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Surat untuk Hong Kong

Dear friends,

2021 Policy Address – Unlimited Opportunities in Hong Kong for the ASEAN

I would like to share with you the latest annual Policy Address delivered by our Chief Executive, Mrs Carrie Lam, on 6 October 2021. Under the theme of "Building a Bright Future Together", Mrs Lam stressed that our city's "One Country, Two Systems" principle was back on track, and with full support from the Central Government, enterprises and professional services providers would find unlimited opportunities in Hong Kong.

As highlighted in my previous letters, I could not emphasise enough the multi-faceted, close ties between Hong Kong and the ASEAN and correspondingly the relevance of the potentials in our city to the region. The ASEAN was Hong Kong's second largest trading partner in merchandise trade in 2020 and the fourth largest in services trade in 2019. Both sides are endeavouring to foster even closer relations in such areas as commerce, trade and investment. The Free Trade Agreement and the Investment Agreement between Hong Kong and the ASEAN are one of the recent examples. There will undoubtedly be further opportunities on the horizon, including notably the Regional Comprehensive Economic Partnership (RCEP).

Against such backdrop, I am delighted to take this occasion to highlight the salient aspects of the 2021 Policy Address and the many attractive opportunities that Hong Kong has to offer. I believe that our friends here in the ASEAN would be as enthusiastic about the tremendous potentials in Hong Kong as we are.

The implementation of the National Security Law and the improvement to our electoral system have restored safety and stability in society. Hong Kong is now ready again for a new start for economic development. With the support and leveraging the Central Government's policies in support of Hong Kong, including the National 14th Five-Year Plan, the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and the Plan for Comprehensive Deepening Reform and Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone, our city can give full play to our unique strengths, which will in turn bring continuous impetus to the economy.

While the world is still being impacted by the rampant epidemic and geopolitical instability, our nation is undoubtedly a major growth engine and driving force for the global economy. Hong Kong is an ideal location for businesses and investors to seize the opportunities so presented.

A flagship initiative of the Policy Address, the Northern Metropolis and the Harbour Metropolis, which spearhead their respective economic engines and complement each other, will drive the future development of Hong Kong. The Northern Metropolis will be developed as an international I&T (innovation and technology) hub with unique metropolitan landscape marked with 'Urban-Rural Integration and Co-existence of Development and Conservation’, while the Harbour Metropolis supporting Hong Kong’s status as an international financial centre will be expanded.

With the Central Government supporting Hong Kong's development as an international I&T hub, the Government has invested more than $130 billion in I&T development over the past four years, which includes setting up two InnoHK research clusters by the Hong Kong Science and Technology Parks Corporation. The research clusters have attracted world-class universities and research institutes to collaborate with local universities. In addition, focus will be given to promoting research by setting up an InnoLife Healthtech Hub in the Hong Kong-Shenzhen Innovation and Technology Park at the Lok Ma Chau Loop, at the boundary between Hong Kong and Shenzhen. These measures will leverage our strengths in life and health disciplines and the market potential of the GBA.

Alongside I&T, the Government will step up efforts in the following economic areas: enhancing Hong Kong's status as an international financial centre, as well as an international transportation centre and an international trade centre; consolidating Hong Kong's status as an international aviation hub; developing Hong Kong into an international legal and dispute resolution services centre in the Asia-Pacific region; developing Hong Kong into an East-meets-West centre for international cultural exchange; and developing Hong Kong into a regional intellectual property trading centre.

Under the Policy Address, there are other various initiatives to support the development of sectors with good growth potentials, which essentially align with the significant growth momentum prevalent in the ASEAN as well.

To boost financial services, Hong Kong will enhance the listing regime, expanding offshore Renminbi business and promoting green finance.

Another promising sector is high value-added maritime business services such as ship registration, ship finance and management, marine insurance, and maritime legal and arbitration services. Tax concessions will be introduced to attract members of the maritime industry to establish a business presence in Hong Kong, and the overseas service network of the Hong Kong Shipping Registry will be expanded to provide better support for Hong Kong-registered ships.

At the same time, our Government will continue to promote re-industrialisation, including high value-added and technology-intensive manufacturing processes and production. In particular, a second Advanced Manufacturing Centre will be completed next year.

Hong Kong has all along been a confluence point for aspiring entrepreneurs and talents, both domestically and from overseas. Our Government spares no effort in ensuring a conducive field for such, and the various initiatives under the 2021 Policy Address will help further our endeavours. Particularly, our Government has been putting in place facilitative policies and measures that boost talent movement and interaction, including world-class infrastructural developments like our airport and ports, efficient immigration and customs regimes, supports for start-ups, as well as dedicated arrangements such as our Quality Migrant Admission Scheme.

There is indeed so much exciting development lying ahead, and the aforesaid is largely a glimpse of the substantial opportunities available in Hong Kong for the ASEAN. I append below some useful links, through which you will find more detail about the 2021 Policy Address and the initiatives mentioned therein. You are also, as always, most welcome to get in touch with us for more information.

Sincerely,

Law Kin-wai
Director-General
Hong Kong Economic and Trade Office

Useful links:

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