The commerce chief noted that the countries impacted by the recent tariff increases implemented by the United States may redirect their trade efforts towards Hong Kong, presenting new opportunities for the city.
Speaking on a TV program on Sunday, Secretary for Commerce and Economic Development Algernon Yau Ying-wah remarked on the robust initiation of economic growth in Hong Kong observed in the first quarter of this year, which is accompanied by an active financial market.
However, he acknowledged that the United States' policies could have a long-term impact on Hong Kong's economic development.
Yau noted that the United States constitutes a relatively minor portion of Hong Kong's trade and reiterated that the SAR has consistently pursued a "going global" strategy, expanding its trade relationships to include markets in the Middle East, ASEAN, and Latin America.
He said the city will expand its cooperation with Central Asia, Central Europe, and Eastern Europe, emphasizing the need to strengthen collaborations with other economies to mitigate US policy influence.
As for the recent trip to the Middle East led by Chief Executive John Lee Ka-chiu, Yau said a total of 59 memorandums of understanding (MoUs) with governments and businesses in Qatar and Kuwait were signed and praised the delegation for achieving remarkable results.
Highlighting high-level receptions throughout the trip, during which the delegation met with top executives and government departments, Yau said it demonstrated a strong willingness for the Middle Eastern countries to collaborate with the city, serving as a significant boost for investments.
Regarding US President Donald Trump's recent visit to the Middle East, where he secured multiple billions of dollars in investment agreements, Yau stated that the events are not comparable due to the distinct developmental contexts of Hong Kong and the US.
In response to Hong Kong's accession to the Regional Comprehensive Economic Partnership (RCEP), Yau described the current work plan as positive and hopes to join relevant working groups regarding the protocols by September.
