Hong Kong's business community bullish on Greater Bay Area, Hainan FTP synergy
Xinhua
15 Jul 2024, 08:45 GMT+10
"It's a fresh experience to get to see so many industries, including space exploration, developing on Hainan Island simultaneously," said David Whitwam, chairman of the New Zealand Chamber of Commerce in Hong Kong, urging investors based in Hong Kong and those from other countries to come and see for themselves. by Wang Xinyi HONG KONG, July 15 (Xinhua) -- A delegation of consular corps and business communities in Hong Kong has just concluded a five-day Hainan visit, eyeing further collaboration between the two dynamic export hubs of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Hainan Free Trade Port (FTP). Inspired by the remarkable achievements of the Hainan FTP construction, the delegates were bullish on a promising converge of development needs between the two areas, which are close neighbors with complementary strengths. "I'm quite impressed by the confidence with which the people here in Hainan introduce their hometown's history, culture, distinctive industries and development strategy," said Alexander Kaymer, co-founder and managing director of KAYRO Solutions of the Austrian Chamber of Commerce in Hong Kong and Macao. In fact, many in the delegation shared this sentiment with Xinhua. "What lures investors to Hainan is that the people here are not just talking about having good and cheap beaches or clean air, that sort of homogeneous concepts, but concretizing the idea of green economy with such indicators as zero carbon and clean production, and really building green industries and eco-tourism into local brands," said Johannes Hack, president of the German Chamber of Commerce in Hong Kong. The Hainan Free Trade Port features a clear top-level design and blueprint, and focuses on building regional trademarks, Hack said, noting that Hong Kong, an international metropolis boasting edges in professional services, can help Hainan with attracting and utilizing foreign investment. The two areas can recalibrate their roles in terms of investment categories, with Hong Kong being an ideal option for investing in the secondary market while the Hainan FTP being a suitable place for high-tech venture capital, he added. "This is my first visit to Hainan, but it certainly won't be my last. It's amazing and worth more visits," Ahmed Elbeshlawy, an analyst of the Consulate-General of the United Arab Emirates (UAE) in Hong Kong, told Xinhua, saying that he was impressed by the "richness" in Hainan, including the abundant resources, the diversified industries, and the untapped potential. With experience in clean production, seed breeding and medical tourism, Hainan is a promised land for businesses, particularly ESG (environmental, social, and governance) investing, Elbeshlawy said. "It's reasonable to believe that in the future, the relevant industries will emerge stronger, their scope of business expanding from the Chinese mainland to the wider world." The UAE government is currently leading a nationwide green push, he said, adding that Hainan's optimal location, cost-effectiveness and inspiring experience in ESG will pool more global green and high-tech investments, including both Hong Kong-based multinationals and UAE enterprises. Particularly, via the platform of the GBA, bigger enterprises can capitalize on a slew of measures to boost financial market interconnectivity including the Cross-boundary Wealth Management Connect Scheme and Shenzhen-Hong Kong Stock Connect, Elbeshlawy said, noting that this is where the development needs of the GBA and the FTP can converge. Speaking about the visit to the Hainan International Commercial Aerospace Launch Center and the Wenchang Aerospace Supercomputing Center, David Whitwam, chairman of the New Zealand Chamber of Commerce in Hong Kong, told Xinhua that he was very excited to see these high-end facilities up close. China has been deeply engaged in the aerospace field, and its technology ranks among the top globally, Whitwam said. "It's a fresh experience to get to see so many industries, including space exploration, developing on Hainan Island simultaneously. Investors based in Hong Kong and those from New Zealand should really come and see for themselves." The five-day trip spanned across the whole island, covering such cities as Haikou, Wenchang, Qionghai, Danzhou, Changjiang and Sanya, which excel respectively in new energy vehicles manufacturing, biotechnology, aerospace, nuclear energy, medical tourism, seed breeding, deep sea technology, among others. "When I think of a free trade port, I think of sort of heavy industry and shipping and those sorts of things. Whereas this is so much more (here in Hainan)," said Paul McComb, executive director of the British Chamber of Commerce in Hong Kong. "So in my sense it's a bit of a gem, or FTP plus." Hong Kong, with its favorable business environment and internationally aligned legal and tax systems, remains highly attractive as an offshore venue for Chinese companies seeking to pool foreign talents, and Hainan, with its science parks, new productive forces as well as geographical proximity, can be a perfect place for such collaboration, McComb said. Members of the delegation also shared their excitement about China's newly enforced measure to grant five-year multi-entry travel permits to non-Chinese permanent residents in Hong Kong and Macao, bullish on future cooperation prospects between the GBA and the Hainan FTP as well as beyond with more exchanges.
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