The Transport and Logistics Bureau of Hong Kong has unveiled a comprehensive plan to transform Hong Kong into a leading international maritime center. This strategy aims to address the current challenges faced by the maritime and port industry, including declining cargo throughput and increasing competition, says an article published on the scmp website.
Decline In Container Throughput And Regional Competition
Hong Kong’s port has seen a significant drop in containers throughout the past decade, with numbers falling from 23.1 million TEUs in 2012 to 16.7 million TEUs. This decline is attributed to strong competition from ports in China’s Greater Bay Area and Southeast Asia, coupled with high operational costs and changes in global supply chain and trade flow patterns.
Government’s Vision For Hong Kong’s Maritime Future
Lam Sai-hung, secretary for transport and logistics, emphasized Hong Kong’s advantageous geographical location and institutional strengths in becoming a global maritime leader. The plan focuses on developing Hong Kong as a green and smart port.
Suggestions From Industry Experts
Ryan Ip, vice president of Our Hong Kong Foundation, suggests that the government should focus on differentiating Hong Kong’s port functions and enhancing collaboration within the Greater Bay Area to avoid resource overlap and bolster overall competitiveness.
Key Strategies And Actions
The government’s action plan includes ten strategies and 32 actions, such as promoting green shipping with zero carbon emissions, advancing smart port development, digitalization in maritime services, and exploring tax incentives to attract global maritime enterprises.
Promoting Sustainable Development
The plan emphasizes the need to enhance the long-term competitiveness and sustainable development of Hong Kong’s maritime and port industry, contributing significantly to the nation’s high-quality development goals.
Economic Significance Of The Maritime And Port Industry
The industry contributes substantially to Hong Kong’s economy, accounting for about 4.1% of the city’s GDP and providing around 78,400 jobs.
Leveraging Hong Kong’s Advantages
Hong Kong’s maritime services benefit from a robust legal framework, clear regulations, and a business-friendly environment. The government aims to attract global cargoes and address challenges related to the global maritime industry’s zero-carbon emission targets.
Stakeholder Collaboration And Implementation
The government, along with industry stakeholders, is committed to implement the outlined actions to establish Hong Kong as a premier international maritime center.
Endorsement From National Leadership
During a visit to Beijing, Chief Executive John Lee Ka-chiu received President Xi Jinping’s support for enhancing Hong Kong’s role as an international financial, maritime, and trade hub.
Hong Kong’s Role As A Global Maritime Leader
The Chief Executive emphasized Hong Kong’s commitment to enhancing high-end maritime services, supporting green transformation, and promoting smart and digital initiatives in the industry.
Establishment Of The Task Force
The task force on maritime and port development strategy, announced in the 2023 budget speech, was established to steer this ambitious plan, marking a significant step in Hong Kong’s maritime and port industry evolution.
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Source: scmp
