Financial Secretary Paul Chan embarked on a five-day duty visit to Australia, with the aim of boosting trade and investment between Hong Kong and the land down under. Departing for Sydney on Sunday, Chan expressed his confidence in Hong Kong’s potential to become a regional processing hub for Australian exports.
Strategic Objectives
In his weekly blog post, Chan outlined three key objectives for his visit to Australia, with the primary goal being to attract investment to Hong Kong. He emphasized the importance of meeting with enterprises in the fields of biomedicine, new energy, and fintech, aiming to showcase Hong Kong’s strategic advantages and encourage them to establish a presence in the SAR.
Furthermore, Chan aimed to strengthen cooperation in green technology, aligning with his vision to develop Hong Kong into a “green finance centre” as outlined in this year’s Budget. By leveraging Hong Kong’s existing infrastructure and connectivity, Chan believed there was significant potential to further enhance trade relations with Australia.
Trade Relations
Highlighting the substantial trade between Hong Kong and Australia, Chan noted that Hong Kong imported HK$14.8 billion worth of Australian goods last year. Notably, fresh produce, seafood, and wine were among the key imports from Australia, with wine being the city’s second-largest by value and the largest by volume.
Chan attributed Hong Kong’s success as a transshipment hub for high-value goods to its well-developed air freight network, storage facilities, and efficient customs clearance processes. These factors have made Hong Kong a cost-effective option for businesses looking to distribute goods across the region, presenting ample opportunities for further collaboration between the two regions.
Business Meetings and Summit
During his visit, Chan planned to engage with local business leaders to discuss potential investment opportunities and collaborations. Additionally, he was scheduled to attend an Asia Summit organized by the Australian Financial Review, where he would deliver a keynote speech on the importance of fostering stronger economic ties between Hong Kong and Australia.
Through these engagements, Chan aimed to not only promote Hong Kong’s strengths as a business-friendly environment but also to explore avenues for mutual growth and development in key sectors such as technology, finance, and green initiatives.
By focusing on enhancing trade and investment relations with Australia, Financial Secretary Paul Chan aimed to position Hong Kong as a key player in the region’s economic landscape, leveraging its strategic advantages and fostering partnerships for sustainable growth and development.