The Bulletin

Chamber in Review

The Bulletin. June 2025

International Connections

Business travel spending is frequently regarded as a vital indicator of business growth, with business travellers accounting for 50% of global airline revenues. As one of the world’s foremost online travel agencies, Trip.com Group plays a significant role in this domain. Within the Group are several prominent travel technology companies in Europe, including Travelfusion, Skyscanner and Travix.
Delving into the key business travel trends in Asia and the potential implications for Hong Kong companies engaging in business in Europe, Sherwin Dai, GM of Greater China, Corporate Travel – Trip.Biz, Ctrip International Travel (Hong Kong) Ltd, spoke at the Chamber’s Europe Committee meeting on 21 May.
Dai predicted a steady growth in business travel spending worldwide over the next three to five years, with China and the United States emerging as the largest markets. The primary purpose of travel among European business travellers is attending seminars or training, followed by conventions and conferences.
As the super-connector between China and the world, Hong Kong possesses the right talent, skills, and knowledge to facilitate the global expansion of mainland companies, presenting numerous opportunities for local firms, Dai added.

Norman Cheng (COO, Veolia Hong Kong and Macau) and Bruno Botella (CEO, Asia and Pacific, Dragages Hong Kong) explored how sustainability in the European Union drives business opportunities during the Europe Committee’s roundtable on 8 May. They also shared their success stories about decarbonization in Hong Kong.
Cheng noted that Hong Kong and the EU shared many similarities in decarbonization targets and strategies. He highlighted several major funding schemes in the EU, including Horizon Europe and EU Taxonomy, which incentivize green financing and sustainable practices. He also emphasized the production and use of green hydrogen as a crucial element in achieving global decarbonization goals and discussed the possible implications for businesses.
Botella noted that buildings account for 90% of Hong Kong’s electricity use, presenting major opportunities for energy efficiency solutions. Both speakers acknowledged the city’s progress in its green transition, exemplified by Veolia’s landmark green hydrogen project with Towngas – a significant step toward a sustainable future.

Carlos Casanova, Senior Economist Asia, Union Bancaire Privée (UBP SA), provided a comprehensive analysis of U.S. tariff trends and economic developments in Hong Kong and China at the Americas Committee meeting on 22 May.
Casanova noted that while the recent 90-day pause in trade tensions had momentarily improved market sentiment, businesses remain cautious. He said underlying trade frictions would persist, with tariffs continuing to impact both Chinese and U.S. consumers.
Regarding China, Casanova said cyclical tailwinds driven by monetary policy support, such as key rate cuts and other supportive measures implemented by the People’s Bank of China, are helping to offset some of the impact of U.S. tariffs. The discussion on Hong Kong highlighted the importance of diversifying its economy and developing new revenue streams to mitigate economic risks.
At the meeting, Analisa Low, Trinidad and Tobago’s Ambassador to China, provided an update on the Caribbean. Vice Chairman of the Americas Committee Simon Chan also updated members on his recent visit to the U.S.

The Hong Kong General Chamber of Commerce and the Bahrain Chamber of Commerce & Industry (BCCI) co-organized a webinar on 7 May to update Hong Kong businesses on the latest investment incentives in Bahrain. The event was supported by the Chairman of BCCI, the Bahrain Economic Development Board (EDB), Tamkeen (Bahrain’s labour fund), the Honorary Consul General of Bahrain in Hong Kong, and the Hong Kong Bahrain Business Association.
Bahrain’s financial sector remains a key economic driver, contributing 16.9% to GDP, followed by manufacturing at 15.7%. For Hong Kong businesses, they said financial services, ICT, manufacturing, logistics and tourism were sectors that the government was prioritising.
Aurelio Castilla, Head of International Offices at EDB, highlighted opportunities in southern Bahrain’s downstream aluminium industry, suggesting Hong Kong could collaborate with Mainland businesses in the sector. He also emphasized Bahrain’s growing digitalization and e-commerce landscape as areas where Hong Kong’s expertise could prove advantageous.
Bahrain has long been a gateway to other GCC members. The country offers many incentives, including generous subsidies and tax incentives. Companies interested in learning more about Bahrain’s business opportunities can contact EDB at https://www.bahrainedb.com/

Yul Edison, Indonesia’s Consul General to Hong Kong, addressed a packed house at the Chamber’s Asia, Africa & Middle East Committee meeting on 14 May about the country’s business environment and trade relations with Hong Kong and the region.
With a population of 285 million, of which 40% constitutes the middle class, Indonesia’s economy has been enjoying annual GDP growth of 5%. The government has set a target of 8% in the future. Hong Kong was the country’s second-largest investor in 2024, bringing accumulated FDI to US$33 billion in almost 9,000 projects.
The country currently faces a large trade deficit with Hong Kong, which Edison hopes to address by boosting exports and attracting more investment into the 25 special economic zones across the archipelago. He also aims to increase the number of Hong Kong tourists visiting Indonesia, which reached 56,000 last year, significantly trailing behind the pre-Covid figure of 95,000.

Americas Committee

Analyzing Global Trade Headwinds

Casanova noted that while the recent 90-day pause in trade tensions had momentarily improved market sentiment, businesses remain cautious. He said underlying trade frictions would persist, with tariffs continuing to impact both Chinese and U.S. consumers.

Regarding China, Casanova said cyclical tailwinds driven by monetary policy support, such as key rate cuts and other supportive measures implemented by the People’s Bank of China, are helping to offset some of the impact of U.S. tariffs. The discussion on Hong Kong highlighted the importance of diversifying its economy and developing new revenue streams to mitigate economic risks.

At the meeting, Analisa Low, Trinidad and Tobago’s Ambassador to China, provided an update on the Caribbean. Vice Chairman of the Americas Committee Simon Chan also updated members on his recent visit to the U.S.

Asia, Africa & Middle East Committee

Bahrain’s Business Landscape Update

Bahrain’s financial sector remains a key economic driver, contributing 16.9% to GDP, followed by manufacturing at 15.7%. For Hong Kong businesses, they said financial services, ICT, manufacturing, logistics and tourism were sectors that the government was prioritising.

Aurelio Castilla, Head of International Offices at EDB, highlighted opportunities in southern Bahrain’s downstream aluminium industry, suggesting Hong Kong could collaborate with Mainland businesses in the sector. He also emphasized Bahrain’s growing digitalization and e-commerce landscape as areas where Hong Kong’s expertise could prove advantageous.

Bahrain has long been a gateway to other GCC members. The country offers many incentives, including generous subsidies and tax incentives. Companies interested in learning more about Bahrain’s business opportunities can contact EDB at https://www.bahrainedb.com/

Leveraging Indonesia’s Vast Market

With a population of 285 million, of which 40% constitutes the middle class, Indonesia’s economy has been enjoying annual GDP growth of 5%. The government has set a target of 8% in the future. Hong Kong was the country’s second-largest investor in 2024, bringing accumulated FDI to US$33 billion in almost 9,000 projects.

The country currently faces a large trade deficit with Hong Kong, which Edison hopes to address by boosting exports and attracting more investment into the 25 special economic zones across the archipelago. He also aims to increase the number of Hong Kong tourists visiting Indonesia, which reached 56,000 last year, significantly trailing behind the pre-Covid figure of 95,000.

Europe Committee

Global Business Travel Trends in 2025

Delving into the key business travel trends in Asia and the potential implications for Hong Kong companies engaging in business in Europe, Sherwin Dai, GM of Greater China, Corporate Travel – Trip.Biz, Ctrip International Travel (Hong Kong) Ltd, spoke at the Chamber’s Europe Committee meeting on 21 May.

Dai predicted a steady growth in business travel spending worldwide over the next three to five years, with China and the United States emerging as the largest markets. The primary purpose of travel among European business travellers is attending seminars or training, followed by conventions and conferences.

As the super-connector between China and the world, Hong Kong possesses the right talent, skills, and knowledge to facilitate the global expansion of mainland companies, presenting numerous opportunities for local firms, Dai added.

Opportunities for Green Transition in Europe and Asia

Cheng noted that Hong Kong and the EU shared many similarities in decarbonization targets and strategies. He highlighted several major funding schemes in the EU, including Horizon Europe and EU Taxonomy, which incentivize green financing and sustainable practices. He also emphasized the production and use of green hydrogen as a crucial element in achieving global decarbonization goals and discussed the possible implications for businesses.

Botella noted that buildings account for 90% of Hong Kong’s electricity use, presenting major opportunities for energy efficiency solutions. Both speakers acknowledged the city’s progress in its green transition, exemplified by Veolia’s landmark green hydrogen project with Towngas – a significant step toward a sustainable future.

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