The past year has been marked by both challenges and accomplishments, showcasing Hong Kong’s spirit of resilience and tenacious recovery. Amid a complex global landscape characterized by geopolitical tensions and economic difficulties, Hong Kong has once again shown its ability to adapt, innovate and thrive.
In 2024, the economy grew by 2.5%, reinforcing our status as an international business and financial centre. This growth was fuelled by strong external demand, with exports of goods surging by about 8.7% compared to 2023. The vibrant rebound in tourism, driven by mega events like Art Basel Hong Kong and the Hong Kong Sevens, placed our city back on the global events calendar.
Strategic infrastructure investments have been crucial in boosting our economy, especially the launch of the third runway at Hong Kong International Airport. This milestone has increased our capacity by an additional 10 million passengers annually, solidifying our position as Asia’s leading aviation hub.
Last year, foreign direct investment in Hong Kong exceeded HK$67 billion. This was a rise of nearly 10% compared to the previous year, demonstrating confidence in our long-term growth. However, we faced challenges, too: a tight labour market made it difficult to find skilled talent while shifting consumer trends impacted domestic spending. Through it all, Hong Kong businesses – your businesses – remained flexible and forward-thinking.
Throughout the year, the Chamber acted as your voice and bridge to opportunity. We actively lobbied the Government on key issues, ensuring your concerns were addressed.
The policy initiatives rolled out by the Government helped bolster confidence. Chief Executive John Lee’s Policy Address outlined steps to strengthen traditional industries like finance and logistics while embracing new frontiers in life sciences, the low-altitude economy and strategic sectors.
Similarly, the Financial Secretary’s Budget boosted the property market with new measures, attracted overseas talent and expanded trade networks with countries in the Middle East and ASEAN, as well as signing Free Trade Agreements with new markets like Peru.
One significant milestone in 2024 was the passage of the Basic Law Article 23 legislation, a cornerstone for our city’s long-term stability. To ensure clarity, we hosted exclusive Town Hall Forums with the Secretaries for Justice and Security, encouraging meaningful dialogue between Government officials and the international business community.
Last year, our Annual Business Forecast Survey revealed cautious optimism for 2025, with 31% of businesses expecting growth despite global uncertainties. Members saw plenty of promise in the Mainland, Southeast Asia and the Middle East.
As you know, our work extends well beyond Hong Kong, reinforcing our role as a bridge between East and West. In addition to leading delegations to diverse markets, we have also signed more than 60 MoUs over the years with business organizations to help unlock new opportunities for members. Just last week, I signed MoUs with Qatar and Kuwait, meaning we now have agreements with five out of the six Gulf Cooperation Council countries.
Through flagship events such as the HKGCC International Business Summit, we brought the global business community together to discuss critical topics and trends, from economic diversification to the rise of artificial intelligence. Connections have led to collaborations at our social gatherings, from happy hours with international chambers to cocktail receptions for Consuls General.
We also celebrated our nation’s 75th anniversary last year, reaffirming Hong Kong’s unique role under “One Country, Two Systems.” This framework gives us distinct advantages as a global business hub. Our city is an essential bridge connecting the Mainland with international markets, creating valuable opportunities for investment and growth.
In November, I was proud to lead a delegation to Shanghai and Zhejiang, where we engaged with government officials and innovators shaping the future of technology. Our business tours have reached every city in the Greater Bay Area, showcasing the value we can create together.
None of this would be possible without our members. The Chamber’s impact as Hong Kong’s “Voice of Business” stems from our vibrant membership, whose expertise across industries helps us support the business community. As we look ahead, may this year bring stability and success in our collective endeavours.
Embracing Innovation to Stay Competitive
Over the past year, the Chamber organized nearly 400 events and activities, all with the common purpose of serving our members’ needs and contributing to the city’s continued development.
We put a lot of emphasis on our youth empowerment drive, which saw breakthrough momentum this year, with our flagship programmes attracting record participation. The Business Case Competition, Business-School Partnership Programme and the Pitch Perfect Programme provided valuable links between students and the corporate world. These programmes also equipped them with essential skills for embarking on their careers. Moreover, our internship initiatives placed young talent across diverse industries, reinforcing our belief that Hong Kong’s future rests on nurturing the next generation of leaders.
I am pleased to report that the Chamber’s social impact has been recognized with two prestigious awards: the 10 Years Plus Caring Organization and Best All-Round MPF Employer. Beyond these milestones, we spearheaded meaningful CSR initiatives, from volunteering with elderly communities to working with young children.
Our newly established Employee Experience Division has delivered tangible results by enhancing retention through a more supportive workplace culture. We also formed a Strategic Initiatives Division to spearhead crucial projects for the Chamber to better serve members.
Both of these divisions are driving our AI training and adoption journey by providing courses and case studies to help companies improve their efficiency and capabilities. We have also improved the operational efficiency of our certification services by relocating the Admiralty office to Mong Kok and implementing AI solutions.
Financial sustainability remains a priority. Although demand for certification services remained stable over the year, the total number of documents issued decreased 5%, partly due to geopolitics affecting trade supply chains. Despite this, the Chamber’s operating income rose to $55 million, with venue rentals providing consistent income alongside careful spending to maintain flexibility.
The Chamber will continue to serve our members in every possible way. We realise that what members valued in previous years may not be what they desire today. Consequently, we will review our service and product offerings to ensure we provide value while driving competitive policies and forging valuable connections that matter.
Patrick Yeung, CEO, HKGCC
Collaborative Efforts for New Opportunities
Hong Kong’s economy has shown steady growth in 2024, supported by stable market sentiment, moderate inflation, and low unemployment. Major international events and business activities have driven a rise in visitor arrivals, while government initiatives to attract businesses and talent have brought significant investment and job opportunities.
However, geopolitical tensions and global trade uncertainties pose challenges for businesses. As the Chamber’s Legislative Council Representative, I have worked closely with the business community to address pressing concerns, including coordination with government departments, U.S. tariff impacts, and SME financing difficulties.
I have engaged extensively with the Hong Kong Monetary Authority (HKMA) to advocate for SME relief. Following discussions, the HKMA established a Taskforce on SME Lending to improve financial support, enhance communication with banks, and assist SMEs in transformation and upgrading. Moving forward, I will continue collaborating with the Government and HKMA to ensure timely, tailored assistance for businesses.
With trade protectionism affecting Hong Kong’s export-oriented economy, diversifying into emerging markets is critical. To address limited market familiarity, I urged the Hong Kong Export Credit Insurance Corporation (ECIC) to strengthen support. Last year’s Policy Address raised the maximum indemnity percentage to 95% and expanded free buyer credit checks – key steps to mitigate risks for local businesses.
Amid global shifts, Hong Kong must capitalize on its strengths: Mainland China’s backing and international connectivity. By serving as a bridge between China and the world, we can help businesses expand globally while attracting investment and talent. The Government’s overseas missions and policy measures – such as the New Capital Investment Entrant Scheme (now allowing residential property investments up to HK$10 million) and liquor duty reductions – demonstrate this commitment. Additionally, financing the Northern Metropolis through bonds and land disposal models will drive future growth. The business community must also proactively adapt.
As part of Legislative Council delegations, I visited ASEAN and Middle Eastern markets, engaging local enterprises and Hong Kong businesses to foster collaboration. Maintaining ties with foreign chambers in Hong Kong further facilitates regional partnerships.
As the saying goes, “In every crisis, there is opportunity.” Despite economic and trade uncertainties, the Government’s proactive steps combined with the business community’s collaborative efforts will help us forge new paths and unlock new opportunities.
Jeffrey Lam, HKGCC LegCo Representative
Expanding into New Markets
The Africa & Middle East Committee had a productive year facilitating members’ expansion into emerging markets through two successful business missions.
Our April delegation to Bahrain and the UAE proved particularly impactful, with 21 members participating in high-level meetings that included renewing our MOU with the Bahrain Chamber of Commerce & Industry. The visit to Amazon Web Services’ regional headquarters provided crucial insights into the Gulf’s digital transformation, while follow-up engagements have sustained this momentum through four additional meetings in recent months.
In October, our mission to Cambodia and Vietnam revealed two rapidly evolving economies brimming with potential. In Phnom Penh, members witnessed firsthand Cambodia’s pro-business reforms and vibrant startup culture during meetings with Jardines and local entrepreneurs. Vietnam’s ambitious infrastructure developments – including new expressways and modernized ports – highlighted its transition to high-value manufacturing, though traffic congestion emerged as a critical challenge needing resolution.
Beyond these missions, we deepened ties with key Asian partners through our 24th Kagoshima-Hong Kong Conference and multiple networking events with the Japanese Chamber.
Members also had the chance to make valuable connections at a cocktail reception with the Consuls General of Asian, African and Middle Eastern nations. The Chamber reinforced its strong relations with the Philippines and Singapore by hosting seminars and networking evenings for visiting delegations, including the Deputy Prime Minister of Singapore.
In addition, the committee welcomed over 30 visitors and delegations from Asia, Africa, and the Middle East, including high-level meetings with the Prime Minister of Djibouti; the Secretary of State at Cambodia’s Ministry of Commerce; and the Director-General of the World Trade Organization, among others.
As the Chamber continues to expand its international connections, the committee is dedicated to helping members access new markets through business matching, policy insights and sustained engagement with regional partners.
Dewan Saiful Alam, Chairman, Asia, Africa & Middle East Committee
Driving Hong Kong’s Digital Future
Hong Kong’s technological transformation continues to accelerate, creating both opportunities and challenges for businesses across all sectors. The Innovation, Data & Communication Committee has worked tirelessly to help members navigate this dynamic landscape while strengthening Hong Kong’s position as an international innovation hub.
Our efforts in 2024 focused on three interconnected areas: artificial intelligence development and governance, data management and protection frameworks, and the growth of Hong Kong’s digital economy.
One of our most impactful initiatives was co-organizing the Smart Economy & Business Innovation Forum at the 2024 Digital Economy Summit, which brought together over 400 participants to engage with government representatives and technology pioneers. The discussions covered transformative technologies – from Web 3.0 applications to immersive digital experiences – providing practical insights into their adoption.
Recognizing the increasing complexity of technology regulations, we prioritized keeping members informed about evolving requirements. We facilitated direct engagement with the Privacy Commissioner’s Office regarding Hong Kong’s AI governance framework, while also examining how international regulations like the EU’s AI Act might impact local operations. Our committee also provided substantive input on the proposed cybersecurity legislation for critical infrastructure, emphasizing the need for balanced, practical requirements that enhance protection without creating undue burdens.
Beyond our borders, we recently completed a study mission to Germany and France, where our delegation of 20 business leaders explored cutting-edge developments in smart manufacturing, quantum computing and green technologies. The week-long programme created valuable connections with European counterparts and identified multiple areas for future collaboration, particularly in industrial automation and sustainable tech solutions.
As we advance into 2025, we will intensify our efforts to support small and medium enterprises in their digital transformation journey. With the government’s strong commitment to innovation and technology development, combined with our members’ expertise and global networks, we are confident that Hong Kong will continue to strengthen its position as Asia’s premier digital economy and innovation hub.
Elsa Wong, Chairman, Innovation, Data & Communication Committee
Advancing Sustainable Growth
As a cornerstone of Hong Kong’s economy, the REI sector drives GDP growth, employment and the city’s status as a global financial hub.
In 2024, the Real Estate & Infrastructure (REI) Committee focused on advancing industry development, shaping policy and strengthening public-private collaboration. Our expert members contributed innovative ideas in land and housing, urban planning, and sustainable development. A major priority was supporting the Government’s Northern Metropolis vision, a transformative project for Hong Kong’s future.
Last August, we toured the Northern Metropolis Coordination Office, including San Tin Technopole, to discuss planning strategies. We also responded to the Lau Fau Shan Development Proposal, balancing government objectives with industry concerns. Site visits, such as to Sino Inno Lab and The Henderson, provided insights into PropTech and sustainable construction. Engagement with policymakers also remained critical, including a session with the Transport and Logistics Bureau on infrastructure development.
Our priorities in 2025 include enhancing Hong Kong’s REI competitiveness through strategic infrastructure investment, green building practices, and public-private partnerships. We have already submitted recommendations for the Northern Metropolis’ short- to mid-term development and provided feedback on the Land Disposal Scheme.
Going forward, the Committee remain committed to fostering sustainable growth and collaboration across the industry.
John Siu, Chairman, Real Estate and Infrastructure Committee
Agnes Chan Re-elected HKGCC Chairman
Agnes Chan, Senior Advisor, Chairman’s Office, Greater China, Ernst & Young, and former Managing Partner of EY Hong Kong & Macao, has been re-elected Chairman of the Hong Kong General Chamber of Commerce (HKGCC) for the coming year.
The election was held at the inaugural meeting of the new General Committee immediately after the HKGCC’s Annual General Meeting on the evening of 23 May. Peter Lam, Chairman, Lai Sun Garment (International) Ltd, was newly elected as Deputy Chairman. Victor Li, Chairman, CK Hutchison Holdings Ltd; Douglas Woo, Chairman and Managing Director, Wheelock and Co Ltd; and Pang Chun Yu, Director and General Manager, Yue Hwa Chinese Products Emporium, were re-elected as Vice Chairmen, while Jacob Kam, Chief Executive Officer, MTR Corporation Ltd; and Nikki Ng, Non-Executive Director, Sino Land Company Limited, were newly elected as Vice Chairmen.
At the Annual General Meeting, members elected a total of six members to fill the seats on the General Committee – the governing body of the Chamber – who were required to step down this year. All six were re-elected, respectively: Benjamin Hung, President, International, Standard Chartered Bank (Hong Kong) Ltd; Jacob Kam, Chief Executive Officer, MTR Corporation Ltd; Peter K N Lam, Chairman, Lai Sun Garment (International) Ltd; Nikki Mien Hua Ng, Non-Executive Director, Sino Land Company Limited; Neville S Shroff, Chairman and CEO, Shroff & Co Ltd; Yu Pang Chun, Director and General Manager, Yue Hwa Chinese Products Emporium Ltd.
Special Resolution: Amendment to Article 25
During the Annual General Meeting, a special resolution was passed to amend Article 25 of the Chamber’s Articles of Association, allowing the General Committee to increase the number of Vice Chairmen positions from three to up to five. This change supports the Chamber’s expanded role in enhancing Hong Kong’s international business exchanges and global positioning.
The amendment also addressed significantly increased operational demands, including participation in local, Mainland and overseas activities, as well as other engagements.
HKGCC General Committee
Chairman: Agnes Chan
Deputy Chairman: Peter Lam
Vice Chairmen: Jacob Kam, Victor Li, Nikki Ng, Douglas Woo, Yu Pang Chun
LegCo Representative: Jeffrey K F Lam
General Committee Members:
Guy Bradley, Eric Fok, Allen Fung, Gilbert Ho, Pansy Ho, Benjamin Hung, Wilson Kwong, Victor Lam, David Liao, Edwin Morris, Roy Ng, Neville Shroff, Steven Sieker,
Sun Yu, Emil Yu, Edmond Yue and Betty Yuen.