Following is the speech by the Chief Executive, Mr John Lee, at the Britcham Hong Kong Summit 2025 today (October 16):
      
Consul General Mr Brian Davidson (British Consul General to Hong Kong and Macao), Jeremy (Chair of the British Chamber of Commerce in Hong Kong (BritCham), Mr Jeremy Sheldon), Paul (Executive Director of the British Chamber of Commerce in Hong Kong, Mr Paul McComb), distinguished guests, ladies and gentlemen,
      
     Good afternoon. It is a pleasure to join you, once again, for the annual British Chamber of Commerce in Hong Kong Summit.
      
     This year's Summit agenda smartly responds to BritCham's "Asia's World City x BritCham" campaign, formally launched here today. The campaign's four pillars - work, live, play and learn - and how Hong Kong makes it happen - are the themes of today's panels.
      
     This direction resonates well with the Government's priorities. Reform is the driving force behind my Policy Address last month, and the Government's commitment to the economy, to the people, and to Hong Kong.
      
     Governments alone cannot deliver successful reform. For that, we need the impelling commitment of industry, business and community. That includes its institutions, local and international.
      
     It's clear, and importantly gratifying, that we can count on the co-operation of BritCham and its 1 100 corporate and individual members. Through your campaign, you will help us tell the true and good Hong Kong stories, that today's Hong Kong remains Asia's world city - in business and finance, innovation and technology (I&T), education, culture and lifestyle.
      
     BritCham has taken the initiative to engage the world on behalf of Hong Kong for its own good reasons, and that of its members, because when Hong Kong prospers, we all prosper.
      
     Hong Kong-UK merchandise trade amounted to US$15.6 billion last year. The average growth between 2020 and 2024 was a solid 2.6 per cent a year. And the UK is Hong Kong's third-largest trading partner in services, up more than 10 per cent, year on year, to US$14.7 billion in 2023.
      
     Bilateral investment remains strong, reflecting the long-term promise our respective businesses and investors see in each other's economies. At the end of 2023, the UK ranked fourth in inward direct investment into Hong Kong, and sixth in outward direct investment from Hong Kong.  
      
     There's good news, too, in the number of UK companies with a presence here - some 720 as of last December. That, I'm happy to note, was up over 12 per cent, year on year, and marks a record high. And I'm confident that UK companies will continue to turn to Hong Kong - and BritCham Hong Kong.
      
     There are many good reasons for optimism. For the next few minutes, I would like to share with you a few of the sectors, industries and areas the HKSAR Government is prioritising: for our economy and community, our businesses, our families, all of us and our future.
      
     Hong Kong's rise as a global city was built on free trade, beginning in the 19th century with the UK and fast expanding to a world of business. As a founding member of the World Trade Organization, we believe in the rules-based multilateral trading system and the mutual rewards it offers companies, economies and countries.
      
     That steadfast commitment to free trade was rewarded, once again this year, by the Fraser Institute, which named Hong Kong as the world's freest economy, number one. 
      
     Thanks to the unique "one country, two systems" principle, we create connections, and opportunities, with both our country and the rest of the world.
      
Enhancing our global network
      
     As I noted in my Policy Address, we will continue to expand our connectivity. We will deepen integration with the country through the Guangdong-Hong Kong-Macao Greater Bay Area, and enhance connections with the world, exploring overseas markets in Belt and Road regions, the Global South, the Middle East and, of course, the UK; wherever we can build partnerships in a world increasingly beset with unilateralism, arbitrary barriers and dismaying discord.
      
     Since assuming office in July 2022, I have led high-level business delegations to the Middle East twice and to multiple ASEAN (Association of Southeast Asian Nations) member states on three occasions.
      
     Our overseas offices help us build connections and the market opportunities they create. To date, we have set up Economic and Trade Offices, or ETOs, as well as Invest Hong Kong (InvestHK) and Trade Development Council (TDC) offices in 68 cities around the world, covering 129 countries.
      
     And we are still building bridges. An ETO in Kuala Lumpur, the Malaysian capital, is expected to begin operation by year's end. We are working with Saudi Arabia to establish an ETO in Riyadh, the country's capital, and we plan to expand the coverage of existing ETOs to Latin America and Central Asia.
      
     As I noted in my Policy Address, we will establish the Economic and Trade Express to help local companies go global. That, I trust, means many of you here today.
      
     Supported by our ETOs, InvestHK and the TDC, the new service will organise overseas business missions to help SMEs (small and medium-sized enterprises) and start-ups explore new markets and build their businesses. It will offer additional trade and investment promotion activities, and highlight the advantages of Hong Kong to overseas business.
      
     "Going global" certainly applies to the many Mainland companies we aspire to serve. It is why the GoGlobal Task Force (Task Force on Supporting Mainland Enterprises in Going Global) was launched 10 days ago. As I said in my Policy Address, the Task Force co-ordinates InvestHK, the Trade Development Council and other government agencies.
      
     Taking full advantage of our world-class financial and professional services, the GoGlobal Task Force will serve as a springboard to Mainland companies keen to expand overseas. It will work closely with business organisations and chambers such as yours, and pool expertise and smooth the way for Mainland companies. We will help them connect, faster and more efficiently, with global markets and buyers.
      
     I understand that a BritCham delegation recently returned from Beijing, where discussions included how BritCham could support Chinese companies going global. Now that's a ringing illustration of reaching out, of co-operation creating promising opportunities, and what good business is all about. We definitely have a lot to work together.
      
     As of last year, more than 2 600 Mainland enterprises had established operations in Hong Kong. In addition, more than 1 400 had listed here. That presents lots of GoGlobal opportunities - for Hong Kong, and for this chamber.
      
     As those numbers underline, Hong Kong is the paramount destination for Chinese companies looking to access offshore capital, and for the world seeking the Mainland's deep capital market.
      
International financial centre
      
     The remarkable performance of our IPO listings this year, surpassing all other major international markets, is just one aspect of Hong Kong's dynamism.
      
     Last month's Global Financial Centres Index placed us third globally, just two points back of New York, one behind London, our good friend. It highlights our connectivity, as well as Hong Kong's ability to connect the Mainland and a world of capital.
      
     And the Government is committed to boosting Hong Kong's global appeal, as my Policy Address makes it very clear.
      
     Hong Kong is the largest offshore Renminbi business hub in the world, and we are working to diversify our Renminbi offerings. The Monetary Authority will introduce a Renminbi business facility to help companies get the longer-term financing they need for trade, capital expenditure and day-to-day operation. And to ensure a secure source of Renminbi funds at modest cost, it's pursuing broader channels for acquiring cross-boundary capital, while enabling foreign exchange quotations and transactions between Renminbi and other regional currencies.
      
     Ladies and gentlemen, as the Chinese proverb goes, "real gold is not afraid of the melting pot" - and not afraid of volatilities, it seems - last week reaching a record US$4,000 per troy ounce.
      
     The HKSAR Government is expediting the development of Hong Kong as an international gold trading market. In my Policy Address, I outlined a number of conducive measures, including building a gold storing capacity of more than 2 000 tonnes over the next three years.
      
     We will establish a central clearing system for gold, inviting the Shanghai Gold Exchange to work with us in realising mutual market access with the Mainland. The International Board of the Shanghai Gold Exchange, let me add, has established its first offshore delivery vault, here in Hong Kong.
      
     We are inviting gold traders to set up refineries here, and support the creation of a gold industry trade association.
      
     Still with commodity trading, the London Metal Exchange last month approved the addition of three storage facilities in Hong Kong. That takes the number of warehouses here to 11 since January, when the Exchange included Hong Kong as a delivery point in its global warehousing network.
      
     I have high hopes that relations between Hong Kong and the UK could continue to be as good as gold - as forever as gold. So I'm pleased to note that, in June, the Financial Services Development Council signed an MOU with TheCityUK. It's designed to boost collaboration between our two financial markets.
      
Innovation and technology
      
     This year's Global Innovation Index ranked the Shenzhen-Hong Kong-Guangzhou cluster first in the world's top 100 innovation clusters, after five years as runner-up.
      
     That speaks well of the Greater Bay Area's commitment to rising as a global hub for innovation and technology. It speaks clearly, too, of Hong Kong emergence as an I&T force within the Greater Bay Area and throughout the region.
      
     Central to that is the Northern Metropolis. Hong Kong Park, part of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, continues its rise in the Northern Metropolis. It is part of the Northern Metropolis. Tenants, including companies specialising in life and health technology, AI, new energy and other strategic industries, are moving into the Park's first three buildings. Five additional buildings will be completed, progressively, from 2027.
      
     By the end of this year, the HKSAR Government will publish an outline plan for the San Tin Technopole - again, a big part of the Northern Metropolis. A huge and inviting area, it will provide about 210 hectares of land for prime I&T development within the Northern Metropolis.
      
     Our I&T ambitions, of course, will only be met with a growing flow of strategic talent. On that score, I'm pleased to note two recent results, clear and compelling testament to the success or competiveness in our comprehensive talent drive.
      
Attracting enterprises
      
     A week ago, OASES, the Office for Attracting Strategic Enterprises, welcomed another 18 new companies, including three of the world's top 10 pharmaceutical corporations - one of them from the UK - to Hong Kong. That takes the number of strategic enterprises drew in by OASES to 102, creating employment in Hong Kong, investing in Hong Kong, setting up regional headquarters and initiating research and development projects, right here in Hong Kong.
      
     As I noted in the Policy Address, the Financial Secretary will head a team putting together preferential policies to attract more strategic companies to come to Hong Kong for their future - and our future.
      
     Last week, as well, UK-founded Times Higher Education released its World University Rankings 2026. Hong Kong, once again, was the only city in the world that had five universities ranked among the global top 100. I'm delighted to add that six are now listed among the world's top 200 universities. And, for the first time, all eight of our publicly funded universities have made the global rankings.
      
     Just last month, the World Talent Ranking, released by the International Institute for Management Development, ranked Hong Kong fourth in the world - and tops in Asia.
      
Asia's world city
      
     Ladies and gentlemen, I invite more UK strategic companies and professionals to join us - for a world of business opportunity; for a world of arts and culture, sports and entertainment, too.
      
     Yes, as BritCham's Asia's World City campaign emphasises, Hong Kong is the region's wide and welcoming hub for the good life. In my Policy Address, I introduced our "tourism is everywhere" policy priority.
      
     We're expanding our mega events offerings, adding a wealth of cultural festivals and other major offerings. We're developing the yacht economy and cruise tourism, upgrading our country park facilities, adding traditional village and field attractions, new tourism routes, even a tree-top adventure.
      
     And next February, the Year of the Horse begins. Count on a winning variety of horse-racing celebrations.
      
     Next month, the East Kowloon Cultural Centre opens, a five-venue showcase for world-class arts technology performances and long-running theatrical runs. Next month, too, the 15th National Games gets going, with Hong Kong a cohost, alongside Guangdong and Macao, for the first time.
      
     Yes, in Hong Kong, the attraction, thrills and non-stop excitement are everywhere you look.
      
     My thanks to the British Chamber of Commerce in Hong Kong for organising this essential annual gathering. I am grateful, too, for your much-valued contributions to Hong Kong's success as a leading international economy and flourishing global community. Asia's world city.
      
     Ladies and gentlemen, I wish you all the best of business, health and happiness in the coming year.
      
     Thank you very much.

Ends/Thursday, October 16, 2025
Issued at HKT 19:38

NNNN