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Hong Kong to strengthen status as global shipping centre: Minister Li

25
Oct '21

Pic: Shutterstock

The Hong Kong Special Administrative Region (HKSAR) will strengthen its status as a global shipping centre by leveraging advantages in services and developing the Greater Bay Area, Chinese minister of transport Li Xiaopeng told the first World Maritime Merchants Forum held in Hong Kong recently. Hong Kong's shipping industry is highly developed, especially in shipping finance, insurance and legal service, he said.

The ministry will proactively support Hong Kong in consolidating and upgrading its position as an international shipping center, and its integration into the Guangdong-Hong Kong-Macao Greater Bay Area, Li told representatives international shipping organisations and industry heavyweights in a vide message.

Teresa Cheng, secretary of justice of the HKSAR government, said at the forum that there is a clear shift of maritime and trading activities to the East, meaning a larger demand for maritime-related financial and legal services, official Chinese media reported.

"This trend is inevitable when, out of the world's top 10 container ports, China accounts for seven of them, and three of which are cities of the Greater Bay Area, namely Shenzhen, Guangzhou and Hong Kong," she said.

Hong Kong prides itself as a center for the provision of services for the maritime industry, and more tax concessions will be introduced to attract maritime shipping firms to establish a business presence in Hong Kong, she said.

She said the 14th Five-Year Plan and the Greater Bay Area development plan explicitly support Hong Kong in consolidating and enhancing its status as a center for international legal and dispute resolution services in the Asia-Pacific Region.

"With our unique position under these two national policies, Hong Kong's maritime industry and related services have been given new impetus for growth," Cheng said.

The first World Maritime Merchants Forum was initiated by China Merchants Group in association with the Baltic and International Maritime Council, the International Chamber of Shipping and the Hong Kong Shipowners Association.

Fibre2Fashion News Desk (DS)