Speech by CE at HK-Asean Summit 2025 (English only) (with photos/video)
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Honourable Minister Anthony (Minister of Transport of Malaysia, Mr Loke Siew Fook), Secretary Rodolfo (Undersecretary for the Industry Development Group of the Department of Trade and Industry of Philippines, Dr Ceferino Rodolfo), Ms Catherine So (Chief Executive Officer of the South China Morning Post), Dr Daryl Ng (Chairman of the Hong Kong-ASEAN Foundation), distinguished guests, ladies and gentlemen,
Good morning. I am very delighted to join you today at the 2025 Hong Kong-Asean Summit.
This is, I'm pleased to say, the fourth consecutive year I've addressed this Summit, an annual event created to put a bright spotlight on the dynamic and mutually rewarding ties between Hong Kong and ASEAN, the Association of Southeast Asian Nations.
Allow me first to welcome Minister Loke, our good friend from Malaysia, together with many other senior government officials, business leaders and distinguished guests from ASEAN and beyond.
Indeed, some 400 of you are here today, with another 300 or so taking in this year's Summit virtually, and you'll be hearing from 20 prominent speakers from some 30 countries and regions. Your presence underscores the enduring strength of our partnership, and shared commitment, to enhancing regional development and prosperity.
There are good reasons for our partnership. The recent rise of protectionism and unilateralism is creating significant uncertainties in international trade, damaging trading systems and escalating geopolitical risks.
In such trying times, it is all the more important for like-minded economies to work together, upholding multilateralism with an open, rules-based order. Hong Kong has long been a free port and a champion of multilateral trade. That's why we attach great importance to our relations with ASEAN, whose 10 member states share similar values and a clear commitment to promoting free and open trade.
And that's why the ASEAN region was the destination of my first overseas visit, after assuming office some three years ago. Over the years, I'm glad to have led high-level business delegations from Hong Kong to visit seven different ASEAN countries, concluding some 90 documents of co-operation on various fronts.
ASEAN, after all, is the third-most populous region and fifth-largest economy in the world.
For 15 years in a row, ASEAN has been Hong Kong's second-largest merchandise trading partner. Last year, our trade was valued at more than US$165 billion, up almost 15 per cent over the previous year.
And our merchandise trade in the first half of this year continued to soar, I'm delighted to note, rising nearly one quarter. Our services trade is equally cheering, climbing about 30 per cent, year-on-year, and reaching US$18 billion in 2023, making ASEAN our third-largest services trading partner.
We like to invest in each other's opportunities, too. ASEAN is Hong Kong's third-largest outward investment destination, and sixth-largest source of inward direct investment.
More than our long years of friendship, the robust relationship between us is backed by the ASEAN-Hong Kong, China Free Trade Agreement and its related Investment Agreement. They have been in full force since 2021, with the linked Economic and Technical Co-operation Work Programme focused on ensuring continuing trade and investment growth.
Last year, the number of offices set up in Hong Kong with parent companies located in ASEAN grew 13 per cent. Some 730 ASEAN companies now call Hong Kong home.
There are plenty of good reasons for ASEAN companies to look to Hong Kong for their future. Long the world's freest economy, Hong Kong was also the world's seventh-largest merchandise trading entity last year.
This year, the International Institute for Management Development's World Competitiveness Yearbook ranked Hong Kong third, globally, in competitiveness. That is the second year, in a row, that we've gone up two places in this ranking, and our first return to the global top three since 2019.
More good news. Just this morning, the Institute released its annual World Talent Ranking, in which Hong Kong's ranking rose to fourth, globally, and first in the Asia Pacific. This is our highest-ever position in the ranking, having climbed up five places from last year. Indeed, our ranking rose 12 places over the past two years, a clear testament to the HKSAR Government's enhanced efforts in education and talent development.
The World Talent Ranking, I'm pleased to add, recognises Hong Kong's outstanding academic achievement, ranking us first in the indicator "Graduates in Sciences".
Yes, Hong Kong is the only city in the globe with as many as five universities in the world's top 100. Our excellent institutions nurture world-class scientists and research talent in different disciplines.
Leveraging that strength, Hong Kong is fast rising as an innovation and technology hub. Earlier this month, the Shenzhen-Hong Kong-Guangzhou innovation cluster topped the world - for the first time - in the World Intellectual Property Organization's annual Global Innovation Index.
All three cities in the cluster are core cities in the Guangdong-Hong Kong-Macao Greater Bay Area, a cluster city development that brings together a population of 87 million.
By synergising Hong Kong's research prowess with the Mainland's innovation and manufacturing capabilities, we are committed to becoming one of the world's leading I&T centres.
And, as one of the world's top three international financial centres, Hong Kong has the liquidity, along with the angel investors, venture capital and private equity funds, to drive innovation and innovative companies. These, ladies and gentlemen, present far-reaching opportunities for ASEAN companies and entrepreneurs looking to tap into the vast and promising markets of the Mainland.
And we are continually seeking to expand our co-operation and ties. In addition to our Economic and Trade Offices in Singapore, Jakarta and Bangkok, we are working closely with the Malaysian Government to open a fourth ASEAN-based Office in Kuala Lumpur.
I am pleased to note that excellent progress has been made towards establishing this new office, and I am sure our ties with ASEAN will reach another level entirely with the new addition.
Then there's the Regional Comprehensive Economic Partnership, the world's largest free trade bloc. The theme of this year's Summit, "Bridging Horizons, Building Futures", seems to me to speak to the value and contributions Hong Kong will add to the Partnership with our accession.
That includes serving as a multilevel bridge between the Chinese Mainland and ASEAN. Ladies and gentlemen, I count on your continuing support in realising Hong Kong's bid for accession.
Trade and investment aside, we enjoy close people-to-people ties and exchanges. We have relaxed the criteria for nationals of Cambodia, Laos, Myanmar and Vietnam in applying for multi-entry visas for travel and business. And we have extended their validity period from two to three years.
We are, as well, providing self-service immigration clearance for invited visitors participating in business, development and related activities from all ASEAN countries.
Those "related activities" include enjoying the world-class arts, culture and entertainment, everywhere you turn, in Hong Kong, a world city rising as the East-meets-West centre for international cultural exchange. Sports exchange and excitement, too, thanks to our world-class facilities, including new, state-of-the-art Kai Tak Sports Park. Or a fond exchange with our six cuddly giant pandas, right here in Ocean Park.
Before I go, allow me to mention that Hong Kong's Belt and Road Summit, the 10th anniversary edition, opens tomorrow. The annual event attracts government officials and business leaders and investors from Hong Kong, the Mainland and throughout the region, including those from ASEAN states.
Hong Kong, of course, plays a key role in our country's Belt and Road Initiative. It's part of our continuing contribution to regional connectivity. I look forward to seeing you there.
Because we believe in partnership. Despite all the uncertainties and unease across the globe, Hong Kong holds on to the belief that free trade is the backbone for boosting global output. It's the key ingredient for a more interconnected, peaceful and productive world economy.
As Hong Kong and ASEAN deepen our collaboration, we are paving the way for stronger economic partnerships and enhanced regional connectivity, creating opportunities for shared growth and prosperity. Together, we are not afraid of storms. United, we will sail our ships, through thick and thin, whether it is Typhoon Nine, Typhoon Eight, or Typhoon Eight-Goodbye.
In closing, my thanks to the South China Morning Post for once again hosting this significant annual gathering, made for business, for networking, for creating partnerships and enduring co-operation. And that, ladies and gentlemen, will ensure that today's trying times soon give way to inspiring times. Rewarding times for us all.
I wish you the best of business and a memorable stay in Hong Kong.
Thank you.
Ends/Tuesday, September 9, 2025
Issued at HKT 11:18
Issued at HKT 11:18
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