Celebrating the Year of the Snake, Hong Kong will continue to innovate and transform akin to a nimble serpent, embracing new opportunities. The city will continue to expand our international connections while strengthening economic and trade cooperation with markets under the Belt and Road Initiative, with a view to solidifying Hong Kong’s role as the key functional platform for the initiative, and enhancing connectivity with both the mainland and the world.
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As part of this, the Silk Road Economic Belt – connecting the Asia-Pacific region and Europe – presents valuable avenues for Hong Kong to explore new areas of economic growth.
In the past, geographical and logistical constraints kept regions such as Central Asia and northwestern China relatively distant from Hong Kong, limiting commercial and trade cooperation. But the landscape has changed.
In 2023, nine of Hong Kong’s top 50 export markets were from the Silk Road Economic Belt, spanning Central Asia to Europe. From 2013 to 2023, Hong Kong’s exports to these nine markets – Austria, the Czech Republic, Hungary, Kazakhstan, Poland, Romania, Russia, Turkey and Uzbekistan – surged by 52 per cent, reaching HK$86.7 billion (US$11.14 billion). During the same period, Hong Kong’s exports to Asean, the Southeast Asian bloc, also flourished, growing by some 40 per cent.
Enhancing connectivity is vital for Hong Kong’s growth in the medium to long term. The Silk Road Economic Belt offers a wealth of products, such as wine, jewellery and food, which can be promoted internationally through Hong Kong, revealing numerous untapped business opportunities.
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Spirits and wines from Turkey and some Eastern European countries, for example, are of exceptional quality and are priced competitively. As a renowned culinary capital and an international wine trading hub, Hong Kong is ideally positioned to showcase such products, especially after the reduction in liquor duty announced in last year’s policy address.