Speech by FS at Kuwait National Day Reception
Following is the speech by the Financial Secretary, Mr Paul Chan, at Kuwait National Day Reception today (February 24):
Consul General (Consul General and Ambassador of the State of Kuwait in Hong Kong, Mr Naser S Al-Ghanim), Deputy Commissioner Pan (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in the Hong Kong Special Administrative Region Mr Pan Yundong), Your Excellencies, Consuls General, ladies and gentlemen,
Good evening.
It is my great pleasure to be here tonight to celebrate with you the 64th National Day of the State of Kuwait.
Kuwait is the first Gulf country to establish diplomatic relations with China. You are also an active participant in our country's Belt and Road Initiative.
These provide a solid foundation for the growing ties between our two economies. As alluded to earlier by the CG (Consul General), it is heartening to see that our bilateral trade is growing rapidly. Last year, the bilateral goods trade between Hong Kong and Kuwait rose more than 20 per cent year on year, reaching more than US$240 million. On many other fronts, our connections are deepening.
And this is part of a burgeoning relationship between Hong Kong and the Gulf countries. Over the past two years or so, the Chief Executive, myself as well as senior government officials and corporate leaders have been leading delegations to the region, seeking to strengthen connections with our partners in trade, finance, legal services, innovation and technology, cultural exchanges, and much more.
With Kuwait's presidency of the Gulf Cooperation Council (GCC) in 2025 under the leadership of the Amir, much is anticipated on what we can do together to boost our bilateral ties, and the Hong Kong-Gulf relations at large. Indeed, the Secretary-General of the Council, His Excellency Jasem Mohamed AlBudaiwi, also a Kuwait national, came to Hong Kong last month to attend the Asian Financial Forum. I also had a fruitful meeting with His Excellency at the World Economic Forum annual meeting in Davos.
There is a strong will from both sides to strengthen co-operation on multiple fronts. In particular, Hong Kong wants to advance discussions on signing a free trade agreement with the GCC, and looks forward to the support from Kuwait and other Council members. We believe that solidifying our trade partnership will only be beneficial to our respective economies. In light of rapidly changing geopolitical dynamics marked by unilateralism and protectionism, it calls for action to build a fair, open and more resilient global economic and trade system.
Hong Kong is a perfect partner for Kuwait in realising the Kuwait Vision 2035, which covers your nation's strategic and forward-looking plans for infrastructure development, digital transformation, green transition and global participation, and, above all, a more diversified economy.
Under the "one country, two systems" arrangement, Hong Kong is a place that enjoys unique connectivity with both the Mainland and the rest of the world. We are a converging point of global capital, investors and talent, the gateway not only to China but also the rest of Asia. Kuwaiti businesses and entrepreneurs can capitalise on the city's full suite of fund-raising options, world-class professional services, and extensive transport and logistics network to expand and thrive.
Hong Kong is keen to share knowledge and expertise with Kuwait, and find new growth frontiers together. For example, Hong Kong's start-ups, with innovative solutions ranging from AI (artificial intelligence) to biotech, and from greentech to fintech, are keen to support the exciting projects in your country.
Ladies and gentlemen, the promising prospects for our co-operation extend well beyond - to education, arts and culture, and much more.
Since 2023, Kuwait has been actively participating in our Asia+ Festival, giving our residents a taste of your country's rich cultural heritage. Your Kuwaiti Culture, Art and Literature Week last year, with a host of community-based activities, was a heartening success.
And I can't tell you how delighted I am to meet with some of Kuwait's brightest students who are studying in Hong Kong tonight. You are the ambassadors who will build more bridges of understanding and friendship between our two economies.
With all the goodwill and friendship, I am confident that the bonds between Hong Kong and Kuwait will flourish and endure for generations to come.
For that, ladies and gentlemen, please join me now in a toast: to the people of Kuwait.
Cheers.
Speech by FS at Kuwait National Day Reception Source: HKSAR Government Press Releases
Speech by FS at Kuwait National Day Reception Source: HKSAR Government Press Releases
Speech by FS at CUHK EMBA Annual Conference
Following is the speech by the Financial Secretary, Mr Paul Chan, at the CUHK EMBA Annual Conference today (May 9):
Professor Dennis Lo (Vice-Chancellor and President, the Chinese University of Hong Kong (CUHK)), Professor Lin Zhou (Dean, CUHK Business School), Macy (Chairperson of Organizing Committee, Ms Macy Chan), Michael (Chairperson of Organizing Committee, Mr Michael Chan), CUHK EMBA alumni and students, business leaders, distinguished guests and friends,
Good evening.
Addressing a room full of Executive MBA students and graduates is both an honour and a privilege. There is a particular kind of ambition in this room — one that is not content with success alone, but driven to understand it more deeply, in the belief that better ideas lead to greater impact.
That kind of commitment — to learning, to growth, to asking harder questions — is precisely what today's conversation is about.
The theme of this conference, which focuses on innovation and agile leadership, could not be more timely. Most of us here have lived through the Internet age and the smartphone revolution, which made communication faster and more seamless than anyone had imagined.
Today, the rise of AI places us at a more fundamental tipping point. Technology is not merely changing the answers — it is redefining the questions themselves.
Consider what is already within reach. An AI assistant can learn your preferences, curate a personalised shortlist, and simply ask for your confirmation. We should even ask whether the smartphone and the search engine will remain our primary gateways to the digital world, or whether something altogether new is already taking shape.
To draw an analogy, the power of technology does not lie in drawing the old map with greater precision. It lies in revealing how much of that map remains uncharted — and in showing us that entirely new maps, with new co-ordinates, are being drawn.
This redefinition is unfolding across three dimensions simultaneously.
First, the redefinition of products. Products are no longer discrete, standalone objects. A smart car is a vehicle, but also a mobile platform for data. An insurance policy can be a contract, but equally a dynamic reflection of health data. Innovation today is born from cross-sector convergence and continuous evolution.
Second, the redefinition of services. Services are no longer delivered solely by enterprises. They emerge from collaborative networks of people and AI. But the more profound shift is in what customers now expect. In the past, good service meant reaching the right person quickly. Today, customers expect a solution that anticipates their needs before articulating them. This requires a new architecture of service delivery: human and machine, with AI handling the scale, the speed, and the personalisation that no human team alone could sustain.
Third, and most importantly, the redefinition of business models. In the past, we sought optimal solutions within established frameworks — when demand rose, we expanded capacity; when service needs grew, we opened more branches. Technology invites us to break out of those frameworks entirely. Intelligent manufacturing means that "economies of scale" is no longer the only answer; flexible supply chains have made customised, on-demand production the new normal.
These three redefinitions are opening a commercial frontier unlike anything we have seen before. But if the benefits of technology accrue only to a small circle, its power remains fundamentally constrained. This brings me to the second message I want to leave with you today: inclusivity.
Inclusivity is not charity. Yet it is the smartest business strategy available. The unmet needs of the broader public represent the largest and most underserved market opportunity in existence. When you make quality healthcare, education and financial services accessible and affordable to ordinary residents, you are not serving a group in need of handouts — you are unlocking a vast market that traditional business models have consistently overlooked.
Hong Kong has a distinctive role to play here. We can be a co-architect of standards, a hub for capital, and a bridge between innovation and real-world deployment — from clinical validation of smart healthcare, to green technology financing, to regulatory sandboxes for fintech. Our contribution draws not only on institutional strengths and international networks, but on our genuine commitment to broad-based participation.
Yet inclusive products and services are only the first step. The deeper dimension is empowerment.
History reminds us that the dividends of technological revolution need to be actively guided to reach the many. In the age of steam, and again in the Internet era, early gains concentrated among capital owners and top-tier talent. But today we have the opportunity to write a different story. AI, as an amplifier of human capability, is already enabling what was previously unimaginable: a solo entrepreneur, with the right tools and the right vision, can build a unicorn.
In other words, the unit of competitive advantage is shifting — from the size of your team to the skill with which you orchestrate your tools.
Our mission should be to make that shift available to everyone. To turn individual readiness into collective prosperity, and to ensure that the productivity gains of AI flow broadly across the society.
This is precisely why, in this year's Budget, I placed such emphasis on the "AI Training for All" initiative.
We are not trying to turn everyone into an engineer. We are ensuring that workers, managers, SME (small and medium-sized enterprise) owners, and ordinary residents become capable collaborators with AI: people who can access it, use it effectively, and put it to work as their assistant.
That may sound ambitious, but consider this: if AI can one day be as intuitive as the smartphone, then mass adoption is not difficult to imagine at all. Just as computers once migrated from specialist facilities into offices and homes, AI will find its way into everyone's daily work and life.
For business leaders, it may be tempting to think of AI as "digital employee" that can replace existing workers. But think of a different framing: equipping your workforce with powerful digital assistants can achieve productivity gains, while also freeing your people to do what humans do best — create, imagine and innovate.
Companies that take those extra steps, and think those extra moves ahead, will find that an empowered workforce is also a more innovative one.
All in all, the power of technology must ultimately be measured by its contribution to inclusive growth. And inclusive growth, in the end, depends on, yes, commercial acumen — but also empathy, compassion, and the conviction that a rising tide should lift all boats. I can see that those qualities live in this room.
I will close with this thought. Someone once joked that economists know the price of everything and the value of nothing. With AI, let us never fall into the same trap — in our race to price every efficiency gain, let us not lose sight of the deeper value we are trying to create: a society where the fruits of innovation are broadly shared, and where technology lifts not just the fortunate few, but everyone willing to reach for it.
So here is my ask: let us grow the pie together. And make sure we cut it well.
Thank you very much.
Source: AI-found images
Speech by FS at CUHK EMBA Annual Conference Source: HKSAR Government Press Releases
Speech by FS at CUHK EMBA Annual Conference Source: HKSAR Government Press Releases
Source: AI-found images
