Americas Committee 

Navigating U.S.-Sino Dynamics

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. She also provided an analysis of the upcoming U.S. presidential election.

Asia, Africa & Middle East Committee 

Bahrain’s Unique Advantages 

It was a treat to welcome Iain Lindsay OB OBE to the Chamber again on 10 April in his new role as Advisor to the Board of the Economic Development Board of Bahrain. Having served as a British diplomat for 40 years, with experience in Europe, the Middle East and the Far East, he gave members a unique insight into the kingdom and the Gulf region, ahead of the Chamber’s mission to Bahrain and UAE in late Apirl. 

Accompanied by Ivan Tam, Honorary Vice Consul of the Kingdom of Bahrain to Hong Kong, and Olivia Cheung, Hong Kong Bahrain Business Association, he explained that Bahrain has long served as a hub for the region, and has been diversifying its economy away from oil and gas for decades. Currently, the oil sector contributes about 18% of its GDP, a significant decrease from 42% in 2002, and its economy is the most diversified among all regional Gulf countries with non-oil sectors contributing about 82% of the GDP. The financial sector, including fintech, manufacturing and logistics sectors are pillars of the economy, and increasingly IT. He said the Gulf is booming and evolving very quickly, so now is the ideal time for Hong Kong companies to explore opportunities there. 

High-level Thai Delegation Calls on the Chamber

Thai Trade Representative Narumon Pinyosinwat led a high-level delegation to the Chamber on 10 April to update members on Thailand’s initiatives to boost inbound investment as well as exports of goods and services. Chamber CEO Patrick Yeung and the chairman and vice chairmen of various committees welcomed the visitors. 

Pinyosinwat explained that Hong Kong was the seventh largest source of FDI in Thailand, while Mainland China was the largest last year, overtaking Japan. The country is putting a lot of focus on developing EV and the green economy, and is planning to develop green funds for investors in the development of mega projects in Thailand. 

The Chamber suggested supporting a roadshow working with Chaturont Chaiyakam, Consul General of Thailand in Hong Kong, to update members on some of the key areas in which local businesses may be interested.

Expanding Hong Kong-Philippines Trade and Investment 

It was a pleasure to welcome our old friend Stephen Phillips OBE to the Chamber on 2 April in his new role at BOD Unibank, the largest bank in the Philippines. He was eager to hear about the Hong Kong business community’s views on doing business and investing in the Philippines. Besides having a strong services sector, he said the country is also growing in strength in advanced R&D in the technology and AI sectors. Chamber CEO Patrick Yeung and Asia, Africa & Middle East Committee Chairman Jonathan Lamport welcomed Phillips and shared their views.

Europe Committee  

Investment Opportunities in Spain and Portugal

Why do business and invest in Spain and Portugal? Besides being among the world leaders in tech, innovation, talent, tourism and gastronomy, their economies are also among the strongest performers in Europe. To explain in more detail what Hong Kong companies should be looking at in these two countries, Miguel Aguirre de Cárcer, Consul General of Spain, and Alexandre Leitão, Consul General of Portugal in Hong Kong and Macao, provided a fascinating update at a country briefing held at the Chamber on 9 April.

As the world’s second-most visited country after France, Spain received 85 million visitors in 2023, surpassing pre-Covid numbers. It is also cultivating a strong manpower pool as it is a magnet for talent from around the world. Neighbouring Portugal prides itself on its secure and safe business environment. Leitão further highlighted Portugal’s blue economy, strategic location and innovative DNA, characterized by the innovation and entrepreneurial spirit of its citizens.