Speeches

Spring Dinner Reception in Melaka, Malaysia

Following is the speech by the Director-General of the Hong Kong Economic and Trade Office, Mr Law Kin-wai at the Spring Dinner Reception in Melaka, Malaysia today (March 6):

Dixon (President of Hong Kong-Malaysia Business Association, Mr Dixon Chew), Peter (Regional Director of South East Asia and South Asia of Hong Kong Trade Development Council, Mr Peter Wong), Jee Eng (Director of Hong Kong Trade Development Council Malaysia, Ms Hoh Jee Eng), distinguished guests, ladies and gentlemen,

Good evening! Thanks a lot for joining us on this special occasion. This is the first time the Hong Kong-Malaysia Business Association and the Hong Kong Economic and Trade Office are hosting a dinner reception in Melaka and I am happy to see you all this evening. May I also wish you all a very happy and prosperous year ahead!

Our office, Hong Kong Economic and Trade Office, strives to enhance the bilateral relations between Hong Kong and ASEAN, including Malaysia.

I took up the post of Director-General three months ago, and though based in Jakarta, as it is where the ASEAN Secretariat is situated, we spend tremendous amount of time and effort in Malaysia too. In fact, this is already my third visit to Malaysia within three months and I anticipate that I will be coming here even more often to see what we can do to foster even closer ties between Hong Kong and Malaysia.

Recent major developments
Malaysia and Hong Kong have always been close. I am sure many of you are aware of the developments in Hong Kong but allow me to give you a short updates on the latest development and business opportunities in Hong Kong.

The Belt and Road Initiative provides much impetus for further economic development. The footprints of Hong Kong companies can be seen in many sectors in Malaysia, including banking, insurance, property developments, advertising, ports and logistics, as well as professional training. Further down the road, I am confident that, Malaysia and China, including Hong Kong, would develop ever stronger ties in investment, economy, trade, culture, education and tourism.

Meanwhile, the Greater Bay Area Development also presents huge potential. The Outline Development Plan has just been promulgated. Hong Kong, Macao, Guangzhou and Shenzhen were identified as core cities, as well as core engines for driving regional development. The Outline Development Plan clearly supports Hong Kong in consolidating and enhancing our status in various aspects including financial services, trade, aviation, Renminbi business, asset management and risk management. We encourage our friends in Malaysia to explore the potentials in the Area by making use of Hong Kong.

Another exciting news is that the Free Trade Agreement and the related Investment Agreement between Hong Kong and ASEAN are now in the final stage of ratification by individual ASEAN Member States. We believe the Agreements will enter into force in the very near future. On this, we are glad to know that the internal ratification process is on-going in Malaysia and hopefully, will be completed soon.

The Agreements are comprehensive in scope, encompassing trade in goods, trade in services, investment, economic and technical co-operation and dispute settlement mechanisms. They will bring more legal certainty, better market access and fairer and more equitable treatment in trade and investment. There would be new business opportunities and greater trade and investment flows between Hong Kong and ASEAN, including of course Malaysia. We do encourage Malaysian businessmen to make the most out of the benefits of the Agreements.

Budget 2019-2020
Our Financial Secretary announced the Budget Speech for 2019-2020 around one week ago. An economic growth of two to three per cent in real terms is forecast for Hong Kong in 2019 but as the external environment is still impeded by headwinds, we will stay vigilant in case Hong Kong’s economy will be affected by the uncertainties of global economic growth. Amongst the initiatives, the Financial Secretary injects another $1 billion into the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) this year, following the injection of $1.5 billion last year and the scope of the BUD fund also includes ASEAN countries.

Also, $150 million will be provided to support the development and initial operation of a dispute resolution online platform to enhance the development of LawTech in Hong Kong and consolidate Hong Kong’s position as an international dispute resolution services centre. The platform will benefit local micro-enterprises and SMEs, including those in Malaysia and facilitate deal making as well as dispute avoidance and resolution.

Conclusion
Once again, I thank you all for your support and look forward to working together to further strengthen the ties between Hong Kong and Malaysia, as well as ASEAN.

Please enjoy the evening. Thank you!

Ends/Wednesday, March 6, 2019