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Hong Kong Emphasizes Its Logistics Hub Capabilities

by Mary Swire, Tax-News.com, Hong Kong

14 November 2012


In recent remarks at the Asian Logistics and Maritime Conference in Hong Kong, Financial Secretary John Tsang concluded that Hong Kong is well placed to act as an efficient maritime and logistics hub in Asia.

He stressed that, with the share of Asian imports and exports in world merchandise trade increasing from 25.5%, by value, in 2001 to 32.5% last year, Hong Kong’s “prime location, world-class infrastructure and extensive multi-modal transport network” make it an efficient logistics hub to facilitate the many supply chains and the growing consumption markets in the region.

He pointed out that Hong Kong has “the world's busiest airport, with cargo throughput reaching 3.94m tonnes last year. (Its) seaport is the third busiest in the world, handling about 24.4m TEUs last year. We also have direct cross-boundary links to the economic powerhouse of (China’s) Pearl River Delta region.”

He confirmed that Hong Kong is constantly upgrading its infrastructure. The Hong Kong Airport Authority is pursuing an expansion project to boost handling capacities for goods and for passengers, and further planning includes a proposed third runway to cope with the anticipated demand beyond 2020.

In addition, dredging works at the Kwai Tsing container terminals basin are due for completion by 2016, to accommodate the increasing draughts of ultra-large container ships, while a feasibility study is under way on developing a 10th container terminal. Construction has also begun on the 29km Hong Kong-Zhuhai-Macau Bridge that, when completed in 2016, will extend Hong Kong’s cargo catchment area to the entire western part of the Pearl River Delta region.

Furthermore, Tsang emphasized Hong Kong’s other overall institutional strengths. "These include our free port; low and simple tax regime; free flows of capital, information, ideas and talent; rule of law; clean and efficient government; transparent customs procedures; and a well-educated workforce. Together, these create an ultra-friendly business environment.”

“These same traits,” he added, “also underpin our success as a maritime centre providing a full range of professional maritime services to international shipping.”

TAGS: tax | business | marine | law | Hong Kong | trade | services

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