New SCIT Provides Update

The Secretary for Commerce, Industry and Technology of the Hong Kong Special Administrative Region, Mr John Tsang, addressed the luncheon: An Update on Mainland and Hong Kong Closer Economic Partnership (CEPA) on September 5.

Speaking one month after his appointment, Mr Tsang said the role of Government in realizing its economic agenda was to follow the basic principles of maintaining macro-economic stability in society, providing the best possible business environment for Hong Kong enterprises and ensuring that both hard and soft infrastructures keep pace with opportunities.

“Trade and services are the lifeblood of Hong Kong," said Mr Tsang. “We need to maintain a robust multilateral trading system that is rule-based and transparent.  Participation in the upcoming meeting of trade ministers at the fifth WTO Ministerial Conference and Hong Kong’s offer to host the next such meeting underscore the HKSAR’s intention to play a big role in moving forward the Doha Development Agenda.

Similarly, Hong Kong’s participation in the Asia Pacific Economic Co-operation (APEC) assists in trade facilitation initiatives and the furthering of trade liberalization. On the bilateral level, solid relationships with trading partners and  markets such as the US, the EU, Japan, Canada and others, remain important. 

“But there is no relationship that is more crucial to the well being of Hong Kong than that with the Mainland," said Mr Tsang. “And CEPA has brought this relationship even closer."

He described the consultative approach to CEPA, saying, “we have and will stay in close and constant dialogue with stakeholders to understand their needs and strive to deliver their aspirations."

Mr Tsang described 8 measures that were being taken to enhance its internal business environment. These include:

- Keeping Hong Kong business friendly by, for example, reducing red tape and unnecessary regulations
- Sharpening Hong Kong’s competitive edge by making it a leading digital city 
- Nurturing opportunities for the private sector through a regulatory regime that encourages competition
- Improving Hong Kong’s ability to make the best use of technology through, for example, initiatives in promoting applied R&D, technological entrepreneurship and industry-university collaboration
- Continuing efforts to protect intellectual property in order to promote innovation
- Nurturing creative industries, such as filmmaking, fashion design, etc
- Supporting development of the approximately 300,000 SMEs in Hong Kong
- Spearheading efforts to attract and retain external direct investments

“Like Singapore and Ireland, Hong Kong has long passed the resource-driven phase," concluded Mr Tsang. “The challenge for Hong Kong now is to become an innovation-driven economy."

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