In 2022, Hong Kong commemorated the 25th anniversary of its reunification with Mainland China, coinciding with the centenary of the International Chamber of Shipping (ICS). To celebrate these notable milestones, Edward Liu, Principal Representative of the ICS (China) Liaison Office, interviewed Carrie Lam Cheng Yuet-ngor, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), on April 25, to explore the maritime industry’s development and future prospects.
Lam articulated the transformative role of shipping in Hong Kong’s economy and culture, emphasizing its significance on a global scale. As per the United Nations data, approximately 90% of global trade by volume is facilitated by the shipping industry. For Hong Kong, a crucial player as the world’s sixth-largest merchandise trading entity, efficient cargo movement—encompassing imports, exports, and re-exports—is vital. Historically, Hong Kong’s port has evolved from an entrepot to a service-oriented economy, firmly establishing maritime services as a critical pillar supporting legal frameworks, finance, and arbitration.
The COVID-19 pandemic showcased the essential nature of shipping, as disruptions led to significant goods shortages. Lam stressed the necessity for ports worldwide to enhance efficiency and safety, facilitating continued goods flow even during crises. Moreover, as shipping is integrated into broader economic strategies, Lam highlighted that Hong Kong is recognized as a pivotal transportation center in China’s 14th Five-Year Plan, emphasizing its role alongside other international hubs.
Looking to the future, Lam expressed optimism based on strategic initiatives, including the Greater Bay Area project—a burgeoning economic region boasting a population of 86 million and a GDP exceeding $1.6 trillion. The integration of ports within this region will foster business exchanges, despite competition which could be advantageous to Hong Kong if leveraged correctly.
Moreover, she pointed to Hong Kong’s strategic placement within the development of a new cross-country transportation corridor, further positioning it as a vital transshipment hub. Initiatives include the establishment of regional shipping registry desks worldwide, aiming to bolster Hong Kong’s maritime visibility and enhance its registry services.
Challenges facing the shipping industry, particularly those associated with decarbonization, were also discussed. Lam reiterated Hong Kong’s commitment to achieve carbon neutrality by 2050 and to halve 2005-level emissions by 2035. Essential efforts towards this goal involve adopting alternative fuels, advancing port technology, and digitalizing operations.
Talent acquisition remains crucial, with policies in place to attract more STEM scholars to facilitate innovation in the maritime sector. Enhanced cooperation between the Hong Kong government and maritime industry entities is anticipated to yield new maritime initiatives.
Finally, Lam commended the ICS for its global influence over the past century and its potential growth in Asia, particularly through the Belt and Road Initiative, highlighting the vital connection between the ICS and the Chinese shipping industry. As Hong Kong’s first overseas ICS office, the HKSAR Government expressed commitment to support initiatives forging stronger ties between the ICS and the regional shipping industry, ensuring Hong Kong’s enduring status as a global maritime hub.
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