HK earmarks $215m to develop smart port

To develop smart port in Hong Kong, the government has set aside HK$215 million to install a port community system to enhance the flow of data among stakeholders in the maritime, port and logistics industries, said Paul Chan.

This is among new initiatives announced in the budget to bolster the city’s standing as a leading international maritime center.

Chan said on Wednesday that the government will continue to embrace changes and adopt an innovative spirit to create a stronger impetus for the development of the industry.

A new Hong Kong Maritime and Port Board will be established to strengthen related research, promotion and human resources training to facilitate the sustainable development of the international maritime center.

In response to the changes of international tax regulations, Chan suggested enhancement for related tax measures, including the introduction of a tax reduction for ship acquisition expenses for ship lessors under an operating lease.

Additionally, Chan proposed to impose a half-rate tax for commodity traders, which will be submitted to the Legislative Council in the first half of next year. 

Meanwhile, Chan highlighted the government’s commitment to identifying and launching suitable logistic sites.

He said the study of the development model for logistic sites in the Northern Metropolis to develop modern clusters has begun, with findings expected to be announced this year.