The Bulletin

Chamber in Review

The Bulletin. October 2024

International Connections

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.

The Chamber hosted a high-level delegation from Bahrain on 10 September, led by Bahrain Chamber of Commerce & Industry Vice Chairman Mohammed Abdul-Jabbar Kooheji. Chamber CEO Patrick Yeung welcomed the visitors, comprising officials from the Ministry of Industry & Commerce, Bahrain Economic Development Board (EDB), Export Bahrain, and the Hong Kong Bahrain Business Association.
The delegates updated the Chamber on Bahrain’s business opportunities and ease of conducting business there for companies looking to expand into neighbouring Gulf countries and broader MENA markets. They also mentioned that products manufactured in Bahrain are now considered to be made in Saudi Arabia, adding extra incentive to the many advantages Bahrain offers businesses operating in the Kingdom. With direct flights from Bahrain to Shanghai and Guangzhou starting in May this year, they hope direct flights to Hong Kong can also restart to facilitate business, education and tourism exchanges. Yeung and AAMEC leaders said the Chamber would help bring to members’ attention the incentives and support Bahrain offers.

Hassan Doutaghi, Acting Consul General of the Islamic Republic of Iran in Hong Kong and Macao, accompanied by Consul Mostafa Shabanipour, called on the Chamber on 28 August. They were welcomed by CEO Patrick Yeung and the AAMEC leadership.
Doutaghi explained that Iran is a favourable destination for businesses interested in investing in the Middle East, given the low energy cost, educated workforce and accessibility to other regions. He also expressed hope for potential collaboration with the Hong Kong business community. To better understand the country’s economic landscape, he suggested businesses visit the Iran Invest Expo in Tehran from 26–28 September.

It was an honour to welcome to the Chamber Dr Ceferino S. Rodolfo, Undersecretary of Industry Development, Department of Trade & Industry, from the Philippines, and Ernesto C. Delos Reyes Jr, Director, Investments Assistance Service, BOI on 13 September. Chamber Chairman Agnes Chan welcomed the visitors, who were eager to discuss ways to grow trade and investment with Hong Kong.
Rodolfo introduced priority sectors that Hong Kong investors could leverage, such as renewable energy, high-tech agriculture, green metals, smart manufacturing, semiconductors, and infrastructure. Reyes further highlighted that the Philippines’ economy is booming, as its GDP grew 6.4% in the first quarter of 2024.
Rodolfo also expressed his support for Hong Kong’s accession to RCEP, noting that Hong Kong is the fourth-largest trading partner of the Philippines, contributing close to 30% of the country’s exports together with Mainland China.
The Chamber agreed to explore further collaboration opportunities and explore signing an MoU with the Philippines Chamber of Commerce and Industry to facilitate dialogue, exchanges and trade missions.

Stéphanie Dodin, Executive Director of the French Chamber of Commerce and Industry in Hong Kong (FCCIHK), and Bruno Botella, CEO Asia Pacific, Bouygues Bâtiment International, visited the Chamber on 20 September.
Europe Committee Chairman Alfonso Ballesteros and Director of Public Relations & Programs Malcolm Ainsworth discussed the work of HKGCC and how the two chambers could collaborate to support the business community and promote Hong Kong.
Dodin highlighted FCCIHK’s work on promoting best ESG practices, and Botella shared how Dragages Hong Kong, which is part of Bouygues Construction’s network, has made significant contributions to the city’s mega infrastructure projects over the decades. They also shared updates about FCCIHK’s Entrepreneur Day, which will take place on 15 October.

Americas Committee

Enhancing Peru-Hong Kong Ties

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.

Asia, Africa & Middle East Committee

Bahrain: Gateway to New Opportunities

The delegates updated the Chamber on Bahrain’s business opportunities and ease of conducting business there for companies looking to expand into neighbouring Gulf countries and broader MENA markets. They also mentioned that products manufactured in Bahrain are now considered to be made in Saudi Arabia, adding extra incentive to the many advantages Bahrain offers businesses operating in the Kingdom. With direct flights from Bahrain to Shanghai and Guangzhou starting in May this year, they hope direct flights to Hong Kong can also restart to facilitate business, education and tourism exchanges. Yeung and AAMEC leaders said the Chamber would help bring to members’ attention the incentives and support Bahrain offers.

Learning about Iran’s Business Environment

Doutaghi explained that Iran is a favourable destination for businesses interested in investing in the Middle East, given the low energy cost, educated workforce and accessibility to other regions. He also expressed hope for potential collaboration with the Hong Kong business community. To better understand the country’s economic landscape, he suggested businesses visit the Iran Invest Expo in Tehran from 26–28 September.

Deepening links with the Philippines

Rodolfo introduced priority sectors that Hong Kong investors could leverage, such as renewable energy, high-tech agriculture, green metals, smart manufacturing, semiconductors, and infrastructure. Reyes further highlighted that the Philippines’ economy is booming, as its GDP grew 6.4% in the first quarter of 2024.

Rodolfo also expressed his support for Hong Kong’s accession to RCEP, noting that Hong Kong is the fourth-largest trading partner of the Philippines, contributing close to 30% of the country’s exports together with Mainland China.

The Chamber agreed to explore further collaboration opportunities and explore signing an MoU with the Philippines Chamber of Commerce and Industry to facilitate dialogue, exchanges and trade missions.

Europe Committee

Deepening Hong Kong-France collaboration

Europe Committee Chairman Alfonso Ballesteros and Director of Public Relations & Programs Malcolm Ainsworth discussed the work of HKGCC and how the two chambers could collaborate to support the business community and promote Hong Kong.

Dodin highlighted FCCIHK’s work on promoting best ESG practices, and Botella shared how Dragages Hong Kong, which is part of Bouygues Construction’s network, has made significant contributions to the city’s mega infrastructure projects over the decades. They also shared updates about FCCIHK’s Entrepreneur Day, which will take place on 15 October.

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