Asia, Africa and Middle East CommitteeIncoming Visitors

It was an education to speak with Donald P Kaberuka, Chairman and Managing Partner of SouthBridge, a Pan-African financial advisory during his visit to the Chamber on 10 March. He was the 7th President of the African Development Bank Group and is credited for expanding the reach and impact of AfDB, Africa’s Premier financial institution.

Chamber CEO Patrick Yeung and members welcomed Donald, who was accompanied by Rose Kay, COO, Standard Chartered Bank. He was eager to hear members’ experiences about doing business and investing in Africa and where they could improve. He also explained that demand for financial, digital, and professional business services is highly dynamic on the continent, driven by a young population moving to urban areas. This population is very tech-savvy and has been leapfrogging in their use of mobile digital services in both daily life and business. The Mainland has been assisting in upgrading Africa’s infrastructure, including railways and ports, to support economic development. As direct flights between Hong Kong and African countries are limited, Donald hopes that more airlines will begin offering direct flights

It was a pleasure to welcome New Zealand Consul General Peter Lund and Deputy Consul General Jocelyn Ng to the Chamber this morning for an exchange of information and views on a wide range of topics. Consul General Lund explained that Hong Kong ranks as New Zealand’s 10th largest export market, with agriculture underpinning the economy. He also highlighted that tourism and the services sector are important pillars of the economy, noting that Hong Kong is among the top five investors in New Zealand.

Chamber CEO Patrick Yeung, along with Asia, Africa & Middle East Committee Chairman Dewan Saiful Alam and Vice Chairman Zaman Minhas Qamar, welcomed the guests and updated them on the Chamber's activities. Yeung also mentioned that the Chamber will soon launch the Asia International Index, which will enable Hong Kong to benchmark itself against other Asian cities and see where it excels as well as where we can improve.

It was a pleasure to welcome Seizo Tsuji, Director of the Business Establishment Section, Wakayama Prefecture Government, along with his colleagues, to the Chamber on February 19. They were greeted by HKGCC CEO Patrick Yeung, Asia, Africa & Middle East Committee Chairman Dewan Saiful Alam, Vice Chairman Zaman Minhas Qamar, and Retail & Tourism Committee Vice Chairman Bella Chhoa, who exchanged views on the hotel investment environment in Wakayama Prefecture and the general investment landscape in Japan.

Wakayama Prefecture, located in the Kansai region, is an hour away from Kansai International Airport. Despite its proximity to the metropolis, the prefecture enjoys abundant natural beauty, with a scenic southwest coastline facing the Pacific Ocean, as well as rich traditional culture and craftsmanship. Although the prefecture has attracted a significant number of tourists, particularly from China after COVID-19, only 25% of the 20 million visitors opted to stay overnight. As explained by Tsuji, the prefecture’s hotel industry is dominated by family-owned private onsen hotels, which have limited guest capacity.

To encourage overnight tourism, the Wakayama prefecture government has been working on developing relevant hotel infrastructure, including extending the runway of Nanki-Shirahama Airport to receive international flight by 2035, and offering tax incentives and value-added services to attract luxury global hotel chains to enter Wakayama. Yeung agrees that hotel infrastructure is necessary to capture overnight visitors, especially given the anticipated trend of increasing tourists driven by the depreciation of Japanese Yen. He also suggested that the Wakayama prefecture government consider drawing Gen-Z tourists to stay in by encouraging and regulating Airbnb facilities.