Amid the changing trade policies in the United States, Alpha Lau Hai-suen, Director-General of Investment Promotion, expressed confidence in Hong Kong's ability to seize opportunities in the current unstable geopolitical climate.
Speaking on a radio program on Sunday, Lau emphasized the necessity of stability for business operations, particularly as global trade is affected by US policies.
As China's GDP growth has exceeded 5 percent, along with Hong Kong's position as a free-trade hub in the Asia-Pacific region, Lau added that many companies are shifting away from the US market, establishing a presence in Hong Kong for the Greater Bay Area market.
Lau highlighted that the majority of enterprises drawn to Hong Kong in recent years have been linked to finance and fintech, along with logistics and startup businesses, believing it could generate more job opportunities, particularly in the expanding logistics and catering industries.
Addressing the recent wave of restaurant closures, Lau remarked that consumer tastes evolve over time, encouraging the catering sector to adapt to trends.
Lau explained that some long-established restaurants may close due to aging founders or an inability to modify their business models, viewing this as a commercial decision.
Lau added that many of the restaurants supported by Invest Hong Kong feature unique and innovative cuisines, such as Sichuan and Xi'an dishes, with plans to expand into Southeast Asia.
However, Lau advised Chinese enterprises not to rush into global markets without a clear understanding of their product advantages and target markets.
Expressing confidence in Hong Kong's financial market and its unique advantages, Lau stated there is potential for cooperation with other commercial hubs like Dubai, London, and New York, as businesses have diverse needs. For instance, the department could facilitate China enterprise to expand into Middle Eastern markets.
While investment figures for the first half of the year have shown promising growth, particularly from Chinese enterprises, Lau stressed the importance of attracting investment and enhancing awareness of Hong Kong's unique "one country, two systems" advantage in emerging markets.
Regarding the negative portrayals of Hong Kong by some Western countries and media, Lau observed a shift in perception, where several American entrepreneurs are now considering engaging with the city after recognizing the potential of the Chinese market.
Additionally, Lau underlined the importance of effective promotion for Hong Kong to foster a better understanding among international investors.
(Phoebe Poon)
