Hong Kong’s maritime industry has been a critical contributor to the city’s economy for decades, and the government’s efforts to enhance the sector’s competitiveness are ongoing. Mr. Gilford Law, the Director-General of London ETO, recently spoke about Hong Kong’s maritime industry at the International Maritime Organization, highlighting the city’s strengths and plans.
According to Mr. Law, Hong Kong boasts solid international connectivity, which allows it to serve as an essential hub for maritime trade and logistics in the Asia-Pacific region. Additionally, Hong Kong has the fourth largest Shipping Register in the world, with over 2,000 vessels registered under the Hong Kong flag.
Looking to the future, Mr. Law shared Hong Kong’s vision of establishing a world-class port cluster in collaboration with other cities in the Guangdong-Hong Kong-Macao Greater Bay Area. This initiative promotes regional cooperation and develops a more integrated and efficient port system.
In line with the government’s commitment to enhancing the competitiveness of the maritime industry, Mr. Law also outlined initiatives from the 2023-24 Budget that will support the sector’s growth. These include attracting more maritime enterprises to establish a presence in Hong Kong through tax concessions and promoting innovative port development.
Delegates of IMO Member States and representatives of international organizations attended the reception at the International Maritime Organization. The event provided a platform for Hong Kong to showcase its maritime industry strengths and engage with global partners to explore collaboration opportunities.
Hong Kong’s maritime industry remains a crucial pillar of the city’s economy. The government’s efforts to enhance its competitiveness will continue to drive growth and development in the sector.
Hong Kong’s maritime sector is a vital component of the city’s economy, accounting for over 100,000 jobs and contributing around 2.7% of Hong Kong’s gross domestic product (GDP) in 2021. It is critical in facilitating trade and investment, and Hong Kong has long been recognized as a leading international maritime center.
In his speech, Mr. Law emphasized that the government is committed to ensuring the industry’s growth and competitiveness. He highlighted the importance of Hong Kong’s strategic location in the Greater Bay Area, which positions it as a gateway to the Mainland China market and other global markets.
The government’s plan to establish a world-class port cluster in collaboration with other cities in the Greater Bay Area is a significant step towards this goal. The initiative aims to enhance regional connectivity and create a seamless flow of restricted goods and services.
Moreover, the Hong Kong government has launched a series of initiatives to support the industry, such as tax concessions for ship leasing and maritime-related businesses and developing of a new maritime insurance hub. These initiatives aim to attract more companies to establish their presence in Hong Kong, create more high-skilled jobs, and drive innovation in the marine sector.
Mr. Law’s speech highlighted Hong Kong’s commitment to developing a vibrant and competitive maritime sector. By leveraging its strategic location and global connectivity, Hong Kong is well-positioned to continue playing a significant role in facilitating international trade and investment.
