Remarks by CE at media session in Peru (with photo/video)
Following are the remarks by the Chief Executive, Mr John Lee, at a media session in Lima, Peru on November 16 (Lima time):
Chief Executive: I would like to take this opportunity to summarise our visit here in Lima, Peru.
In the past few days, I attended the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting and related activities, which included the APEC Economic Leaders' Informal Dialogue with Guests, the APEC Economic Leaders' Dialogue with the APEC Business Advisory Council, and the Gala Dinner hosted for participating guests. I had bilateral meetings with the leaders of Malaysia, Vietnam and Singapore to exchange views on issues of mutual interest.
The President of Peru and I jointly witnessed the signing of the Free Trade Agreement (FTA) between Hong Kong and Peru. This agreement will create new business opportunities for Hong Kong and boost bilateral trade and investment flows.
Later tonight (November 16, Lima time), I shall also attend a dinner with the Peruvian business leaders in Lima, to highlight Hong Kong's attractiveness recognised by the international community as well as the significance of the FTA in fostering our economic development and partnership.
My visit to Peru and my participation in the APEC Meeting have achieved three results:
First, we demonstrate Hong Kong's commitment to promote regional economic and trade co-operation, and to explore diverse development opportunities. The Leaders' Declaration from this year's APEC Economic Leaders' Meeting outlines the common goal of fostering economic integration, inclusive development, and sustainable growth. These objectives align closely with this year's APEC theme: "Empower. Include. Grow". Hong Kong has all along been firmly committed to promoting international free trade and multilateral trade. Through active participation in APEC, Hong Kong will continue to support and promote regional economic integration and contribute to regional economic development.
Second, we explore new growth areas for Hong Kong and explore market opportunities in South America. The FTA signed between Hong Kong and Peru is the ninth of Hong Kong and the first under this administration. Currently, Hong Kong has already signed FTAs with 21 economies worldwide.
In terms of trade in goods, over 98 per cent of Hong Kong's originating goods will enjoy tariff-free access to the Peruvian market. For trade in services, Hong Kong service providers across more than 150 sectors will benefit. These sectors include professional services, research and development, financial services and transport services.
Peru ranks fifth among Hong Kong's merchandise trading partner in Latin America. With a burgeoning consumer market and ongoing infrastructure development, Peru presents significant opportunities. I look forward to Hong Kong's traders and investors grasping the opportunities brought by the FTA.
I am pleased to note that following the signing of the FTA, Hong Kong and Peru have also commenced negotiations on a separate Investment Promotion and Protection Agreement. I trust that Hong Kong and Peru will further enhance bilateral investment flows to bring about mutual economic growth.
Third, we enhance connections and relationship with the Association of Southeast Asian Nations (ASEAN) economies, as well as built connections with other economies.
Hong Kong values our close relations with the ASEAN region. ASEAN has been our second-largest merchandise trade partner for more than a decade, accounting for 80 per cent of Hong Kong's total foreign trade value.
In Lima, I met with the leaders of three ASEAN countries: the Prime Minister of Malaysia, the President of Vietnam, and the Prime Minister of Singapore. Our discussions focused on enhancing economic and trade relations as well as cultural exchanges.
Since my last visit to these three countries, we have strengthened co-operation at various levels and achieved tangible results. Hong Kong is actively promoting further collaboration, including the plan to establish an Economic and Trade Office in Malaysia. We have gradually increased direct flights between Hong Kong and several ASEAN countries to facilitate greater people-to-people exchanges. I have also made use of the opportunity to establish link with other attending leaders and build connections.
We will continue to strive for regional co-operation and expand our business networks. Thank you.
Reporter: What messages have you got from President Xi Jinping when you talked to him during the APEC Summit? Second, how confident do you think the Hong Kong business community will tap into the South American market, given that there are language and time difference barriers? What will the Government do to unleash the potential of the FTA? Thank you.
Chief Executive: President Xi has always been caring about Hong Kong. I have reported to him Hong Kong's situation regarding the economy and development. He is well verse of our development and has given me encouragement.
In our conversation, he talked about Peru's culture and its agricultural resources. He also talked about China's agricultural development. We also talked about the role and contribution of the construction and the operation of the Port of Chancay in Peru, because it is a new development that will facilitate trade in goods, logistics and also the shipping industry. It will also help supply chain.
I am very much impressed and inspired. I thank President Xi for his care and guidance.
In regard to the signing of the FTA and resultantly the benefits and potential that will be available to Hong Kong businessmen, it will be important for, first of all, Hong Kong businessmen to understand and appreciate the contents of the FTA: what are the areas covered, what is the facilitation and what is the accession facilitation they will get. There is probably a difference in language, because in Peru, usually the business language and official language is Spanish, but a lot of them also speak English. In my dealing with a lot of officials, they are multilingual. Hong Kong people are also versatile. Hong Kong people have been doing business with different parts of the world, including the Middle East, countries such as Korea and Japan, so obviously, language is an issue but not a barrier. I believe in businessmen's versatility and adaptability. What is important is, where there are business opportunities, then our entrepreneurs will be able to find good ways to ensure that they will be able to grasp the opportunities and realise the benefits.
The next step I have suggested to the Peruvian Government is that maybe we shall establish chambers, because through chambers' connection, business-to-business communication and assistance will be more easily established. I am sure that the business sectors will be examining how they will develop their network with the assistance and support of government-to-government contact. I am sure this FTA will open new doors for a lot of business activities to start. I have also explained that we are already embarking on the negotiation for an agreement on promotion and production of investment that will make the whole series of agreements in full coverage of both trading of goods and trading of services, as well as the protection of investment. With Hong Kong being a financial centre, hopefully with these two series of agreements, the opportunities that will be opened to our business community will be vast.
(Please also refer to the Chinese portion of the remarks.)
Remarks by CE at media session in Peru (with photo/video) Source: HKSAR Government Press Releases
Speech by FS at HKICPA x IFAC PAIB Conference
Following is the speech by the Financial Secretary, Mr Paul Chan, at the HKICPA x IFAC PAIB (Professional Accountants in Business) Conference today (April 18):
Stephen (President of the Hong Kong Institute of Certified Public Accountants (HKICPA), Mr Stephen Law), Josephine (Chair of Professional Accountants in Business Advisory Group, International Federation of Accountants (IFAC), Mrs Josephine Okui Ossiya), Kelvin (Chairman of the Securities and Futures Commission, Dr Kelvin Wong), distinguished guests, ladies and gentlemen,
Good morning.
It is a great pleasure to join you today at the Professional Accountants in Business Conference, co-organised by the HKICPA and the IFAC. For those who have travelled from afar, a very warm welcome.
The theme of today's conference - PAIBs at the helm of change - is timely and compelling. We are living through an era of rapid, and often disruptive, transformation. Powerful forces are reshaping the global economy and redefining how businesses compete, invest and manage risk.
Global shifts and forces of change
First, geopolitics. The logic of globalisation that prevailed for decades is being rewritten. As geoeconomic fragmentation intensifies, trade and investment patterns are shifting, and supply chains are being reconfigured in response to tariffs, trade barriers, and security concerns.
At the same time, the Global South is playing a more prominent role in global growth. With youthful demographics, expanding middle classes, and rising consumption, it will be an increasingly important source of demand and new markets.
Second, technological disruption. AI is reshaping every sector and redefining competitiveness. Agentic AI - together with advances in cloud computing and robotics, is moving from tools that assist people to systems that can plan, decide and execute. This will reshape business models and productivity. For businesses, AI competence and literacy are now essential.
Third, green transition. Despite policy twists and turns in individual countries, decarbonisation and green transition remain mainstream global priorities. Recent conflicts in the Middle East have also strengthened the case for energy diversification. Meeting climate and energy-security goals will require trillions of dollars of investment, and this will create new value chains across renewable energy, electric vehicles, energy storage and sustainable construction.
Hong Kong: resilience and opportunity
Ladies and gentlemen, these forces are changing the global business landscape. For Hong Kong, they also create new space to grow, because our strengths match what the world increasingly needs.
The unique advantages under "one country, two systems" remain our enduring strength. In an increasingly fragile and volatile world, Hong Kong offers stable, predictable policies - a safe harbour and a destination for growth. The strength of our stock market and IPO activity, the growth in bank deposits, and the continued expansion of our asset and wealth management sector in the past couple of years all reflect that confidence.
Meanwhile, our opportunities will also continue to expand alongside the development of our country, China, under the 15th Five-Year Plan. The Outline of the Plan places a strong emphasis on building a modernised industrial system and advancing technological self-reliance. In the coming few years, we can expect remarkable progress and breakthroughs in areas such as AI, semiconductors, quantum computing and aerospace.
China is also deepening high-level two-way opening-up under the dual circulation strategy. It is building a larger consumption market. This will support greater flows of goods, services, capital and talent between the Mainland and the world.
Meanwhile, green transition will remain a defining theme of China's development.
We are determined to seize the opportunities ahead. The HKSAR Government is preparing its first Five-Year Plan, which will set out a holistic vision and concrete action plan to strengthen Hong Kong's development over the next five years and more. Meanwhile, in this year's Budget, I have set out AI+ and Finance+ as two key strategies for our next stage of economic development.
AI+
On AI+, we are committed to applying artificial intelligence to empower and transform key sectors of our economy: to create value, to boost productivity and competitiveness, and to deliver better products and services for the people. To steer this effort, I announced in the Budget that we will set up the Committee on AI+ and Industry Development Strategy, which I chair. As a start, we will focus on life and health technology and embodied AI, where Hong Kong has strong advantages in research capabilities and real-world application environment.
Talent is the cornerstone of this endeavour. We have therefore launched the AI Training for All initiative to promote broad-based understanding and adoption of AI across society - so that professionals, including accountants, students and the wider community are ready to seize the opportunities of the AI age.
Finance+
On Finance+, our aim is to deepen and broaden Hong Kong's financial markets and services - not only in equities, green finance, and asset and wealth management, but also in areas such as fixed income and currencies market, for which we launched a roadmap last year.
Above all, our goal is to strengthen Hong Kong's financial ecosystem - broader, deeper, and more sophisticated - to better serve the real economy, especially innovation and technology companies at different stages of development. We have long been a premier fund-raising destination for high-quality companies in the region. With more Mainland companies pursuing global expansion through Hong Kong, we are enhancing our listing regime, such as reviewing the weighted voting rights structure, with a view to attracting more Mainland and international companies to list, and raise capital here. CATL (Contemporary Amperex Technology Co Limited), the world's largest IPO last year, is a good example.
As Asia's No. 1 green and sustainable finance hub, Hong Kong can do more to channel capital to credible green and transition projects, and help bridge the significant global financing gap.
In driving the Finance+ strategy, demand for a new generation of professional services will also accelerate, including those in valuation and risk assessment of emerging assets - such as intellectual property and data assets - as well as related accounting, auditing and assurance services.
To deliver these strategies, we must continue to attract enterprises and nurture the best talent. In this regard, Hong Kong has introduced a re-domiciliation regime to make it easier for them to establish their corporate home in Hong Kong, while maintaining legal continuity and business operations. Several high-profile insurance companies have already made the move, signalling a strong vote of confidence in Hong Kong's business and regulatory environment.
We are determined to attract the best tech companies to enrich our tech ecosystem here. Among our efforts, we have set up the Hong Kong Investment Corporation, HKIC, with $62 billion as seed capital. The HKIC co-invests with partners in hard technology, biotechnology, and new energy. For every dollar it invests, it has leveraged eight dollars of long-term international capital.
Meanwhile, nurturing local talent remains our core priority. For the accounting profession, we are grateful to the HKICPA - and the IFAC as well - for working together to keep our talent pool at the forefront of global best practice.
We will continue to attract high-calibre professional talent to Hong Kong, to support our city's development. Indeed, our various talent admission schemes have received over 600 000 applications. More than 400 000 have been approved, and over 280 000 individuals have arrived.
A bright future for PAIBs
Ladies and gentlemen, I am confident that PAIBs, whether you are from Hong Kong or elsewhere, will find vast opportunities in this city. On a final note, as a professional accountant myself, I would like to take this opportunity to offer three observations to fellow accountants as we navigate this era of change.
First, strengthen digital and AI literacy. In the age of digital intelligence, the finance function will be more automated in routine tasks, but more demanding in analytics, scenario planning, and strategic insight. Human-machine collaboration will become the norm. PAIBs must proactively build their digital and AI capabilities, understand how data and algorithms enable informed decisions, and use AI tools intelligently and responsibly.
Second, better understand shifting geopolitics and economic patterns. Businesses will increasingly rely on PAIBs to assess risks, manage exposures, and advise boards on complex cross-border issues - from regulation and tax to sanctions, sustainability and reputational risk.
Third, and above all, uphold the highest standards of integrity and professional ethics. Trust is the foundation of markets and institutions. No matter how far technology evolves, the ultimate responsibility rests with people. PAIBs are guardians of that trust, and they are instrumental in maintaining rigorous financial reporting, strong internal controls, sound risk management and effective corporate governance.
I am sure you will hear further insights from other speakers at this Conference. On this note, I wish this Conference every success, and all of you good health and continued success in the years ahead. Thank you very much.
Speech by FS at HKICPA x IFAC PAIB Conference Source: HKSAR Government Press Releases
Speech by FS at HKICPA x IFAC PAIB Conference Source: HKSAR Government Press Releases
