In an inspiring address delivered at the 42nd Plenary Session Luncheon of the Hong Kong-Japan and Japan-Hong Kong Business Cooperation Committees on November 28, Financial Secretary Mr. Paul Chan highlighted the robust and enduring partnership between Hong Kong and Japan. This luncheon marked a special occasion as it was the first in-person meeting since the pandemic, providing a platform for dynamic discussions on economic collaborations across various sectors.

Mr. Chan welcomed distinguished guests, including Ambassador Kenichi Okada and notable business leaders, and celebrated the 45th anniversary of the business cooperation committees. He emphasized the vibrant exchange of ideas that took place earlier in the day, focusing on the economic landscapes of both regions and the potential for joint ventures in fields ranging from aviation to green technologies.

Strengthening Ties: Economic Opportunities Abound

With Japan being Hong Kong's fifth-largest trading partner, and over 1,400 Japanese companies thriving in the city, there is a clear indication of the economic synergy between these two regions. Mr. Chan shared impressive statistics, noting that around two million Hong Kong tourists visited Japan in the first nine months of this year, reflecting a strong cultural affinity that can be harnessed for further business growth.

Hong Kong's Unique Advantages Remain Unmatched

Despite recent challenges, Mr. Chan asserted that Hong Kong remains a vibrant, welcoming international city, bolstered by the "one country, two systems" principle. He reiterated the commitment to upholding a robust legal framework and maintaining an open economy, which has consistently earned Hong Kong recognition as Asia's premier international financial hub.

The city has shown resilience in its economic recovery, with a forecasted growth of 2.5% for the year, low unemployment rates, and manageable inflation, positioning it favorably against many advanced economies.

Key Areas of Focus: Finance and Innovation

Mr. Chan spotlighted the priorities for future growth, particularly in financial services and innovation. International investors continue to show strong confidence, buoyed by the Connect Schemes—which facilitate access between Mainland and international capital markets. He shed light on ambitious plans to develop Hong Kong into a global gold trading center, tapping into its strategic advantages.

Moreover, Mr. Chan disclosed that more than JPY4 trillion has been invested in innovation and technology initiatives. The government aims to attract thousands of quality jobs and significant foreign investment as part of its strategic focus on AI, biotech, fintech, and sustainable energy.

Harnessing the Greater Bay Area Potential

The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) plays a vital role in the narrative. With a population nearing 87 million and a combined GDP comparable to that of Italy, the GBA is a treasure trove of consumer potential. Enhanced cross-boundary financial services are paving the way for a seamless investment experience between Hong Kong and the GBA, encouraging Japanese firms to fast-track their entry into the lucrative Mainland market.

Looking Ahead: A Future Full of Collaboration

In his concluding remarks, Mr. Chan expressed excitement about the future of Hong Kong-Japan relations, reinforcing that Hong Kong stands ready to serve as a gateway for Japanese businesses keen to expand into the GBA and beyond. As cooperation between these two dynamic economies strengthens, the prospects for mutual growth appear limitless.

As the world watches, Hong Kong continues to open its doors, encouraging partnerships that promise innovation, growth, and success for years to come.

Mr. Chan's address envelops not just economic data but a vision of collaboration that could redefine the landscapes of business in both Hong Kong and Japan, signaling a bright future ahead.