The Bulletin

Chamber in Review

The Bulletin. November 2023

International Connections

Ambassador Manuel Innocencio de Lacerda Santos Jr., Consul General of Brazil, provided an insightful update at the Americas Committee meeting on 28 September about Brazil’s latest business development and its prospective areas of trade and investment.
Innocencio said Brazil has a fully developed relationship with China through intense dialogue at all levels. The two countries from BRICS can have more cultural exchanges to bring people together and, ultimately, boost diversified and value-adding businesses. He added that Hong Kong is an ideal platform for achieving the goals of strengthening and diversifying economic relations with China, given its mature innovation and ecosystem as well as diverse population. Mentioning sectors that Hong Kong businesses might be interested in, he said Brazil has huge pet products and cosmetics markets.

Tomoshiro Takashima, Director General of JETRO Hong Kong, paid a courtesy visit to the Chamber on 27 September to introduce his successor Shinya Amano, who will assume the role of Director General in October. They met with Chamber’s CEO Patrick Yeung, as well as Asia, Africa & Middle East Committee Vice Chairmen Edmond Yue and Yolane Japhet.
Amano, who has vast experience serving as Director General of JETRO in the Mainland, agreed there was huge potential for Hong Kong to serve as the bridge for Japanese businesses to connect to Mainland and ASEAN countries.

Bicky Bhangu, Chairman of the Singapore International Chamber of Commerce, visited the Chamber on 9 October to sign a Memorandum of Understanding with HKGCC. Chairman Betty Yuen and CEO Patrick Yeung discussed the economic outlook for Hong Kong and Singapore, where companies are looking to broaden their international reach as the pandemic has forever changed the way business is done. They agreed that creating more business-to-business partnerships and collaborating through organizations such as chambers of commerce will be vital in bridging the current challenges facing the global economy.

A typhoon 9 signal and black rainstorm warning couldn’t stop the Chamber’s “Overseas Market Workshop” on 9 October from going ahead for a delegation of 29 Singaporean business representatives. Led by the Singapore Business Federation (SBF), the seminar was turned into an online webinar as the typhoon howled.
Asia, Africa and Middle East Committee Chairman Jonathan Lamport hosted the panel of speakers, including Petrina Tam, GBA Working Group Convenor; Elsa Wong, Chairman, Digital, Information & Telecommunications Committee; Leo Hsu Tam, Partner, Digital Trust & Data Analytics, PricewaterhouseCoopers; and Andy Wong, Head of Innovation & Technology, InvestHK. They provided a broad introduction to Hong Kong’s economy, digitalization of the economy, and the city’s role in the Greater Bay Area and the Mainland.

We had a lively discussion with the Consul General of the State of Kuwait Naser S. Alghanim, at the Asia, Africa & Middle East Committee’s meeting on 16 October. He explained that Kuwait offers a wide range of incentives to businesses investing in the country, from 100% foreign ownership to 20-year tax exemption. The committee recently conducted a survey on preferred destinations for business missions, and Kuwait was ranked as the top country in the Middle East. The Chamber will be organizing more talks on Kuwait to help members grow their business with the country.

Elizabeth Ward, Consul General of Australia in Hong Kong, accompanied by Patrick Orchard, Consul, Political-Economic, paid a courtesy call on Chamber CEO Patrick Yeung on 11 October to say farewell before leaving Hong Kong to return to Canberra. Both sides shared their views on the economic and historical ties between Australia and Hong Kong, and agreed to foster closer cooperation, backed by the Australia-Hong Kong Free Trade Agreement, which entered in force on 17 January 2020.
With Prime Minister Anthony Albanese’s planned visit to Beijing, hopes were high that business and trade ties would get a boost from the trip, which would also benefit Hong Kong as its strategic positioning as a bridge between the East and West. Interestingly, Ward said Hong Kong is home to the second largest population of Australians outside of the county after the U.K.

At a roundtable luncheon on 13 October, Catalonia’s Minister of Business and Labour Roger Torrent i Ramió and General Director of Industry (Ministry of Business and Labour) Oriol Alcoba Malaspina discussed the advantages of investing in Catalonia.
In 2022, foreign investment grew 25% in 2022 to nearly €3.9 million. Renowned as a centre for digital innovation, Catalonia also has over 2,000 start-ups, while 38 of the 50 main international innovative companies – from Meta and Amazon to Apple, Tesla and Sony – have a presence there.

Miguel Aguirre de Cárcer, Consul General of Spain, and Cristina Teijelo, Deputy Consul-General and Senior Trade Commissioner called on the Chamber on 27 September. Chamber CEO Patrick Yeung, Europe Committee Chairman Alfonso Ballesteros and Vice Chairman CK Lee welcomed the visitors and discussed the role of the Chamber, Greater Bay Area dynamics, as well as ways we can help Hong Kong and Spanish businesses connect.
Interestingly, the guests said that the number of Spanish businesses in Hong Kong didn’t really change during the pandemic. They added that Spanish companies coming to Hong Kong for exhibitions, conferences or business were encouraged by the city’s dynamism and potential.

Loletta Chow, Global Leader, China Overseas Investment Network, EY, updated members on China’s outbound investment trends and China-Europe economic relations at the Europe Committee’s meeting on 27 September.
She said merger and acquisitions (M&A) over the past six years by Chinese companies in Europe have been on a downward trend due to tighter European foreign direct investment policies, exacerbated by the pandemic and slow economic growth. However, in H1, China’s M&As in the United Kingdom and Germany grew significantly. Greenfield investments have been holding steady over the years, with green energy and financing, automobile manufacturing and high tech being the core areas of interest.

Americas Committee

Exploring Business Opportunities in Brazil

Innocencio said Brazil has a fully developed relationship with China through intense dialogue at all levels. The two countries from BRICS can have more cultural exchanges to bring people together and, ultimately, boost diversified and value-adding businesses. He added that Hong Kong is an ideal platform for achieving the goals of strengthening and diversifying economic relations with China, given its mature innovation and ecosystem as well as diverse population. Mentioning sectors that Hong Kong businesses might be interested in, he said Brazil has huge pet products and cosmetics markets.

Asia, Africa & Middle East Committee

Chamber Bids Farewell to JETRO’s Takashima

Amano, who has vast experience serving as Director General of JETRO in the Mainland, agreed there was huge potential for Hong Kong to serve as the bridge for Japanese businesses to connect to Mainland and ASEAN countries.

MoU with Singapore International Chamber of Commerce

Overseas Market Workshop for SBF Delegation

Asia, Africa and Middle East Committee Chairman Jonathan Lamport hosted the panel of speakers, including Petrina Tam, GBA Working Group Convenor; Elsa Wong, Chairman, Digital, Information & Telecommunications Committee; Leo Hsu Tam, Partner, Digital Trust & Data Analytics, PricewaterhouseCoopers; and Andy Wong, Head of Innovation & Technology, InvestHK. They provided a broad introduction to Hong Kong’s economy, digitalization of the economy, and the city’s role in the Greater Bay Area and the Mainland.

Discovering What Kuwait Has to Offer

Strengthening Ties with Australia

With Prime Minister Anthony Albanese’s planned visit to Beijing, hopes were high that business and trade ties would get a boost from the trip, which would also benefit Hong Kong as its strategic positioning as a bridge between the East and West. Interestingly, Ward said Hong Kong is home to the second largest population of Australians outside of the county after the U.K.

Europe Committee

Catalonia: Europe’s Innovation Engine

In 2022, foreign investment grew 25% in 2022 to nearly €3.9 million. Renowned as a centre for digital innovation, Catalonia also has over 2,000 start-ups, while 38 of the 50 main international innovative companies – from Meta and Amazon to Apple, Tesla and Sony – have a presence there.

Strong Spanish Presence in Hong Kong

Interestingly, the guests said that the number of Spanish businesses in Hong Kong didn’t really change during the pandemic. They added that Spanish companies coming to Hong Kong for exhibitions, conferences or business were encouraged by the city’s dynamism and potential.

Opportunities for Chinese Companies in Europe

She said merger and acquisitions (M&A) over the past six years by Chinese companies in Europe have been on a downward trend due to tighter European foreign direct investment policies, exacerbated by the pandemic and slow economic growth. However, in H1, China’s M&As in the United Kingdom and Germany grew significantly. Greenfield investments have been holding steady over the years, with green energy and financing, automobile manufacturing and high tech being the core areas of interest.

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