On March 1, the Hong Kong Economic and Trade Office in San Francisco co-hosted a webinar with the World Trade Center Los Angeles (WTCLA) to discuss the business environment in Hong Kong and how it remains Asia’s leading business and financial center as COVID-19 impacts global trade and investment against a complex geopolitical backdrop.

At the webinar, Stephen Cheung, President of the WTCLA discussed with Stephen Phillips, Director-General of Invest Hong Kong and Patrick Lau, Deputy Executive Director of the Hong Kong Trade Development Council about Hong Kong’s role for U.S. businesses looking for growth opportunities.  Mr Phillips and Mr Lau, both based in Hong Kong, updated the audience about the latest situation and business sentiment in Hong Kong.

Hong Kong has continued to attract global businesses.  “Business people in Hong Kong on the ground, including US companies, are generally positive about the future,” said Mr Phillips, “we have had capital inflow into Hong Kong so extensive that the Hong Kong Monetary Authority has had to intervene in the money markets.”  Hong Kong stock exchange hit a record-high daily turnover a few weeks ago.   While sectors like tourism, retail and food and beverage have been hard-hit by COVID-19, some others including financial services, professional services, life sciences and technology have been resilient, and indeed agile and creative to leverage opportunities under the critical challenge of the pandemic.   Hong Kong’s startup scene remains vibrant, showing a 10% growth in number of start-ups last year despite the pandemic. 

Mr Phillips and Mr Lau offered insights about the key and emerging opportunities and how overseas companies could explore them.  Hong Kong is uniquely positioned to help international businesses take advantage of China’s new ‘dual circulation’ economic strategy and Guangdong-Hong Kong-Macao Greater Bay Area development as well as tap into the market of Southeast Asia and Central Asia.  The Closer Economic Partnership Agreement between Hong Kong and the Mainland China gives the most preferential access of the Mainland China market to Hong Kong companies, including international businesses set up in Hong Kong.  “It is not just the geographical proximity and strategic positioning of Hong Kong, it is concrete policy that Hong Kong has that facilitates companies’ tapping into the huge consumer demands of Mainland China,” said Mr Lau. 

Hong Kong has not only maintained its role as Asia’s leading business and financial center, it also remains a top hub of convention and conferences businesses, deal making center and dispute resolution center.   To review the webinar, please access https://www.youtube.com/watch?v=y5uU-VlwIzo&feature=youtu.be .