Blog

Visit to Madrid and London

Last week, I visited Madrid, Spain, and London, the United Kingdom (UK) respectively. For this visit, I led a delegation of local tech startups. Our goal was to engage with the innovation and technology (I&T) sectors as well as members of various organisations, businesses and investment communities in these countries, so as to open up new markets and seek new business opportunities. On the other hand, I briefed the local political and business circles on the latest developments of Hong Kong as an international financial, shipping, trade, and I&T centre, highlighting the new potential and opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development.

Conducting overseas visits to promote Hong Kong’s latest developments and advantages has enabled friends abroad to gain a deeper understanding of the resilience and opportunities within Hong Kong's economy. Face-to-face exchanges allow us to grasp how overseas political and business figures view Hong Kong, particularly regarding their impressions and understanding of the city. The insights we have gained will help us formulate strategies and messaging more accurately, allowing us to address concerns, correct misunderstandings, and tell the good story of Hong Kong more effectively.

Attending the "Hong Kong Dinner" in London organised by the Hong Kong Trade Development Council and delivering a keynote speech.

Attending a luncheon in London hosted by the UK’s Hong Kong Association, where I spoke to around 150 guests from the British political and business circles.

Delivering a speech at a business luncheon in Madrid, Spain, promoting business opportunities in Hong Kong to the Spanish business community.

Both the political and business circles in Spain and the UK recognise Hong Kong's important status as an international financial centre, and have expressed great interest in Hong Kong’s recent developments and applications in I&T, especially in fields like artificial intelligence, biotech, fintech, and renewable energy. We all agree that technological application, along with research and development, is crucial to accelerating future economic growth.

The delegation included founders and senior executives from startups in artificial intelligence, biotech, fintech, green tech and Web 3.0. These startups focus on addressing pain points and difficulties faced by their respective industries, as well as the everyday issues encountered by residents. We engaged in in-depth discussions with local stakeholders in the I&T sector, including innovation institutions, accelerators, universities, and the investment and business community. Many European countries appear well-positioned to provide application scenarios for the technological solutions offered by these Hong Kong startups, and some delegation members have already initiated business discussions with potential local partners.

Speaking at the Plenary of the Hong Kong-Europe Business Council held in London.

Meeting with Mr Miles Celic (left), Chief Executive Officer of The CityUK, in London.

Europe attaches great importance to green transformation. During this trip, I outlined our efforts to establish Hong Kong as an international green tech and green finance centre. In fact, Hong Kong is a leader in green and sustainable finance in Asia, and plays a pivotal role in setting green standards. This includes the introduction of a green taxonomy that aligns with the standards of both the Mainland and the European Union, enabling financial institutions to better assess the “greenness” of various projects, and facilitating financing for more quality green projects. Recently, the Hong Kong Institute of Certified Public Accountants released exposure drafts for financial reporting standards on sustainability disclosure, which align with the standards set by the International Sustainability Standards Board (ISSB). Such standards would assist investors in obtaining more reliable ESG (environment, social and governance) information.

I led a delegation of local tech startups to visit the Spain Startup, an innovative organisation in Spain. Photo shows our meeting with its President Ms Maria Benjumea (third from right) and representatives from IE University.

In Madrid, I led the Hong Kong startup delegation to visit the startup accelerator IMPACT.

I led the tech startup delegation to visit IESE Business School in Spain. In a group photo with members of the startup delegation, senior staff of IESE, as well as Spanish entrepreneurs, investors, and business representatives.

I also briefed the political and business communities in Spain and the UK on the developments in Hong Kong’s traditional and emerging financial services, and they showed considerable interest. They expressed enthusiasm about leveraging Hong Kong — the only global financial market that integrates both the Mainland and international advantages — to advance their business in China and other regions of Asia.

On various exchange occasions, I could feel the eagerness among the business communities in Spain and the UK to establish deeper ties with Hong Kong, along with a strong willingness to collaborate. They are particularly keen to explore and expand into the rapidly developing GBA.

I visited the Plenary of the City Council of Madrid and met with its President, Mr Francisco de Borja Fanjul Fernández-Pita (third from left) to discuss strengthening cooperation between the two economies.

Meeting with Ms Amparo López Senovilla, the Secretary of State for Trade of Spain (fifth from left).

Meeting with Ms Tulip Siddiq, the UK Economic Secretary to the Treasury (second from left), in London to exchange views on matters of mutual interest.

Meeting with Mr Andrew Bailey, Governor of the Bank of England (right), in London.

In recent years, the Hong Kong Special Administrative Region Government has implemented various policies and initiatives to attract enterprises and investments while supporting local businesses in their global expansion. These efforts aim to broaden our markets and create new business opportunities for Hong Kong, generating fresh momentum for development. As our economy steadily progresses, we will continue to reinforce and enhance Hong Kong's unique advantages as an international financial centre, and dare to innovate and seek change. With the onset of an easing interest rate cycle and the announcement of several major stimulus measures by the Mainland, the financial market atmosphere has significantly improved. Our stock market, for example, achieved a record daily turnover of over $400 billion recently.

As we celebrate the 75th anniversary of the founding of the People’s Republic of China, let us unite in our efforts for the development of our country and the future of Hong Kong. May our nation and people continue to thrive in prosperity and enjoy lasting peace on this new journey in a new era!

September 29, 2024