As Hong Kong Chief Executive John Lee Ka-chiu embarked on a significant journey through Southeast Asia, the city’s pivotal role as a strategic hub in the Belt and Road Initiative came sharply into focus. His visits to Laos, Cambodia, and Vietnam highlighted Hong Kong’s evolution from simple connector to vital super value-adder in this ambitious economic endeavor. This transformation will not only redefine Hong Kong’s identity but also amplify its influence on the global stage.
Hong Kong’s designation as a superconnector was first articulated by former chief executive Leung Chun-ying in 2016. This role leveraged the city’s unique advantages under the “one country, two systems” principle, advanced infrastructure, robust financial ecosystem, and status as a major offshore renminbi center. Serving as a superconnector, Hong Kong has facilitated critical links between Chinese mainland enterprises and global markets, offering essential professional services that empower Chinese firms to “go global” while attracting international investment, technology, and talent to the mainland.
By 2023, the city’s leadership recognized the need to evolve beyond mere connectivity. Lee introduced the concept of Hong Kong as a super value-adder. This strategic shift reflects a rising demand for high-value services that transcend simple matchmaking between businesses. With strengths in finance, legal, design, and other professional sectors, Hong Kong is poised to provide significant added value, transforming its role from intermediary to essential collaborator that actively contributes to the success of its partners.
Lee’s current trip underscores this evolving strategy. As he engages with leaders in Laos, Cambodia, and Vietnam, he aims to deepen economic ties and foster people-to-people exchanges, showcasing Hong Kong’s capabilities while advocating for its accession to the Regional Comprehensive Economic Partnership. This visit, his third to the ASEAN bloc since taking office, is part of a broader initiative to solidify Hong Kong’s connections with Southeast Asia, a region increasingly vital to its economic future.
During this visit, Lee and his delegation — comprising over 30 representatives from various sectors — are emphasizing Hong Kong’s unique offerings. They present the city not just as a gateway to the vast mainland market but also as a provider of world-class professional services and innovative solutions. This approach aims to illustrate how Hong Kong can help ASEAN countries tap into opportunities in both the city and the mainland.
Twelve significant agreements were inked during Lee’s visit to Laos. These memorandums of understanding focus on cooperation in education exchanges, customs, financial services and digital economy, enhancing trade and investment flows while supporting Laos’ economic diversification. Key projects, such as the Saysettha Development Zone and the China-Laos Railway, exemplify how Hong Kong’s involvement can drive regional connectivity and economic growth.
In Cambodia, the emphasis is on tourism, aviation, particularly the expansion of airlines and flights, and innovative technologies. Hong Kong’s expertise in financial technologies can support Cambodia’s modernization efforts, providing a robust framework for economic advancement. Meanwhile, in Vietnam, Hong Kong’s green financial markets and international connectivity can facilitate the implementation of green infrastructure projects, aligning with Vietnam’s ambitious goal of achieving net-zero emissions by 2050.
Hong Kong’s economic landscape continues to flourish, with over 66,000 new local companies established in the first half of 2024. The city remains a preferred destination for global investors, drawn by its strategic location, advanced infrastructure, and comprehensive professional services. Recent data from the Hong Kong Companies Registry and the International Institute for Management Development highlight the city’s robust business efficiency and infrastructure, reinforcing its status as a leading international financial center.
The thriving innovation and technology ecosystem, bolstered by significant investments from both local and international firms, further enhances Hong Kong’s economic resilience. Several major tech companies have established their international headquarters in Hong Kong, contributing to the development of the city’s artificial intelligence and life sciences sectors. These investments are set to generate thousands of jobs and drive economic growth, showcasing Hong Kong’s ability to attract and nurture high-tech industries.
Hong Kong’s strategic evolution from superconnector to super value-adder is crucial for its sustained economic success and international influence. By leveraging its unique advantages and fostering deep collaborations with regional partners, Hong Kong not only enhances its own development but also significantly contributes to the economic growth and diversification of its partners. This dual role, underpinned by a robust framework of professional services, strategic investments, and international connectivity, positions Hong Kong as an indispensable hub in the region and beyond.
The agreements and partnerships forged during Lee’s trip will undoubtedly reinforce Hong Kong’s status as a strategic linchpin in the region. The city’s capacity to offer more than mere connections — by providing high-value services and innovative solutions — solidifies its role as a vital player in the global economy. Hong Kong’s journey is one of continuous adaptation and strategic foresight, ensuring its relevance and influence in an ever-evolving international landscape.
The author is chairman of the Asia MarTech Society and sits on the advisory boards of several professional organizations, including two universities.
The views do not necessarily reflect those of China Daily.
