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Executive Councillor Jeffrey Lam Kin-fung called for greater flexibility and efficiency in government policies to better facilitate foreign investments ahead of the upcoming budget.
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In a television interview aired on Sunday, Lam expressed confidence that the government could reduce the deficit and balance the books within two to three years if the city successfully attracts more foreign investments and enterprises.
However, the veteran politician warned that rigidity in policy-making could undermine Hong Kong’s competitiveness, leading to a loss of investors to other economies such as Singapore.
“If you are slow in everything, they will leave and go to Singapore instead,” Lam said.
To counter this, he suggested that the Hong Kong government implement tax concessions for overseas businesses.
When asked about the potential impact of US policies with Donald Trump returning to the White House, Lam remained optimistic, saying, “Wherever there are crises, there are also opportunities.”
He said potential business opportunities for Hong Kong with markets in the Association of Southeast Asian Nations (ASEAN) and the Middle East, noting that many European countries view Hong Kong as a gateway to the mainland market.
Also, Lam revealed that the Hong Kong General Chamber of Commerce plans to visit the United States in late April to engage with US businesspeople and politicians, a trip that has been positively received by the American side.
Regarding the Northern Metropolis, Lam, who represents the Commercial (First) constituency in the Legislative Council, reiterated the sector’s support for the development project.
He urged the government to adopt a more flexible approach to land sale policies, including the restoration of the application-based land sale mechanism, which was abolished in 2018.
(Jamie Liu)
