Commerce secretary eyes new markets amid global shifts

Secretary for Commerce and Economic Development Algernon Yau Ying-wah stated on Monday that rapid global political and economic changes, rising geopolitical risks, supply chain reallocations, and evolving trade rules pose challenges to Hong Kong but also create new opportunities.

Speaking at a luncheon hosted by the Chinese General Chamber of Commerce, Yau announced plans to lead delegations to Uzbekistan, Kazakhstan, Hungary, and potentially Latin America—though the latter's unstable situation requires monitoring—and later Africa.

He noted Angola's interest in business ties with Hong Kong, encouraging young entrepreneurs to explore emerging markets.

Yau highlighted the recent opening of Hong Kong's Economic and Trade Office in Kuala Lumpur, advancing its ASEAN presence.

He described ASEAN as one of the fastest-growing regions with rising consumer power and strong demand for technology and professional services, making it ideal for Hong Kong firms, especially startups.

The government plans to expand its trade office network to more promising markets, including Central Asia, the Middle East, and other Belt and Road countries.

Yau added that China's 15th Five-Year Plan aims to strengthen Hong Kong's roles as an international financial, shipping, and trade center, with the SAR government proactively aligning more comprehensively to integrate into national development.