September 2, 2024
HONG KONG – Financial Secretary Paul Chan Mo-po left Hong Kong on Sunday on a five-day tour of Australia aimed at forging economic, financial and innovation ties.
He said on his Sunday blog one of the aims of the visit, which will take him to Sydney and Melbourne, is to attract investment in emerging industries, focusing on engaging biotechnology, new energy and fintech companies.
“Hong Kong serves as a two-way gateway connecting the Chinese mainland and the world. The city offers an ideal platform for tech companies to expand into regional and mainland markets,” he said.
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Chan also highlighted Hong Kong’s strengths, including five world-class universities, strong research capabilities, and a robust financing ecosystem.
The finance chief said he will introduce the special administrative region’s advantages to Australian enterprises in these promising sectors to entice them to set up shop or expand their operations in the city. He’ll also try to promote green technology development and address climate change challenges through cross-regional exchanges.
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Another goal is to expand overseas markets for Hong Kong in traditional businesses and trading spheres. Australia is an important trade partner, with imports to Hong Kong valued at HK$14.8 billion ($1.89 billion) last year, mainly in vegetables, Fruits, seafood and beverages. Wine imports from Australia exceeded HK$1.4 billion, making the country Hong Kong’s second-largest source of wine imports by value and the largest by volume.
Then Secretary for Commerce and Economic Development Edward Yau Tang-wah (left) and then Australian Minster for Trade, Tourism and Investment Simon Birmingham sign the Hong Kong-Australia Free Trade Agreement and Investment Agreement in Sydney, Australia, March 26, 2019. PHOTO: HKSAR GOVERNMENT/CHINA DAILY
“As Hong Kong has connected a vast market for the Australian wine industry, it has solidified its position as one of the world’s major wine trading and auction centers,” Chan said.
He said the SAR’s role as a trading hub extends beyond wine, highlighting its logistics capabilities for a range of high-value goods. “Hong Kong’s extensive air transport network, comprehensive warehousing facilities and efficient customs clearance procedures make it the most cost-effective distribution and transshipment center for high-value products, whether it’s wine, vegetables, fruits or seafood.”
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While in Australia, Chan will participate in various business events and deliver a keynote speech at a summit co-hosted by The Australian Financial Review and Asia Society Australia.
He noted that the SAR government has invested more than HK$210 billion in innovation and technology development in the past nine years.
The Shenzhen-Hong Kong-Guangzhou technology cluster ranked second globally in the latest version of the World Intellectual Property Organization’s annual Global Innovation Index for the fifth consecutive year.