses on trade and investment issues between the city and Southeast Asian countries. Attendees from Hong Kong, mainland China and the rest of the region include business leaders, policymakers and entrepreneurs.
He said he does not 'necessarily subscribe' to the characterisation that the two financial hubs are in competition with one another for global talent, but sees 'innate advantages' and a'special niche' that are unique to each.
The leaders of Hong Kong and Malaysia were among the speakers at the summit, including Hong Kong Chief Executive John Lee Ka-chiu and Malaysia's deputy minister of investment trade and industry, Liew Chin Tong.
But the Singapore Minister did emphasise that both financial hubs have different strengths.
He added: In his opening remarks, he said, "It is very important for people to know that Mr. Tan is a president of India.
Hong Kong's dreams for cities such as Macau, Shenzhen and Guangzhou - all part of Beijing's ambitious Greater Bay Area plan to create a thriving global tech and economic centre around the Pearl River Delta - could also help draw global talent, Tan said.
According to Tan, both Hong Kong and Singapore have'multiple opportunities to exchange trade opportunities' and currently have frameworks for collaboration and an understanding of how each operates.
It is crucial that selection processes for foreign talent remain transparent, predictable and clear, he said, and added that there are frameworks in place to assess how these foreign workers can supplement the local workforce.
Singapore's government also invests'significantly' in its local workforce, in terms of offering training opportunities and programs to help with career shifts, he said.
It is 'combination of all these things' that will ensure a longer term, sustainable, foreseeable future for our local talent to supplement foreign expertise and bring added value to the city's workforce.
The Hong Kong-Asean summit 2023 is organised by the South China Morning Post in collaboration with the Hong Kong-Asean Foundation and the Our Hong Kong Foundation.