Hong Kong's economy is appearing to regain momentum as authorities reveal new strategies to entice both local and foreign investments, showcasing its versatility as a dynamic business hub.
According to Rosanna Law Shuk-pui, the Secretary for Culture, Sports and Tourism, mainland Chinese tourists will remain the predominant visitors to Hong Kong for at least the next five years. Law expressed confidence about the continuing rise of international travelers, noting a remarkable increase of more than 30% during the recent Christmas season. "The fact is mainlanders constitute the largest number of tourists to Hong Kong will not change over the next five years because of the proximity of Hong Kong to other mainland cities," she stated.
Last week, Hong Kong unveiled ambitious plans for its tourism sector through the release of its development blueprint, which aims to inject HK$120 billion (approximately US$15.5 billion) and generate around 210,000 jobs over the next five years. The strategy is expected to modernize attractions and infrastructure, focusing on initiatives highlighting Hong Kong’s unique culture and heritage, such as mega-events and the incorporation of smart technologies to streamline visitor experiences.
Shifting gears, the investment climate for family offices appears to be drawing interest from wealthy individuals, particularly following changes to Switzerland's neutral geopolitical stance amid the Russia-Ukraine conflict. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu commented on this trend, indicating at least four parties from Indonesia had already expressed interest in establishing family offices within Hong Kong. Hui remarked, "For some wealthy individuals, they are very sensitive about where their money is kept, whether it can be withdrawn and whether it is safe. But this has never been an issue for Hong Kong." His assertion reinforces Hong Kong’s reputation as a stable and predictable investment environment.
Hui added, "The neutral image Switzerland was affected to some extent due to the Russia-Ukraine war. Now the country would like to rebuild its neutrality through some reforms," highlighting how Hong Kong may stand to benefit from investors reevaluated their options.
Complementing these developments, the engineering sector is witnessing significant changes as more than 200 Hong Kong engineers have successfully obtained professional qualifications recognized across the Greater Bay Area (GBA). Bernadette Linn Hon-ho, the Secretary for Development, said the previously stringent process has been modernized, with new evaluation systems allowing these professionals to assert their competencies more readily.
Permanent Secretary for Development (Works) Ricky Lau Chun-kit noted, "The new system opens up opportunities for sectors like construction, surveying and planning to operate seamlessly within the GBA," showcasing the benefits of the recent reforms.
Chan Chi-man, director of Long Engineering, commented on the significance of these qualifications by stating, "Holding this is like possessing a professional business card, helping our mainland colleagues easily recognize our expertise." The new registration framework, which allowed professionals to register directly for mainland qualifications, has also cut down long-standing barriers.
This sentiment was echoed by Stephen Lai Yuk-fai, former president of the Hong Kong Institute of Surveyors, who labeled the streamlined process as "a significant improvement," hinting at greater future collaboration and mobility for Hong Kong professionals.
With the convergence of enhanced tourism strategies, growing family office interest, and improved professional qualifications, Hong Kong is strategically positioning itself. The city is not just adapting but thriving as it reestablishes its economic foothold and attracts both tourists and investors alike.
Such developments pave the way for Hong Kong's path to revitalization post-pandemic, highlighting its role as the bridge between East and West, which continues to attract innovation and investment from across the globe.