Collaborate for success in Asia's world city

The third Belt and Road Summit, themed "Collaborate for Success", was held at the Hong Kong Convention and Exhibition Centre on 28 June. The event drew leading speakers from Hong Kong, the Mainland of China, and countries along the Belt and Road, who shared insights on the development of the initiative, intergovernmental co-operation and business opportunities for different industries. With its unique set of advantages, Hong Kong has a key role to play in the initiative.

Close to 5,000 participants, including ministerial officials, business leaders and professionals from 55 countries and regions attended the event, at which over 500 one-to-one business-matching meetings with over 220 projects were arranged to promote business deals.

In her opening address at the summit, Chief Executive Mrs Carrie Lam stated that Hong Kong, being the world's freest economy and China's most international city, is destined to play a significant part in the Belt and Road Initiative. "Hong Kong's singular most important advantage in playing an active role in the Belt and Road Initiative is the 'one country, two systems' framework that propels our development in the past 21 years. It allows us to expand our traditional strengths as an international financial, trade and logistics centre, while deepening our economic integration with the Mainland", she said.

Economies, businesses and people in Central and Eastern Europe can hugely benefit from the prospects arising from the Belt and Road Initiative. To facilitate new business opportunities, to spur economic growth, to create jobs – or in short – to create opportunities, is the ultimate goal of this global project. A wide participation from different parts of the world is important for the successful implementation of this initiative, as its pursuit requires a high degree of co-operation across continents, establishment of sound bilateral and multi-lateral mechanisms, as well as participation from different sectors. Collaboration for success is the name of the game. And that’s where Hong Kong comes into play. An international financial centre, and one of the world's largest trading economies, Hong Kong is experienced in serving as a regional hub and a business bridge connecting the Mainland of China with Asia and the rest of the world. The city also embraces the free flow of capital, of goods, information and talents. That fluid connectivity will prove indispensable long down the Belt and Road.

Being the world's largest offshore Renminbi centre by handling about 76 per cent of offshore Renminbi transactions, as well as having the Hong Kong International Airport, the world's busiest airport for international cargo, certainly speak in favour of Hong Kong, too.

The Guangdong-Hong Kong-Macao Bay Area, another major national development priority, will serve as a powerful connection point for the Belt and Road. A cluster of nine flourishing cities in Guangdong Province together with Hong Kong and Macao, the Bay Area unites a collective population of over 68 million and a combined GDP of some US$1.5 trillion. Taking advantage of the varying expertise that abound in the 11 cities, the Bay Area is expected to rise as a global centre for finance, high-end services and innovation and technology. In doing so, it will also boost interaction and integration within the region, encouraging strategic partnerships among Hong Kong, Guangdong and the larger Belt and Road region.

In his speech at the 3rd Belt and Road Summit on 28 June, Hong Kong’s Secretary for Commerce and Economic Development, Mr Edward Yau, highlighted the rapid development in the field of free trade agreements (FTA) in the past 12 months when Hong Kong has secured three new sets of FTAs with 12 economies, more than double the number than in the last two decades. At the Summit’s press conference, Mr Yau reiterated the distinctive advantages that Hong Kong is offering to business from around the world including the unique economic freedom, free flow of capital, people and information, and the most welcoming and competitive trading environment.



Hong Kong is active on many levels to promote the Belt and Road. Right before the summit, Mrs Lam had travelled to Beijing to meet with the Vice Premier of the State Council, Mr Han Zheng, to discuss the development plan for the Guangdong-Hong Kong-Macao Bay Area that impacts different sectors of Hong Kong. In central and Eastern Europe, HKETO Berlin has, not for the first time, organised a business seminar in Poland introducing the opportunities arising from the Belt and Road and Bay Area initiatives. Participants from Polish government agencies as well as from Polish small and medium enterprises and start-ups from different sectors such as fintech and innovation and technology flocked to the seminar in Warsaw in mid-June. Dr Wing-hin Chung, Head of the Investment Promotion Unit of HKETO Berlin pointed out that Polish businesses in Hong Kong would continue to benefit from Hong Kong’s traditional strengths including the low and simple tax system, the rule of law, and the strategic location in the heart of Asia, while new prospects will arise from the enhanced connectivity of the city in the afore-mentioned Guangdong-Hong Kong-Macao Bay Area. For Polish entrepreneurs aiming to enter the vast Chinese market, Dr Chung put it straight: “If you really want to experience and understand the market, you will have to go to Hong Kong.” Asia’s world city is prepared to be the bridge linking goods and services of Polish and other European companies with the markets in the East.

As the Chief Executive phrased it in her keynote speech at the Belt and Road Summit, Hong Kong “is committed to being both a ‘facilitator’ and a ‘promoter’ of the Belt and Road – today, tomorrow and long down that road of transformative connections and boundless opportunities.”