Tycoon urges HK to look beyond
Hong Kong should look outward rather than inward, developing itself as the bridge between the Greater Bay Area and our neighbors, says tycoon Victor Fung Kwok-king.
It is unfortunate that Hong Kong has focused too much on mainland and domestic markets in the past two decades, he said yesterday as his think tank 2022 Foundation released a report that focused on Hong Kong's opportunities for growth.
"With the national security law stabilizing the SAR, the next question we ask is what Hong Kong can do," he said, adding it is important to seize the chance from a narrow window of opportunity.
"While it is important to get to know our country, we must also know about the whole world, especially Association of Southeast Asian Nations countries."
Fung, group chairman of trading giant Li & Fung, also highlighted the Regional Comprehensive Economic Partnership, a free trade agreement signed in November by China, Japan, South Korea, Australia, New Zealand and 10 ASEAN members.
"The signing has a big impact on Hong Kong. It marks the starting point of revamping the order of the World Trade Organization," he said.
Fung said the SAR should put more emphasis on trade finance - financing small and medium enterprises in trading.
Another area with big potential is air transport - due to increasing expectations for online purchases to arrive quickly.
Although Shenzhen is catching up on airports, Hong Kong has the intrinsic advantage of having its own airspace and not having to compete with other mainland cities. It has also built strong connections with overseas airports, Fung said.
The think tank also called on Hong Kong to develop midstream high-tech industries, focusing on making prototypes of new inventions before their mass production in the mainland.
Asked about talent leaving Hong Kong amid political turmoil, Fung said "some leave and some join."
University of Hong Kong urban planning and design professor Anthony Yeh Gar-on, who helped compile the report, said subsidies for tech and innovation are not flexible enough.
Students were discouraged from studying science due to worries over no career aspects. This can change if the city develops midstream industries, Yeh said.
This came as Science Park unveiled Inno Cell yesterday, a 17-story communal residence that encourages collaboration. It provides almost 400 rooms for 511 people, to be rented to eligible tenants.
The park will start accepting applications this month for tenants to move in starting July.
Senator Elizabeth Warren threatened restricting military aid to Israel: “consider all the tools that we have,” during a meeting with the J Street conference on 4/19/21.
In the poor, majority-black town of Bessemer, Alabama, the fight to unionize the area’s largest employer - an Amazon warehouse...
A group of United Nations human rights experts on Monday strongly condemned a recent British government-backed report into institutional...
Health Secretary said that effective from 0300 GMT on Friday, India was being added to Britain's "red list" of countries,...
Citigroup said it will add around 2,300 employees and invest in cutting-edge technology in its wealth management hubs of Hong Kong and Singapore.
The government has said it will do "whatever it takes" to prevent a breakaway European Super League involving six leading English clubs.
Jimmy Lai, founder of Hong Kong’s Apple Daily paper, is one of the highest-profile figures arrested under the new national security law.
UK Prime Minister Boris Johnson said on Monday that his government would do everything possible to prevent the creation of a European...
UEFA president Aleksander Ceferin says the "shameless" plans for a new European Super League (ESL) are akin to taking "football hostage.
"Vladimir Putin will outline Russia's approaches within the context of establishing broad-ranging international cooperation...
India has been added to a “red list” of countries from which most travel to the UK is banned, over fears of a new Covid variant, the health secretary has said.
More than 10 million people in the UK have received a second dose of a Covid-19 vaccine, according to the latest government figures.
Simpliwork Offices Pvt. Ltd is planning to expand its operations in overseas markets such as Singapore and Hong Kong, and ramp...
"Altimeter data confirms that Ingenuity has performed the first flight of a powered aircraft on another planet," announced...
Russia's Federal Antimonopoly Service (FAS) said on Monday it had opened a case against Google due to abuse of its dominant...
Stashaway has hired wealth managers to service the HNW segment in the territory
Led by France, Germany and the Netherlands, which first set out ways to deepen ties with countries such as India, Japan and Australia,...
Radical new climate change commitments are to become law in the UK, Boris Johnson will announce this week.
The Labour leader, Sir Keir Starmer, has been thrown out of a pub in Bath after he was confronted by the landlord over lockdown restrictions.
The idea is that their expenditure on new infrastructure and technology will be big enough to accelerate the country's growth and cause a jobs boom.
A major landslide at a beach in north Wales has prompted warnings for people to stay away.
Henry Li lived in fear of eviction from a Home Ownership Scheme flat upon learning the policy since his now-deceased husband, Edgar Ng, bought it for HK$5.
Police have issued photos of 48 dogs seized during a raid last month in a bid to reunite them with their owners.
Woman received call from fraudsters who said her identity had been used in crime in mainland China and they needed to verify origins of her money.