News Release
DGIP visits Japan to promote Hong Kong's role amid Guangdong Hong Kong-Macao Bay Area and Belt and Road Initiative
The Director-General of Investment Promotion, Mr Stephen Phillips, attended a seminar yesterday (July 11) jointly organised with Hong Kong Economic and Trade Office in Tokyo, briefing business leaders about the opportunities Hong Kong has to offer in the context of the Guangdong Hong Kong-Macao Bay Area (Bay Area) development and Belt and Road Initiative.
The seminar entitled “Belt and Road” and “Greater Bay Area” Initiatives - Hong Kong’s Important Role and Business Opportunities for Japanese Companies, started with an opening remark by Principal Representative, Hong Kong Economic and Trade Office in Tokyo, Ms. Shirley Yung, followed by presentations by Mr Phillips, Head of Transport and Industrial at Invest Hong Kong, Mr. Benjamin Wong, and representatives from Standard Chartered Bank and Hong Kong Trade Development Council. The Tokyo seminar is part of Mr Phillips itinerary, which will also cover business meetings and another seminar in Seoul focusing on the Bay Area and Hong Kong’s smart city development.
Ms Yung said, “The Belt and Road Initiative is a long-term vision of transnational and intercontinental connectivity that will give rise to rewarding business prospects. They will take different permutations and shapes, including new air, sea and land routes, additional ports, rails and roads connecting isolated regions, refineries and power plants, economic and trade pacts, and increased investment flow.”
Mr Phillips said, “Hong Kong is seeing unprecedented business opportunities lying ahead in the context of China’s Belt and Road Initiative and the Guangdong-Hong Kong-Macao Bay Area development. This is the most opportune time for Japanese investors to come and leverage Hong Kong’s advantages to drive business growth arising from these opportunities.”
The Bay Area 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 Special Administrative Regions, the Bay Area has a collective population of over 68 million and a combined GDP of some US$1.5 trillion.
Mr Phillips said that the ‘One Country, Two Systems’ ensures that Hong Kong retains its enduring advantages including the rule of law and the independence of judiciary, free market mechanism, low tax regime, free flow of capital and information. “This makes Hong Kong an international city in China that can help connect the country with the rest of the world,” he said.
He added that the city can also help the country’s drive to become a technology nation in the context of the Bay Area. Hong Kong has very strong research and development capacity which combined with Shenzhen’s advanced manufacturing capacity will turn the Bay Area into an international innovation and technology hub.
While in Japan, Mr Phillips also met with leaders in wide ranging sectors including innovation, social infrastructure, pharmaceuticals, healthcare, FinTech and more. Mr Phillips will continue his duty visit in Seoul on 12 July.
About Invest Hong Kong
Invest Hong Kong is the department of the Hong Kong Special Administrative Region Government to attract foreign direct investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services for overseas and Mainland companies enrolled as its clients. For more information, please visit www.investhk.gov.hk.
Ms. Shirley Yung, Principal Representative, Hong Kong Economic and Trade Office (center right) and Mr. Stephen Phillips, Director General, Invest Hong Kong (center left)