High-value maritime services targeted by HK’s new action plan

1100 ports and shipping related companies are currently in Hong Kong.

The Hong Kong Transport and Logistics Bureau’s newly released action plan for maritime development is expected to drive high-value maritime services in the region, strengthening its position as a leading international maritime hub.

Lam Sai Hung, Hong Kong's Secretary for Transport and Logistics, detailed the government's action plan designed to promote high-value maritime services and transform the city into a smart logistics hub. 

"To encourage overseas and mainland enterprises to set up their presence in Hong Kong, we have already introduced tax concessions for activities such as ship leasing," Lam stated, emphasising the government's commitment to enhancing the maritime sector's competitiveness.

These incentives are part of Hong Kong's broader ambition to become a prominent maritime hub, leveraging its historical strengths and strategic location. With over 1,100 ports and shipping-related companies already established in the region, Hong Kong aims to create a clustered maritime ecosystem where businesses can thrive. 

"We have quite a lot of edges in front of us," Lam noted, citing Hong Kong's long history of shipping activities and its comprehensive multimodal transport network with Mainland China as key advantages.

An increased number of maritime companies in Hong Kong is expected to contribute significantly to the city's goal. "Leveraging on this, doing business in Hong Kong would be very attractive to overseas and mainland enterprises," Lam remarked.

He pointed out that a larger cluster of maritime enterprises could bolster Hong Kong's status not only as an international financial centre but also as an international maritime centre.

Aside from tax concessions, Hong Kong is leveraging its prowess in handling high-value goods and capitalising on emerging markets like e-commerce to enhance high-value-added maritime services. 

"Hong Kong International Airport is the busiest cargo airport in the world," Lam highlighted, showcasing the region's robust port system and logistics capabilities. These strategic advantages are poised to amplify Hong Kong's logistics activities, propelling the city towards its ambition of being recognized as a global maritime leader.

By attracting top talent and investing in eco-friendly initiatives, Hong Kong is not merely looking to maintain its maritime legacy but also to innovate and adapt to the changing needs of the global shipping industry.