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Friday, Jun 09, 2023
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Singapore has edge, but it's temporary, says Yau
A senior official has dismissed concerns about Hong Kong losing competitive edges to Singapore, saying it is only "temporarily lagging behind."
Speaking on radio yesterday, Secretary for Commerce and Economic Development Algernon Yau Ying-wah said Hong Kong enjoys "international connections" and "support from the mainland" although Singapore has had a head start investing in emerging markets.
Yau, a delegate on Chief Executive John Lee Ka-chiu's Middle East tour earlier this month, said Mideast countries are seeking business opportunities in Hong Kong while looking to enter the Greater Bay Area through the city's connections.
"Just because we lagged behind at the starting line doesn't mean we can't catch up," he said. "This is why Hong Kong needs to compete for talent and enterprises."
Yau said convention and exhibitions are vital to Hong Kong's economy.
"In 2018 alone, the convention and exhibition industry attracted about 1.7 million overnight visitors and brought in HK$12.2 billion in economic benefits," he said, adding that each tourist spent up to HK$8,000 per night on average.
Meanwhile, tax cuts on radio spectrum usage fees would encourage telecommunications firms to set up stations and improve service coverage, Yau said.
He said that over four million people in Hong Kong are using 5G networks offering a coverage of 90 percent.
The minister said the number of people traveling between Hong Kong and the mainland has risen to half of pre-pandemic levels since the border reopened.
In another development, Hong Kong Science and Technology Parks chairman Sunny Chai Ngai-chiu was glad to learn that the government's talent recruitment measures have been well received.
"In the next 10 to 15 years, there will be four times as much land for IT-related uses in Hong Kong," Chai said.
He predicted the number of employees in the industry to increase to 200,000 from 50,000 at present, of whom 11,000 are currently based in the HKSTP.
Yau, a delegate on Chief Executive John Lee Ka-chiu's Middle East tour earlier this month, said Mideast countries are seeking business opportunities in Hong Kong while looking to enter the Greater Bay Area through the city's connections.
"Just because we lagged behind at the starting line doesn't mean we can't catch up," he said. "This is why Hong Kong needs to compete for talent and enterprises."
Yau said convention and exhibitions are vital to Hong Kong's economy.
"In 2018 alone, the convention and exhibition industry attracted about 1.7 million overnight visitors and brought in HK$12.2 billion in economic benefits," he said, adding that each tourist spent up to HK$8,000 per night on average.
Meanwhile, tax cuts on radio spectrum usage fees would encourage telecommunications firms to set up stations and improve service coverage, Yau said.
He said that over four million people in Hong Kong are using 5G networks offering a coverage of 90 percent.
The minister said the number of people traveling between Hong Kong and the mainland has risen to half of pre-pandemic levels since the border reopened.
In another development, Hong Kong Science and Technology Parks chairman Sunny Chai Ngai-chiu was glad to learn that the government's talent recruitment measures have been well received.
"In the next 10 to 15 years, there will be four times as much land for IT-related uses in Hong Kong," Chai said.
He predicted the number of employees in the industry to increase to 200,000 from 50,000 at present, of whom 11,000 are currently based in the HKSTP.
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