Think of Monaco: a glittering harbour, vibrant city, global icon and financial hub. Sound familiar?
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I have always been fascinated by the similarities between Monaco and Hong Kong. Today, I see an exciting future amid the fast-growing opportunities developing for Hong Kong thanks to our increasing economic, financial and cultural ties with the principality. From capital flows and marine infrastructure to yacht tourism, trade and ocean research, a deeper alliance between Hong Kong and Monaco could unlock unprecedented value for both.
We share striking similarities as compact, prosperous cities with high-density populations and strong global economic ties. We have high gross domestic products per capita when compared globally, enjoy extensive investment flows and serve as major hubs for finance and inbound capital. We are influential far beyond our geographical footprints.
I have spent a good deal of time with senior representatives from the Prince Albert II of Monaco Foundation this year and am pleased to be part of the fast-growing dialogue between Hong Kong and Monaco. I see three primary opportunities for Hong Kong in the next few years.
First, capturing our blue economy. This refers to the economic activities connected to oceans – fishing, aquaculture, shipping, marine tourism, marine energy and biotechnology – even as Hong Kong focuses on long-term environmental protection.
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The Hong Kong Academy for Wealth Legacy – a subsidiary of the Financial Services Development Council, a governmental advisory body – recently signed a memorandum of understanding with the Prince Albert II of Monaco Foundation to mobilise private family capital towards the estimated US$5.5 trillion global blue economy by 2050. As a global shipping and trading hub with 1,180km of coastline and 263 islands, Hong Kong is perfectly positioned to be a global driver in the blue economy.
