HONG KONG — The recently concluded 9th Belt and Road Summit in September reaffirmed Hong Kong’s (HK) strategic position within China’s Belt and Road Initiative (BRI), acting as a gateway for enhanced global collaboration and development.
Co-organized by the Hong Kong Special Administrative Region (HKSAR) Government and the Hong Kong Trade Development Council (HKTDC), the summit served as a platform for deepening international partnership and advancing sustainable development to enable deeper engagement across industries and support the initiative’s long-term goals.
The BRI, first introduced by Chinese President Xi Jinping in late 2013 and now said to be entering its “next golden decade,” spans from the Eurasian continent to Africa and Latin America, involving over 150 countries and more than 30 international organizations.
During the summit, over 6,000 business participants from 70+ countries, along with 90 key government and business leaders from Belt and Road countries, gathered to explore new opportunities.
This resulted in the signing of a record 25 Memoranda of Understanding (MoUs), comprising 4 government-to-government agreements and 21 business-to-business deals. The MoUs involved government bodies and companies from regions including Hong Kong, Mainland China, ASEAN nations (Indonesia, Malaysia, Vietnam), and the Middle East (Bahrain, Kuwait, the United Arab Emirates), as well as Kazakhstan and others..
Here are important highlights, takeaways from the summit:
HK to play ‘pivotal role’ in BRI’s next decade
AFP / Isaac Lawrence
The recent summit underscored Hong Kong’s position as a “super-connector” and “super value adder,” solidifying its status as a premier regional business hub and a vital link to the global market, that could support the eight major steps announced by President Xi Jinping last year to enhance the development of the Belt and Road Initiative (BRI).
These steps include establishing a multidimensional connectivity network, promoting an open world economy, fostering practical cooperation for the BRI, advancing green development, encouraging scientific and technological innovation, facilitating people-to-people exchanges, ensuring integrity in Belt and Road cooperation, and building institutional frameworks for international collaboration on the BRI.
Hong Kong Chief Executive John Lee said that HK, being China’s most-open and international city, is ‘perfectly positioned’ to play a pivotal role in realizing the goals of the BRI.
“Investors around the world, and that includes over 2,700 family offices here, can take full advantage of Hong Kong and its broad range of professional services, from financial and legal services to architectural, engineering, logistics, and more, for their Belt and Road projects,” he said.
Moreover, Lee added that under the unique “one country, two systems” principle, Hong Kong is the only world city that enjoys both the China advantage and the global advantage. As a “super connector” and a “super value-adder”, Hong Kong provides world-class infrastructure and professional services support that facilitate trade and enhance projects.
Mainland assures commitment to HK
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Speaking of one country, two systems, mainland China has thrown support behind HK for the BRI during the opening of the summit.
Li Yongjie, Deputy International Trade Representative of the Chinese Ministry of Commerce, emphasized during the event the central authorities’ commitment to strengthening Hong Kong’s status as a leading international center for finance, shipping, and trade, aiming to maximize its contributions to the Belt and Road Initiative.
“The MOFCOM will also support mainland and Hong Kong enterprises to strengthen information exchange, deepen cooperation on Belt and Road projects, enhance Hong Kong’s participation in the Belt and Road Initiative, and strengthen Hong Kong’s status as an international trade center.”
She furthered that central government will support Hong Kong in signing free trade agreements and investment protection agreements with more countries and regions, and to join Regional Comprehensive Economic Partnership, “as soon as possible.”
Moreover, Gou Ping, vice chairman of the State-owned Assets Supervision and Administration Commission of the State Council of China, stated that central state-owned enterprises are eager to collaborate closely with all sectors of Hong Kong to explore cooperation opportunities, identify shared interests, and develop strategies for the high-quality advancement of the Belt and Road Initiative.
He also highlighted the importance of deepening cooperation between mainland enterprises and Hong Kong in areas such as technological innovation, fundamental research, and the growth of emerging industries, aiming to jointly establish a robust innovation and technology ecosystem.
Navigating opportunities in Philippines-HK ties amid maritime tensions
Philstar.com/Jap Tobias
HK officials are committed to enhancing business opportunities with the Philippines, despite ongoing territorial tensions over the South China Sea.
During an interview with the media, BRI Commissioner Nicholas Ho highlighted the inclusive nature of the initiative and expressed optimism for future collaboration. “The Belt and Road Initiative is an inclusive platform. We work with everyone and want to work with everyone,” he told Philstar.com.
He pointed out the growing connections and acknowledged the significant presence of Philippine nationals in Hong Kong, remarking, “We are the oldest of friends.”
In a separate briefing, Dr Patrick Lau of the Hong Kong Trade Development Council (HKTDC) reiterated that the “historical friendship” between HK and the Philippines will endure, adding that “business opportunities for Filipino enterprises in Hong Kong have not diminished at all.”
“Regardless of political considerations, business communities can still benefit from each other,” he emphasized.
Philstar.com/Jap Tobias
In terms of areas of collaboration for HK and Philippines, Andrew Gan, an independent director of the Philippines Stock Exchange, emphasized that HK’s expertise in impact investing and environmental, social and governance (ESG) issues could significantly enhance infrastructure development in the Philippines, where such needs are critical.
During one of the summit’s essions tackling HK as a gateway to global expansion in ASEAN and the Middle East markets, Gan emphasized the opportunity for closer collaboration between the stock exchanges of the Philippines and Hong Kong, especially in derivatives and sustainable investment.
He pointed out that the Philippines has mainly functioned as a long-only market, making the prospect of working with Hong Kong to explore short-selling and derivative markets particularly compelling.
Wanted: Global innovators, talents
Beyond the business prospects tied to the Belt and Road Initiative, Hong Kong is keen to bring in more international talents to boost its ecosystem.
With the seven talent admission schemes under Hong Kong Talent Engage (HKTE), the city is attracting top professionals with extensive work experience and strong academic credentials from around the globe to explore opportunities in Hong Kong. One of these schemes is the Top Talent Pass Scheme which was launched to regain the number of foreign professionals lost due to the impact of the COVID-19 pandemic.
The new scheme is aimed at inviting experienced high-earners (HKD2.5 million and above) or graduates of the world’s top 100 universities to Hong Kong by offering two-year visas to freely explore opportunities available in the city. As of August 3, 150,000 talents have arrived in HK from the 226,000 total applicartions approved by the HKTE.
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In the science and technology sector, Eric Or, spokesperson for the Hong Kong Science and Technology Parks (HKSTP), emphasizes the city’s commitment to attracting global innovators who can thrive in its dynamic environment.
Established in 2001, HKSTP has cultivated a robust innovation ecosystem that has fostered 13 unicorns and over 2,000 technology companies from 28 countries. The organization focuses on key sectors such as healthtech, AI, robotics, fintech, and smart city technologies, providing comprehensive support to attract and develop top talent.
With state-of-the-art facilities, including dry and wet laboratories, co-working spaces, and conference venues, HKSTP offers extensive R&D infrastructure and startup support. Additionally, its expertise in commercialization and investment, coupled with strong partnership networks, positions innovation and technology as vital growth pillars for Hong Kong.
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