 | | We had an interesting exchange on 13 December with Fernando González Saiffe, Director General for Asia Pacific, Ministry of Foreign Relations of Mexico, during his first trip to Hong Kong. He said he has been very impressed by the vibrancy of the city, its officials, businesses and innovation across various sectors. He added that witnessing firsthand how the “One Country, Two Systems” framework provides Hong Kong with unique advantages was eye-opening.
Accompanied by Consul General of Mexico Pablo Macedo Riba and Consul Esteban Ramírez González, the Chamber’s Americas Committee Chairman Mark Michelson, Vice Chairmen Susana Muñoz Enríquez and Yazdi Parekh, and former committee chairman Evaristo Treviño Berlanga, discussed Asia’s increasingly important trade and investment in Mexico and Latin America. Chinese investments within its borders are shaping a dynamic landscape of international economic collaborations for the country.
Saiffe noted that Hong Kong serves as a gateway for Mexican enterprises to access the Chinese market, reciprocated by Mexico’s role as a gateway for Hong Kong enterprises to tap into the Latin American market.
The Chamber’s Economist, Doris Fung, briefed the visitors on the findings of the Chamber’s latest Business Prospects Survey and our economic forecast for Hong Kong in 2025, analyzing the business and economic sentiments in the region.
| | 2024/12/13 |
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 | | Dr Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, called on the Chamber on 5 December to learn more about business development in Hong Kong. She was accompanied by Tomochika Uyama, Senior Advisor to the Director-General, and Nicole Mensa, Special Assistant and Advisor on Gender, Office of the Director-General. Chamber Chairman Agnes Chan, Vice Chairman Douglas Woo, CEO Patrick Yeung, and leaders from the Americas, HKCSI-Executive and Asia, Africa and Middle East committees welcomed the visitors.
Okonjo-Iweala updated members on the WTO's efforts in the globalization and reconfiguration of global supply chains through creating constructive and creative policy frameworks. She stressed the WTO's work in negotiating the Service Domestic Regulation Agreement, E-commerce Agreement and Investment Facilitation for Development Agreement. Despite rising economic concerns resulting from geopolitical tensions and polarization, global trade has remained resilient, with 75%-80% of goods trade taking place in WTO Most-Favoured-Nation (MFN) terms, Okonjo-Iweala added. She also expressed optimism for the use of AI which could optimize trade operations by reducing costs and increasing efficiency.
In response to a question by Mark C Michelson, Chairman of the Americas Committee, on the WTO's strategies in cooperation between member and non-member countries, Okonjo-Iweala stressed the importance of the WTO in creating forward-looking instruments in both multilateral and plurilateral agreements that align with the ever-changing global landscape. To Chan's query about ESG development, Okonjo-Iweala expressed her concerns about environmental threats, which she sees as existential and imminent. She revealed that the WTO is investigating interoperable carbon policy on a global scale to support net-zero targets by 2050. James Tong, Chairman of the HKCSI-Executive Committee, shared the business community's long-term confidence in Mainland-related enterprises, reflected in customers' demand for high-quality commodities and services, and the latest amendments to the terms of Trade in Services under the Mainland and Hong Kong Closer Economic Partnership Agreement. General Committee member Wilson Kwong highlighted the robust growth of Hong Kong's aviation sector. With the new three-runway system in operation, the airport is projected to accommodate 120 million passengers and handle 10 million tonnes of cargo annually.
Yeung reiterated the confidence of Hong Kong businesses in expanding their operations, among other findings in the Chamber’s upcoming Business Prospects Survey 2024.
The moratorium on customs duties for electronic transmissions and the WTO's work program on e-commerce are approaching expiration unless a decision is made to extend them. The Hong Kong General Chamber of Commerce (HKGCC) strongly supports continuing these measures and is dedicated to finding a viable solution.
The HKCSI-Executive Committee is a member of the Global Services Coalition.
| | 2024/12/05 |
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 | | Le Xia, Chief Economist for Asia-Pacific at BBVA Research, discussed the economic outlook for Latin America and long-term opportunities in the region during the Americas Committee meeting on 4 December.
Commenting on the monetary policies of several major LATAM countries, Xia noted their lead over the U.S. Fed in interest rate cuts. At the same time, inflation is expected to be more resilient over the next two years. He also delved into the forecasts concerning GDP growth, fiscal balance and currency exchange rates for the region.
Regarding business trends, Xia highlighted that LATAM nations are well-positioned in the fight against climate change with vast renewable energy resources and clean energy exports to the EU. He underscored the crucial role of private investment in per capita growth in these countries.
| | 2024/12/04 |
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 | | Heiwai Tang, Director of the Asia Global Institute and Associate Dean at HKU Business School, and Will Denyer, Partner and Chief U.S. Economist at Gavekal, led an interesting roundtable on 19 November on the outlook for U.S. economic growth with Donald Trump returning to the Oval Office next year.
In an engaging session, they explored potential policies like further tax cuts for corporations, deregulation across sectors and a shift from renewable energy to fossil fuels. They also examined the impact of protectionist measures, particularly tariffs on imports from China, and how a deepening anti-China stance could affect Hong Kong's economy as a major financial hub.
As the President-elect builds his cabinet, his policies will be closely monitored for any repercussions on trade flows, investment strategies and overall economic stability.
| | 2024/11/19 |
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 | | Enrique Carlos Cardenas Arestegui, Consul General of Peru in Hong Kong, provided an insightful update at the Americas Committee meeting on 24 September, highlighting Peru’s recent business developments and prospective areas of trade and investment.
As a key member in China’s Belt and Road Initiative, Peru counts China as its largest trading partner, underscoring the pivotal role of the Chancay Port development in enhancing trade between Asia and Latin America.
Cardenas also noted that in 2023, Peru was Hong Kong’s fifth-largest trading partner in goods within Latin America. He revealed plans for signing the Peru-Hong Kong Free Trade Agreement this year, signalling a strengthening of economic ties between the two regions.
| | 2024/09/24 |
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 | | The U.S. presidential election on 5 November may seem far away, but given the Trump-Harris debate on 10 September and the fact that five states will begin voting in person starting 16 September, the U.S. election and influence is already sending chills of uncertainty around the business world.
Both parties seem to disagree on just about everything, which adds to business planners’ angst. One thing both Republicans and Democrats unanimously agree on, however, is that it is all China’s fault. So regardless of who wins, businesses in Hong Kong and the Mainland will need to prepare for the potential consequences of policy changes.
To try and shed some light on this, HKGCC’s Americas Committee Chairman Mark Michelson hosted a roundtable talk on 12 September with three respected experts. Professor John P Burns, Emeritus Professor and Honorary Professor at the Department of Politics and Public Administration, HKU, Benjamin Kostrzewa, a foreign legal consultant at Hogan Lovells, who served as the U.S. Trade Representative during the Obama Administration, and Vivien Lau, Partner of U.S. Tax Consulting Services at PwC Hong Kong, gave their take on possible implications for businesses.
| | 2024/09/12 |
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 | | AmCham’s Community Hub was buzzing on 26 June as HKGCC and AmCham members got to grow their networks at our joint happy hour. AmCham President Eden Woon and HKGCC Americas Committee Chairman Mark Michelson welcomed members and gave a toast with HKGCC CEO Patrick Yeung to continued friendship and prosperity. Keep an eye on our website for details of our next happy hour. See more photos on our Facebook and LinkedIn pages.
| | 2024/06/26 |
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 | | Alice Tsang, Principal Economist (Global Research) at HKTDC, shared her insights into the latest market developments and emerging trends in Latin America at the Americas Committee Meeting on 20 June.
Tsang gave a comprehensive overview of the LATAM market, highlighting key economic indicators such as GDP, trade statistics and the rapid growth of e-commerce. Drawing from her recent business trip to the region, Tsang noted the smooth progress of FTA negotiations between Hong Kong and Peru, Mexico’s infrastructure upgrades to enhance its position in the global supply chain and Chile's vibrant business environment for startups.
During the same meeting, Mark C Michelson was newly elected as Chairman. Susana Muñoz Enríquez was re-elected as Vice Chairman, and Simon Chan and Yazdi Parekh were newly elected as Vice Chairmen.
| | 2024/06/20 |
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 | | Janet Pau, Executive Director of Asia Business Council, shared her perspective on the changing dynamics of U.S.-Sino relations at the Americas Committee Meeting on 11 April. Citing the Council’s recent survey, Pau said Asian businesses tended to diversify their operations or investments instead of divesting from the world’s two largest economies in response to the tensions. These businesses recognized the importance of driving fundamental transformation across multiple domains to enhance their performance. Pau also provided an analysis of the upcoming U.S. presidential election.
| | 2024/04/11 |
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 | | What could be better than enjoying a refreshing drink while broadening your business and professional networks? At our Joint Happy Hour with CanChamHK on 7 March, HKGCC Americas Committee Chairman Evaristo Treviño Berlanga and CanChamHK Executive Director Patrick Levesque welcomed fellow members and raised a glass to the strengthening ties between Hong Kong and Canada. For more photos, visit our LinkedIn or Facebook pages.
| | 2024/03/07 |
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