Following is the speech by the Financial Secretary, Mr Paul Chan, at the Wallem Group's 100th anniversary celebration in Hong Kong today (November 12):       
 
Nigel (Chairman of the Wallem Group, Mr Nigel Hill), John (Chief Executive Officer of the Wallem Group, Mr John Rowley), Mable (the Secretary for Transport and Logistics, Ms Mable Chan), distinguished guests, ladies and gentlemen,
 
     Good evening. It is a pleasure and privilege to join you in celebrating the remarkable 100th anniversary of Wallem Group. My heartiest congratulations.
      
     It is deeply encouraging to listen to John's remarks—your confidence in doing business in this city, your steadfast commitment to Hong Kong, and above all, your compelling narrative about our collective ability to adapt, overcome challenges and thrive, just as the Wallem Group has done so successfully over the past century.
      
     We are living in a world of profound transformation. Geopolitical shifts are reshaping the global economic order, while technological advancements, particularly artificial intelligence, are fundamentally transforming how we do business, work and live. The maritime industry is no exception. Amid these great changes reshaping the shipping industry, how can Hong Kong remain at the forefront and seize the opportunities emerging?
      
     Part of the answer lies in preserving the values that have anchored Hong Kong's success: openness, diversity, internationality, and free port status under the "one country, two systems" framework. Protectionism and tariffs do present dual challenges to the maritime sector: they disrupt the demand for shipping services, and create barrier against free competition. But Hong Kong's response is unwavering: we adhere to our foregoing fundamental principles with policy certainty, predictability and consistency, thereby connecting China and the world.
      
     As the global geo-economic landscape changes, so too will new opportunities emerge for the maritime industry. That includes expanding our geographical reach, particularly with emerging markets. For instance, we are building an international "partner port" network linking Hong Kong with strategic regions on the Chinese Mainland and along the Belt and Road corridor to enhance connectivity and create fresh areas for collaboration. That also includes opening up new growth sectors, such as commodity trading. To this end, we are further enhancing tax concessions for ship leasing and commodity trading activities.
      
     The global maritime landscape is changing too. As new container ports emerge worldwide, Hong Kong's maritime future will be determined by not just cargo throughput but also by our ability to develop high-value maritime services. In other words, we differentiate ourselves on the basis of value and sophistication. This requires a holistic approach involving all related sectors such as financial, legal, trade and professional services. We must deepen our capabilities in ship management, maritime finance, maritime legal services, gold and commodity trading, sustainability consulting, and more.
      
     Capitalising on opportunities created by sustainability requirements and technological advancements is important. For instance, we are developing Hong Kong into a green maritime fuel bunkering centre, and facilitating the trading of sustainable marine fuels in serving the industry's decarbonisation goals. In the area of technology, particularly artificial intelligence and digitalisation, we are launching a digitalised Port Community System next January to streamline trade processes, enhance real-time cargo tracking, and seamlessly integrate sea, land and air transport networks.
      
     We have a lot of work to do and we need to collaborate with each other to drive progress. Our collective commitment to exploring new markets, providing environmental stewardship, enhancing technological advancement, and above all, pursuing excellence, will ensure that Hong Kong remains a premier maritime hub for generations to come.
      
     Ladies and gentlemen, before I close, may I encourage all of you to cast your votes in the Legislative Council election on December 7. Your participation will be vital in shaping our city's future.
      
     Heartiest congratulations again to Wallem on this historic milestone. Your century of success embodies the enduring spirit of Hong Kong. I wish everyone a most enjoyable evening.

Ends/Wednesday, November 12, 2025
Issued at HKT 20:53

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