Blog
Expanding Connections and Strengthening Our Hub Status
Today, the application for multiple-entry Individual Visit Scheme for Shenzhen permanent residents has resumed, and the arrangement has also been extended to Shenzhen residence permit holders. This new measure has allowed Shenzhen residents to visit Hong Kong more conveniently and with greater flexibility. This would not only provide support to our local tourism, retail, catering and related industries, but also facilitate faster and smoother two-way people flows between Hong Kong and Shenzhen, fostering closer economic and cultural exchanges.
The Hong Kong economy has been growing moderately overall this year, though the performance of local consumption and exports of services still need to be further enhanced. The Central Government has rolled out a series of measures to support the development of Hong Kong's tourism industry. The local retail, catering and other industries have been proactive in driving innovation and improving their efficiency and services, with a view to providing more high quality products, services, and experiences to visitors from around the world and local residents. These will inject vibrancy into Hong Kong's economy.
Proactively developing new industries, exploring new markets, and seeking new partners will create new economic growth areas for Hong Kong. The Hong Kong SAR Government is striving to promote the city on the global stage and tell good stories of Hong Kong. Over the past two years, we have visited Europe, the US, the Middle East, Southeast Asia and other "Belt and Road" regions to attract enterprises and investment, expand connections, and strengthen the promotion of Hong Kong's advantages and latest developments in finance, trade, professional services, and innovation and technology (I&T). We have also been promoting our blend of Chinese and Western cultures, a wide range of Eastern and Western cuisines, picturesque natural environment, and the proximity of urban areas to the countryside. Hong Kong's blend of international metropolis and high-quality outdoor lifestyles is rarely found elsewhere.
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| Last week, I spoke at the Hong Kong-Japan and Japan-Hong Kong Business Co-operation Committees 42nd Plenary Session luncheon. |
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| With strong economic and cultural ties between the two places, many guests from Japan came to Hong Kong to participate in the conference. |
In fact, through our efforts in "reaching out" to the world and "bringing in" visitors in the past few years, international leaders in the I&T sector and academia, as well as senior executives of financial institutions and multinational corporations, have gained a deeper understanding of the vast opportunities in Hong Kong and the Guangdong-Hong Kong-Macau Greater Bay Area (the GBA), and of Hong Kong's unique role and functions therein. The GBA has emerged as a global leading urban development cluster, with high-level integration of financial services, I&T ecosystems and advanced manufacturing. Thanks to its technological and product innovation, as well as strong I&T momentum, the GBA has successfully brought together a lot of professional talent and enterprises.
With the growing success of our investment promotion initiatives, there has been substantial growth in the number of Mainland, Asian, and even European and American companies operating in Hong Kong. The advantages of doing business in Hong Kong are increasingly recognised by entrepreneurs from around the world, as evidenced by their moves to make investments, setting up business and buying a home in the city, which reflect their confidence in Hong Kong.
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| At the Hong Kong General Chamber of Commerce International Business Summit last week, I delivered a keynote address on Hong Kong's development opportunities in the new global political and economic landscape. |
With the convergence of talent, businesses and capital in our city, we are enhancing our connectivity with international markets in terms of both "hardware" and "software". Hong Kong remains a unique gateway to the Mainland and global markets, a key advantage that we continue to leverage. The Hong Kong International Airport (HKIA) is among the most efficient airports in the world, offering excellent experience for passengers and covering half of the global population within five hours' flight. This is particularly beneficial for professionals and business people who frequently travel to the Mainland for work and need to return on the same day.
Currently, HKIA connects to nearly 200 destinations, and we anticipate that its passenger volume will return to pre-pandemic levels by the end of this year. The recent launch of HKIA's Three-Runway System will better accommodate the expected increase in passenger and cargo traffic, further solidifying Hong Kong's status as an international aviation hub. We project a 50% increase in the airport's handling capacity by 2035, accommodating 120 million passengers and 10 million tons of cargo annually.
In addition to enhancing our infrastructure, we are actively expanding Hong Kong's aviation network. Over the past two years, we have signed, updated or expanded bilateral air arrangements with more than 10 countries and regions, covering the Mainland, Europe, the Middle East, Southeast Asia, and Australia. The total number of air services agreements and arrangements has now reached about 80.
Meanwhile, we are encouraging airlines to launch more routes and increase flights to support Hong Kong's overall development. Last month, direct flights between Hong Kong and Riyadh, Saudi Arabia, resumed. This will promote closer exchanges and cooperation between the two places. Local airlines have introduced, from this year to the first half of 2025, new services to Xining, Zhoushan and Huangshan in the Mainland; Vientiane, Laos; Dallas, the United States; and Hyderabad, India. The increase in the number of international destinations will enhance our aviation network, thereby reinforcing Hong Kong's position as a leading international aviation hub and promoting economic and cultural exchanges.
December 1, 2024
