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HKTDC Export Index 3Q21: COVID, transportation costs dim Christmas sales outlook

HONG KONG, Sep 14, 2021 - (ACN Newswire via SEAPRWire.com) - The Hong Kong Trade Development Council (HKTDC) announced today that its Export Index for the third quarter of this year (Q3) fell 9.7 points back to its first-quarter level of 39.0, after rising for five consecutive quarters, as sector and market sub-indexes declined across the board. The latest survey results indicate perceived uncertainties over Hong Kong's export performance in the coming months, especially during the traditional peak Christmas season.HKTDC Economist Samantha Yim, Director of Research Nicholas Kwan and Assistant Principal Economist (Greater China) Alice Tsang announced the HKTDC Export Index for the third quarter of 2021 at a press conference today [L-R]HKTDC Director of Research Nicholas Kwan said business confidence in Hong Kong's exports for the near term has been undermined by continuing uncertainties over the COVID-19 pandemic and surging transportation costs. Only 20.2% of Hong Kong businesses polled in the Q3 survey anticipated an increase in their Christmas sales this year, compared with 38.7% who foresaw no change and 41.1% who predicted a decline. Most respondents in the latter category expected declines of no more than 30%."The key issues seen as affecting Hong Kong's export performance in the coming six months continued to be the pandemic [45.5%, up 4 percentage points on the second quarter (Q2)] and softening global demand [20.3%, up 3.6 percentage points]," Mr Kwan said at a press conference today.Digital transformation acceleratesIn the survey, the proportion of Hong Kong exporters who reported having been affected by the pandemic (66.6%) rose 9.7 percentage points from Q2. The most-cited pandemic-induced problems include reduced order sizes (59.5%) and order cancellations (28.1%), as well as disruptions to logistics and distribution (58.6%) and increased transportation costs (53.6%). "It is worth noting that an increased proportion of Hong Kong companies reported difficulties in sourcing raw materials, parts and components. This category accounted for 24.6% of respondents, up 10.8 percentage points from the last quarter. This suggests that the supply chain may have been affected," Mr Kwan said.Nevertheless, some Hong Kong firms (9.3%) said the pandemic had positively affected their business, which had benefited from increased product demand, especially in the electronics and toys industries. This is partly attributable to the COVID-19-inspired acceleration of digital transformation among enterprises, a restructuring of the global supply chain and a shift towards e-commerce, which together saw businesses invest heavily in electronics products to upgrade their operational resources."Under the pandemic, quite a number of Hong Kong companies have accelerated their digital transformation," said Mr Kwan. "The survey found that their digital business strategies include developing an online sales operation [56.3%], promoting products via a digital channel [56.0%], enhancing their cybersecurity [50.2%], developing a cloud computing/online management system [47.7%] and adopting digital payment solutions [31.9%]."To address current market challenges, many Hong Kong firms said they were considering or would consider adopting various business strategies, including developing Mainland China sales (47.9%), building online sales channels (45.8%) and expanding their product portfolios (44.9%). Meanwhile, an increased proportion of Hong Kong enterprises were planning to diversify into new overseas markets (35.5%, up 7.1 percentage points), mainly in Europe (29.5%) and the Association of Southeast Asian Nations (ASEAN) region (20.5%).Relatively stronger performers: toys and JapanThe HKTDC conducts the Export Index survey every quarter, interviewing 500 local exporters from six major industries including machinery, electronics, jewellery, watches and clocks, toys and clothing, to gauge business confidence in near-term export prospects. The index indicates an optimistic or pessimistic outlook, with 50 as the dividing line."Among industry sectors, toys recorded the highest reading and a relatively mild drop [44.0, down 1.1 points], while Hong Kong exporters were the least optimistic about clothing [36.1, down 7.2 points]," HKTDC Economist Samantha Yim said. "As for markets, exporters showed the most confidence in Japan [47.9] and Mainland China [47.8]."The survey also registered declines in the Trade Value Index (54.1, down 2.9 points) and the Procurement Index (36.2, down 9.3 points). The Employment Index, on the other hand, rose by 3.1 points to 44.7, showing the labour market was relatively stable.Bright spot: smart healthcareHKTDC Assistant Principal Economist (Greater China) Alice Tsang said the pandemic, despite its negative impact on the global economy, has accelerated the development of smart healthcare, creating new business opportunities. "Under the pandemic, smart healthcare equipment has been gaining traction and consumers are becoming increasingly receptive to such technologies as remote healthcare, the medical-related Internet of Things [IoT] and health data management," she said."Automated and electronic healthcare services such as smart hospitals and remote medical consultations can ease human resources pressure and help meet the enormous healthcare demand from the world's ageing population. Hong Kong's elderly population, for example, is expected to increase to one-third of the total population by 2039," she added.Ms Tsang noted many medical products and services have incorporated new technologies in recent years, such as wearable devices that measure and monitor health data, systems using big data and artificial intelligence to predict the chance of developing an illness, devices equipped with virtual reality technology for making initial diagnoses, robots that assist in surgery and rehabilitation treatment, as well as solutions for storing medical data in the cloud.To reduce production costs, many of Hong Kong's medical and healthcare equipment manufacturers have moved their production bases to the mainland. However, quality control, marketing, R&D, design and material and equipment procurement continue to be carried out in Hong Kong. In the first half of this year, the city exported HK$7.8 billion (US$1 billion) worth of medical and health equipment to markets led by the mainland (24%), the European Union (18%), the United States (10%), India (8%), ASEAN (7%) and Japan (6%).Ms Tsang explained that Hong Kong's medical and healthcare sectors are presented with new opportunities because of the close ties between the local and mainland healthcare markets, coupled with the city's role as a research and development (R&D) hub for the industry and a major fundraising centre for biotechnology companies. "Hong Kong possesses first-rate R&D talent, a strategic location close to production centres in the Guangdong-Hong Kong-Macao Greater Bay Area, a robust intellectual property protection regime and extensive international business networks. All these together make Hong Kong the ideal platform for developing smart healthcare," Ms Tsang said.Highlighting Hong Kong's role as a regional healthcare investment platform, the Hong Kong Special Administrative Region Government and the HKTDC will hold the inaugural Asia Summit on Global Health on 24 November. Themed "Shaping a Resilient and Sustainable Future", the hybrid online-offline event will examine business and cooperation opportunities in Asia's healthcare sector. The event will include exhibitions, project presentations and Deal Flow Matchmaking sessions to facilitate business discussions and investment partnerships.References- HKTDC Research website: http://research.hktdc.com/- HKTDC Export Index 3Q21: Threat of Covid-19 Variants Triggers Decline in Exporter Confidence Over the Near Term: https://bit.ly/3k5GEde- Smart Healthcare series https://bit.ly/3z6bB52- Photo download: https://bit.ly/3hxh6E1Media enquiries:HKTDC's Communication and Public Affairs DepartmentBeatrice Lam, Tel: +852 2584 4049, Email: beatrice.hy.lam@hktdc.orgAbout HKTDCThe Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn Copyright 2021 ACN Newswire. All rights reserved. (via SEAPRWire)

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Sixth Belt and Road Summit draws to successful close

HONG KONG, Sep 3, 2021 - (ACN Newswire via SEAPRWire.com) - The sixth Belt and Road Summit, jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), drew to a successful close yesterday (2 September). In response to the COVID-19 pandemic, this year's summit was changed to an online event. The virtual platform helped to overcome geographical boundaries, with more than 17,000 viewers from about 80 countries and regions attending the summit.Under the theme "Driving Growth through Fostering Regional and International Trade", the sixth Belt and Road Summit brought together more than 17,000 participants from about 80 countries and regions.Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR), spoke at a session titled "Belt and Road and RCEP: Enhancing Regional Business Connectivity".Teresa Cheng, Secretary for Justice of the HKSAR, highlighted the "incredible opportunities" afforded to Hong Kong's legal sector by the 14th Five-Year Plan and Greater Bay Area Outline Development Plan.Under the theme "Driving Growth through Fostering Regional and International Trade", the two-day summit featured more than 80 government and business leaders from countries and regions along the Belt and Road, along with investors from Mainland China, the Asia-Pacific region, Europe, the Middle East and Africa as well as project owners and professional investment advisers. They all came together to discuss the latest developments driven by the Belt and Road Initiative.Investment projects drive geographical connectionsHolding the conference virtually presented no barrier to meaningful exchanges among participants. In addition to various breakout discussion sessions, the 2021 summit featured one-to-one business matching meetings and project pitching sessions that proved popular among both project owners and participants. The summit received over 260 investment projects from 42 countries and regions along the Belt and Road and beyond, including the Greater Bay Area, Indonesia, Thailand, Philippines, Sri Lanka, Italy, Egypt, UAE, Djibouti and others, focusing on four major areas - (1) energy, natural resources and public utilities; (2) innovation and technology; (3) urban development; and (4) transport and logistics infrastructure.Belt and Road and RCEP foster global growthThe Regional Comprehensive Economic Partnership (RCEP) has become a key milestone in regional cooperation, developing significant synergies with the Belt and Road Initiative. In a plenary session titled "Belt and Road and RCEP: Enhancing Regional Business Connectivity", Paul Chan, Financial Secretary of the HKSAR, remarked that Hong Kong's strategic location makes the city a gateway for trade, investment and business between Mainland China and other RCEP economies, particularly countries in the Association of Southeast Asian Nations (ASEAN). "Hong Kong's trade in goods with the 15 RCEP economies last year totalled US$772 billion, accounting for about 73% of our total merchandise trade. In 2019, our trade in services with the RCEP was worth US$103 billion, accounting for nearly 60% of our services trade. China's 14th Five-Year plan supports Hong Kong's status as an international financial, transport and trade centre, and it encourages our continuing cooperation and exchanges with countries and regions around the world," Mr Chan said.Huang Zhaohui, CEO and Chairman of the Management Committee, China International Capital Corporation (CICC), stated that the RCEP covered about one-third of the world's total population and accounted for one-third of global GDP, making it the world's largest free trade agreement. He believes the RCEP will bring great benefits to regional trade and investment. "The RCEP will deepen trade and economic connections between leading countries in the region through tariff reductions. We expect that China-Japan trade tariffs will be significantly reduced while China and Korea will further promote trade facilitation in key areas. This in turn will effectively increase the volume of trade between member countries and enhance regional economic vitality and competitiveness. At CICC we have decided to increase our overseas deployment, especially in Belt and Road countries. We are looking forward to long-term investment, leveraging our financial capabilities to assist the economic and capital market development of these countries."Edward Yau, Secretary for Commerce and Economic Development of the HKSAR, added that Hong Kong has been striving to expand its economic and trade network worldwide through regional cooperation. "While we are seeing some backpedalling in certain areas of the global economy, there are sufficient incentives and also momentum to move towards to more regional cooperation. Hong Kong stands ready, as always, to be the platform and also the conduit for freer trade, not just in our part of the region, but also in the wider sense of the global economy."Opportunities abound in Greater Bay AreaThe 14th Five-Year Plan highlighted how the development of the Greater Bay Area will lead to boundless opportunities. This year's summit included the new GBA Track thematic series that featured plenary and panel discussion sessions, thematic breakout sessions and a virtual exhibition, covering a wide range of topics, including capital raising, green finance, digital technology applications and start-ups. Sun Yu, Vice Chairman and Chief Executive, Bank of China (Hong Kong) noted, "Infrastructure construction is the key to success of the Belt and Road Initiative, as infrastructure construction has a strong correlation with GDP growth. The tremendous demand for infrastructure investments along the Belt and Road has presented new business opportunities for commercial banks. Hong Kong commercial banks can take up the role as the project financing advisor and solutions provider. Through collaboration with policy banks, insurance companies, law firms and business consultants, they can build a financial services ecosystem, and make good use of market-oriented mechanism to provide systematic, diversified and innovative solutions, as well as financing support for suitable infrastructure projects."Teresa Cheng, Secretary for Justice of the HKSAR, delivered a welcome speech in a session titled "Fostering Trade and Resolving Disputes in the Post-COVID Era - Hong Kong's Legal and Dispute Resolution Services". She mentioned the business opportunities and unique advantages of Hong Kong under "one country, two systems", explaining that the 14th Five-Year Plan and Greater Bay Area Outline Development Plan explicitly support Hong Kong as the centre for international legal and dispute resolution services in the Asia-Pacific region. "These two national policies have afforded incredible opportunities to the legal sector and therefore the businesses that utilise our legal and dispute resolution services," she said.China International Capital Corporation Ltd serves as the Strategic Partner of the sixth Belt and Road Summit; Bank of China (Hong Kong) Ltd as the Regional Banking Partner; China Merchants Group as the Sapphire Sponsor; China Taiping Insurance Group as the Affiliated Insurance Partner; and China Mobile International Limited as the Platinum Sponsor.Websites- Belt and Road Summit website: https://www.beltandroadsummit.hk/en- HKTDC Belt and Road Portal: http://beltandroad.hktdc.com- Photo download: https://bit.ly/3tgRVdGAbout HKTDCThe Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedInMedia enquiries:HKTDC's Communications & Public Affairs DepartmentSunny Ng, Tel: +852 2584 4357, Email: sunny.sl.ng@hktdc.orgClayton Lauw, Tel: +852 2584 4472, Email: clayton.y.lauw@hktdc.orgChristine Kam, Tel: +852 2584 4514, Email: christine.kam@hktdc.org Copyright 2021 ACN Newswire. All rights reserved. (via SEAPRWire)

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Hong Kong Trade Development Council Chairman Dr Peter KN Lam confident in Hong Kong’s business environment

HONG KONG, Jul 20, 2021 - (ACN Newswire via SEAPRWire.com) - The Hong Kong Trade Development Council (HKTDC) noticed recent discussions on Hong Kong's business environment. Dr Peter KN Lam, Chairman of the HKTDC, said that most companies operating in Hong Kong remain confident in the city's business landscape.Dr. Lam said, "Based on my interaction with Hong Kong's international business community, they are excited about the vast opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay Area development, and see Hong Kong as the ideal entry point.""As a global business hub, Hong Kong's fundamental strengths remain robust. The city continues to be a place which is easy to do business, has a rich pool of international talent, and enjoys economic freedom, a low level of corruption and free flow of capital, goods, people and information. I believe global investors and the business community are confident in Hong Kong's continued role as a two-way investment and business platform," Dr. Lam added.Given Asia's strong growth potential as well as opportunities arising from the Mainland's 14th Five-Year Plan, dual circulation policy and development of the Greater Bay Area, the HKTDC has planned a series of activities focusing on Hong Kong's strengths in areas such as medical and healthcare, technology, finance, logistics, legal as well as intellectual property, to support local and international companies to capture these opportunities.About HKTDCThe Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedInMedia Contact:HKTDC's Communications and Public Affairs DepartmentSusanna Sin, Tel: +852 2584 4294, email: susanna.kc.sin@hktdc.org Copyright 2021 ACN Newswire. All rights reserved. (via SEAPRWire)

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HKTDC Export Index 2Q21: Export confidence rises for fifth consecutive quarter

HONG KONG, Jun 23, 2021 - (ACN Newswire via SEAPRWire.com) - The Hong Kong Trade Development Council (HKTDC) announced today that its Export Index has risen for the fifth consecutive quarter, soaring from a record low of 16.0 at the beginning of the COVID-19 pandemic last year to 48.7 in the second quarter of 2021, which is close to expansionary territory. The sustained upturn indicates that local exporters have gradually regained confidence in the city's export outlook.Presenting the HKTDC Export Index for the second quarter of 2021 and an analysis on opportunities in the "new normal" are researchers at the Hong Kong Trade Development Council: (from left) Assistant Principal Economist (Greater China) Alice Tsang, Director of Research Nicholas Kwan, Assistant Principal Economist (Global Research) Louis ChanHKTDC Director of Research Nicholas Kwan said Hong Kong's exports have grown significantly in recent months, buoyed by the global revival in trade and the resumption of production activities. Total exports in the first quarter of 2021 increased by 33.2% year-on-year to HK$1,107.8 billion, with growth of 24.4% registered in April. "Led by Mainland China and the United States, the global economy has rebounded steadily, which will continue to bolster Hong Kong's export performance," Mr Kwan said.Meanwhile, the HKTDC's Export Index survey showed that local exporters continue to have concerns. These include the persistence of the COVID-19 pandemic (41.5%), softening global demand (16.7%), prolonged trade tensions between the mainland and the United States (13.0%) and continuing pandemic-mandated border closures (11.6%)."The global economic recovery is likely to be highly uneven. After taking into account a basket of factors, we decided to revise Hong Kong's export forecast in 2021 upward from 5% to 15%, albeit from a low base. This represents the biggest rebound since the city's recovery from the global financial crisis in 2010," Mr Kwan added.Smaller orders, higher costsMr Kwan pointed out that while concerns remain, the impact of the pandemic has been gradually easing over the past few months. The percentage of respondents reporting that they had been negatively affected by pandemic-related issues fell from 78.2% in the first quarter of 2021 to 56.9% in the second quarter.A reduction in order size (66.4%), increased transportation costs (46.4%) and logistics or distribution disruptions (42.6%) were cited as the three most common problems, Mr Kwan said. In addition to getting accustomed to a new normal of smaller orders and higher transportation costs, Hong Kong businesses have adopted new strategies to weather these challenges such as developing other product categories (53.8%), developing the mainland domestic market (49.5%), developing online sales channels (45.5%) and targeting new overseas markets (28.4%), with the Association of Southeast Asian Nations (ASEAN) bloc and Europe the most popular choices for diversification.New opportunities under 14th Five-Year PlanMr Kwan said that China's 14th Five-Year Plan, coupled with the "dual circulation" development model, aims to stimulate domestic demand in the mainland, presenting enormous opportunities for Hong Kong businesses. About 40% of the exporters surveyed have developed or are intending to develop the mainland domestic market, yet are encountering various challenges such as intense competition (81.8%), difficulties in selecting suitable local sales partners and/or distributors (47.4%), and problems with mastering the required sales channels (44.0%)."The HKTDC has formulated strategies to help Hong Kong companies capture domestic sales opportunities through both online and offline channels. We can help them understand business regulations, master market trends, establish contacts and expand their sales network through a series of promotional activities and new services," Mr Kwan said.Major markets and industries reboundThe HKTDC conducts the Export Index survey every quarter, interviewing 500 local exporters from six major industries including machinery, electronics, jewellery, watches and clocks, toys and clothing, to gauge business confidence in near-term export prospects. The Index indicates an optimistic or pessimistic outlook, with 50 as the dividing line.HKTDC Assistant Principal Economist (Greater China) Alice Tsang said: "The Export Index rose by 9.7 points to 48.7 in the second quarter. In line with this, exporter confidence continues to improve across almost all industry sectors and major markets." Looking at specific industries, machinery (up 13.0 points to 55.9) and electronics (up 9.8 points to 48.8) both outperformed the overall average. In terms of export markets, confidence in Mainland China (50.3) returned to expansionary territory while a more optimistic sentiment was seen in Japan (49.8), the European Union (49.2), the ASEAN bloc (49.1) and the US (49.0).Ms Tsang added that the improving export sentiment is further evident in an upward trend in subsidiary indexes, including the Trade Value Index (up 10.7 points to 57.0) and Procurement Index (up 11.9 points to 45.5). The employment sentiment, however, remained subdued (down 1.6 points to 41.6).Tech and eco products take the leadHKTDC Assistant Principal Economist (Global Research) Louis Chan interviewed a number of consuls general and trade commissioners in Hong Kong and shortlisted some of the new opportunities for Hong Kong companies on the road to recovery.United KingdomUnder the new tariff regime, 47% of imported goods are tariff-free while the average tariff is as low as 5.7%. In addition, the UK has announced 10 new freeports as national hubs for trade, innovation and commerce, creating jobs, attracting new businesses and encouraging investment to help drive the country's post-Brexit growth. Collaboration opportunities exist in clean energy projects such as offshore wind power, smart energy systems, sustainable construction, precision agriculture, green finance and electric vehicle manufacture.ItalyItaly was the first European country to be impacted by the pandemic. The Italian government launched its EUR 222 billion five-year National Recovery and Resilience Plan to revive the country's economy. The plan covers six areas including digitalisation, innovation, competitiveness and culture; the green revolution and ecological transition; infrastructure for sustainable mobility; education and research; cohesion and inclusion; and health. It is expected to add an extra 3.6 percentage points to Italy's gross domestic product growth by 2026.Austria40% of Austrian investments in Mainland China go via Hong Kong, while 70% of mainland investments in Austria are done via Hong Kong entities. Many Austrian brands have an eye on opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area arising from its expanding middle-class, and plan to access Greater Bay Area and Belt and Road markets via Hong Kong. Last year, an Austrian fibre producer, making eco-friendly renewable products, achieved a historic first, sending textiles that were 100% made in Austria directly to China by the China Railway Express.PolandDespite the uncertainties brought by the pandemic, Poland has the potential to become the digital heart of Europe. In May 2020, Microsoft announced a US$1 billion, seven-year digital transformation investment plan in Poland, featuring the opening of the company's first data centre in Central and Eastern Europe (CEE), in partnership with Poland's leading cloud computing solutions provider, Chmura Krajowa. Around the same time, Google announced the launch of a new Google Cloud region in Warsaw, also a CEE first, with an investment of up to US$2 billion.Mr Chan added that Hong Kong companies producing tech products and services have a better chance to succeed in the post-pandemic market, citing areas such as 5G-related smart devices, clothing made with anti-bacterial fabric, the cold supply chain and e-Health. He added that traditional products with a modern twist are also popular in niche markets, including proprietary IP toys, contemporary jade jewellery, at-home fitness gear, hiking equipment and more.References- HKTDC Research website: http://research.hktdc.com/- HKTDC Export Index 2Q21: Exporter Confidence Rises for Fifth Successive Quarter https://bit.ly/2SBCizE- 2021 Mid-Year Export Review: Strong Recovery but Uneven Outlook https://bit.ly/3vvRpbf- Podcast https://bit.ly/3xMMeF4- Post-Covid Prospects series https://bit.ly/2SG5hSC- Photo download: https://bit.ly/3gPndnfAbout HKTDC The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedInMedia enquiries:HKTDC Communication and Public Affairs DepartmentBeatrice Lam, Tel: +852 2584 4049, Email: beatrice.hy.lam@hktdc.org Copyright 2021 ACN Newswire. All rights reserved. (via SEAPRWire)

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Eco Asia Conference highlights green opportunities

HONG KONG, Nov 24, 2020 - (ACN Newswire) - The increased use of disposables such as face masks and plastic lunch boxes during the pandemic has helped to highlight the importance of environmental protection. Environmental issues were to the fore at the Eco Asia Conference, powered by the Environment Bureau of the Hong Kong Special Administrative Region (HKSAR) and one of the key events held as part of Eco Expo Asia 2020.In his speech at the Eco Asia Conference, Wong Kam-sing, Secretary for the Environment of the Hong Kong Special Administrative Region, shared on Hong Kong's green efforts, including its response to carbon reduction targets set by Mainland China.Hendrik Rosenthal, Director - Group Sustainability of CLP Group, Anson Lim, CFO of Freetech Road Recycling Technology (Holdings) Co. Ltd, Albert Lam, CEO of Novelte Robotics Limited, and Daniel Leung, Professor of Practice at the Hong Kong Institute of Education for Sustainable Development, shared insights during a panel discussion on implementing the United Nations' Sustainable Development Goals (L-R)Organised by the Hong Kong Trade Development Council (HKTDC) and Messe Frankfurt (HK) Ltd and co-organised by the Environment Bureau, Eco Expo Asia was staged as part of "Autumn Sourcing Week | ONLINE" (ASWO) - a virtual trade fair, themed under "A New Connected World Beyond the New Normal", that has attracted 2,600 exhibitors from 33 countries and regions, featuring 37 group pavilions and showcasing the latest products from 11 industries. The Eco Asia Conference is one of more than 20 webinar sessions being held during ASWO. Highlights of the conference included the latest progress on environmental protection work in the Greater Bay Area and insights into the implementation of the United Nations' Sustainable Development Goals.Need for green recovery following pandemic - Wong Kam-singWong Kam-sing, Secretary for the Environment of the HKSAR, said: "This year's thematic topic of the expo is 'Green Innovation for a Circular Economy'. Amidst the pandemic, the demand for green recovery and the need for green innovation and a green economy to speed up the transitions for deep decarbonisation have become even stronger." Mr Wong shared on Hong Kong's green efforts, explaining that in response to Mainland China's carbon reduction targets, Hong Kong's per capita carbon emissions have dropped from a peak of 6.2 tonnes in 2014 to 5.4 tonnes recently. The government has also encouraged the business sector to invest in renewable energy, popularised electric transportation facilities and increased sorting and screening in the recycling process. The HKSAR Government's hope is that Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area can join the rest of the world in rallying around innovative technologies to develop a circular economy.On the topic of Greater Bay Area development, Zhang Jieqing, Deputy Director-General, Hong Kong and Macao Affairs Office, Ministry of Ecology and Environment of the People's Republic of China, and Lu Xiulu, Director-General, Department of Ecology and Environment of Guangdong Province, both said that "ecology protection" is the focus of the region's development and that it is important for Guangdong, Hong Kong and Macao to maintain close cooperation. Mr Lu suggested establishing a cross-regional carbon trading platform to attract international capital, setting up a research centre to examine the causes of pollutants in the region and develop strategies to address them, as well as launching a green finance fund to encourage business investment. Tam Vai Man, Director, Environmental Protection Bureau, Macao SAR Government, pointed out that participating in the development of the Greater Bay Area is currently one of Macao's policy priorities.Industry urges talent certification across Greater Bay AreaThe cooperation between Guangdong, Hong Kong and Macao was spotlighted in one of the panel discussions at the conference. Ou Yuezhou, Honorary Chairman, Guangdong Association of Environmental Protection Industry, said that mutual recognition of the qualifications of talents in the Greater Bay Area is part of the necessary preparatory work for the region. He suggested establishing a technical certification body to ensure the quality of environmental industries in the Greater Bay Area. In the long run, he believes that by combining the strengths of Guangdong, Hong Kong and Macao, the Greater Bay Area is capable of attracting environmental enterprises of a higher level and larger scale to set up operations in the region.Daniel M Cheng, President of the Hong Kong Environmental Industry Association, added that there is room for coordination among customs authorities in the region. "It is tough for us to move our research testing machines from Hong Kong to the mainland because we do not have import approval and no one dares to take up transportation," he explained. Mr Cheng hoped that the respective governments could work together to facilitate the exchange.Considering the small sizes of Hong Kong and Macao, which are both facing landfill saturation and local recycling restrictions, Kevin Ho, Director-General, Macao Association of Environmental Protection Industry, raised the possibility of cooperation between Guangdong, Hong Kong and Macao in the area of waste treatment. Mr Ou Yuezhou explained that due to legal restrictions in the mainland, waste could not be transported there from Hong Kong and Macao. He said the construction of an artificial island may be considered as a base to handle waste from the region as part of building a circular economy.International organisations: SDGs can help economic recoveryAnother theme of the conference revolved around the 17 Sustainable Development Goals (SDGs) set by the United Nations in 2015, with a vision for 2030 in which countries, rich and poor alike, can participate and develop in a way that treats both economic and conservation concerns. James Gomme, Director of Sustainable Development Goals, World Business Council for Sustainable Development (WBCSD), cited United Nations figures showing that the SDGs could create a business value of US$12 trillion and 380 million jobs annually. He believes the SDGs are a way to help the global economy recover from the impact of the pandemic.Shi Xuan Guan, Deputy Secretary-General, China Association of Circular Economy, said that the mainland is beginning to see results from the development of a circular economy, such as the gradual establishment of a green consumption model and improved regulations and standards. Ho Chi-shing, Chairman of the Hong Kong Quality Assurance Agency, introduced the "COVID-19 Resilience Finance Certification Scheme", which encourages bond issuers to invest in projects to prevent or control the pandemic. Albert Wong, CEO of the Hong Kong Science and Technology Parks Corporation, cited the example of the park's community, which is working to improve Hong Kong's air quality and reduce waste through pilot projects such as robotic kitchens and the construction of residential buildings using the modular integrated construction (MiC) method.At the final panel discussion of the conference, corporate representatives shared their efforts in promoting SDGs, with the consensus being that companies cannot achieve all 17 targets, but rather should focus on the areas they are good at. Hendrik Rosenthal, Director - Group Sustainability of CLP Group, said that carbon reduction, bringing in more female engineering talents and deploying energy efficiency technologies are the focus of the company's development. Anson Lim, CFO of Freetech Road Recycling Technology (Holdings) Co Ltd, a company that maintains highways in the mainland, said its construction projects are effective in reducing pollutants and reusing waste. Albert Lam, CEO of Novelte Robotics Limited, concluded that SDGs are important indicators. "We know that everyone is moving forward. We are sure that we are on the right path and that we are sustainable," he said.The HKTDC is running Autumn Sourcing Week | ONLINE from 16 to 27 November, featuring the latest products from different industries including electronics, houseware, lighting, outdoor lighting, eco tech, gifts and premiums, toys, baby products, stationery, optical and watches and clocks. The virtual fair serves as a one-stop online sourcing platform to keep small and medium-sized enterprises (SMEs) connected with global buyers and help create business opportunities across various sectors. The Intelligence Hub features more than 20 webinar sessions covering a broad range of industries. The videos of the webinar sessions are available at the ASWO website - https://asw.hktdc.com/en/intelligence-hub.WebsitesAutumn Sourcing Week | ONLINE: https://asw.hktdc.comHong Kong. GO Green virtual booth: https://bit.ly/3kZek9xhktdc.com Sourcing: http://sourcing.hktdc.comPhoto download: https://bit.ly/3pBCHh7About HKTDCThe Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via trade publications, research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn.Contact:Janet Chan, Tel: +852 2584 4369, Email: janet.ch.chan@hktdc.org Copyright 2020 ACN Newswire. All rights reserved. www.acnnewswire.com

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