In a bid to strengthen economic ties and foster bilateral cooperation, Paul Chan, the Financial Secretary of Hong Kong Special Administrative Region (HKSAR), embarked on a three-day visit to Indonesia from January 8 to January 10. During his trip,he shared insights in an exclusive interview,shedding light on the goals and outcomes of this important visit.
“This visit was not just a diplomatic gesture but a strategic move to connect businesses,” mr. Chan explained. “I was accompanied by a delegation of 120 professionals, primarily from the financial services, innovation, technology, and business sectors. The aim was to facilitate business matching,enabling participants to identify potential partners and explore collaborative ventures.”
One of the key events during his visit was the “Think Business,Think Hong Kong” symposium,organized by the Hong Kong Trade Advancement Council (HKTDC) on January 8.The event drew over a thousand leaders from Indonesia and neighboring regions,representing industries such as finance,commerce,and technology. Mr. Chan seized the platform to highlight Hong Kong’s evolving advantages and the emerging opportunities it offers for international investors.
Hong Kong: A gateway to New Horizons
Table of Contents
- 1. Hong Kong: A gateway to New Horizons
- 2. Hong Kong: A Gateway to Business Opportunities in the Greater Bay Area
- 3. Hong Kong and Indonesia: A Partnership for Growth and Innovation
- 4. Strengthening Financial Ties
- 5. Supporting Indonesia’s Infrastructure Ambitions
- 6. Fostering Youth Engagement and innovation
- 7. Conclusion: A Luminous Future ahead
- 8. Hong Kong’s Thriving Ecosystem: Innovation, Culture, and Global Collaboration
- 9. How are the technological strengths of Hong Kong expected to complement the growing digital economy of Indonesia?
- 10. Exploring New Frontiers in Trade and Technology
- 11. Looking Ahead: A Promising Partnership
Mr. Chan emphasized that this visit was designed to create a win-win scenario for both Hong Kong and Indonesia. “Hong Kong serves as an ideal gateway for Indonesian businesses looking to tap into the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Mainland China, and North Asian markets,” he noted. “At the same time, Hong Kong enterprises can explore and expand their footprint in Indonesia’s dynamic market.”
He further highlighted the deep-rooted relationship between the two regions, stating, “Indonesia and Hong Kong share a long-standing and mutually beneficial partnership. The people-to-people connections are robust,and this visit aims to reinforce these ties. We are particularly focused on encouraging two-way investments and fostering collaborations across various sectors.”
The visit not only underscored the economic synergies between Hong Kong and Indonesia but also set the stage for future partnerships. By leveraging Hong Kong’s strategic position as a global financial hub and Indonesia’s growing economy, both regions stand to gain significantly from enhanced collaboration.
Hong Kong: A Gateway to Business Opportunities in the Greater Bay Area
Every Monday, “Prospects” delivers exclusive interviews and in-depth analysis of Indonesia’s most pressing business issues, keeping professionals informed and ahead in a rapidly evolving landscape. This week, we turn our focus to Hong Kong, a strategic hub bridging east and West, and its role in the Greater bay Area (GBA).
Building partnerships: Hong Kong financial Secretary Paul Chan (left) visits Jakarta to promote business collaboration and bilateral cooperation between Hong Kong and Indonesia.
Under the “one country, two systems” principle, Hong kong operates as a special Administrative Region of China, offering businesses unparalleled access to both Mainland and international markets. This unique position makes it a vital gateway for companies looking to expand their influence in Asia and beyond.
The rapid growth of the Greater Bay Area (GBA) further amplifies Hong Kong’s importance. The GBA encompasses Hong Kong and Macao, along with nine cities in Guangdong Province, creating a powerhouse of economic activity. With a combined population of approximately 87 million and a GDP of around US$2 trillion, the region rivals the economic output of Italy, the world’s ninth-largest economy.
“hong Kong is a city with a population of 7.5 million. But in the GBA, the total population is about 87 million. The aggregate GDP is about US$2 trillion, roughly equivalent to that of Italy, the ninth-largest economy in the world,” said Hong Kong Financial Secretary Paul Chan during a recent visit to Jakarta.
Chan’s trip to Jakarta underscores Hong Kong’s commitment to fostering business collaboration and bilateral cooperation with Indonesia. as Southeast Asia’s largest economy, Indonesia represents a key partner for Hong Kong in strengthening trade ties and exploring new opportunities within the GBA.
For businesses, the GBA offers a dynamic ecosystem of innovation, finance, and manufacturing. Hong Kong’s role as a financial center and its robust legal framework provide a stable habitat for investment, while the region’s cities contribute diverse industrial expertise and technological advancements.
As global markets continue to evolve, Hong Kong’s strategic position within the GBA positions it as a linchpin for regional and international trade. For companies looking to tap into this thriving economic corridor, understanding Hong Kong’s unique advantages is essential.
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Hong Kong and Indonesia: A Partnership for Growth and Innovation
Hong Kong, renowned as one of the world’s top financial hubs alongside New York and London, is playing a pivotal role in fostering economic collaboration with Indonesia. The Guangdong–Hong Kong–Macao Greater Bay Area (GBA) is at the forefront of this partnership, offering a wealth of opportunities for Indonesian businesses, entrepreneurs, and investors alike.
Strengthening Financial Ties
Hong Kong’s stock market has become a go-to destination for Indonesian companies seeking to raise capital. As Paul chan, Hong Kong’s Financial Secretary, highlighted, “The mutual market access arrangements between the Mainland and Hong Kong allow Indonesian and other international companies listed on the Hong Kong Stock Exchange to access both Mainland and international capital.”
Currently, five Indonesian companies spanning industries like logistics, catering, real estate, and manufacturing are listed in Hong Kong. This trend underscores the growing financial synergy between the two regions.
Supporting Indonesia’s Infrastructure Ambitions
Indonesia’s ambitious infrastructure plans, spearheaded by President Prabowo’s management, have found a strong ally in hong Kong. During his recent visit, chan met with key Indonesian officials, including Finance Minister Sri Mulyani Indrawati and Coordinating Economic Minister Airlangga Hartarto, to discuss collaboration opportunities.
“Indonesia is going to implement massive infrastructure projects. The funding needs will thus be tremendous. You can use Hong Kong as a fund raising centre,” Chan explained. He suggested innovative approaches like listing infrastructure projects on the Hong Kong Stock Exchange or securitizing loans for mature projects to free up capital for new ventures. “hong Kong can also share our expertise and experience in planning, building, and operating large-scale infrastructure projects. We are glad to be working with our Indonesian partners,” he added.
Fostering Youth Engagement and innovation
Beyond finance and infrastructure, the partnership between hong Kong and Indonesia extends to fostering innovation and nurturing young talent. Chan emphasized the importance of youth exchanges in strengthening bilateral ties.“It would be ideal for them to work in Hong Kong for a few years after graduation so that they will be the key link to ensuring a growing and stronger bilateral relationship in the future,” he said.
Hong Kong has also introduced initiatives like the Top Talent Pass Scheme, which has attracted over 430,000 applications and approved more than 275,000 by December 2024. This program aims to welcome global talent, including young innovators from Indonesia, to contribute to Hong Kong’s thriving tech ecosystem.
Hong Kong Financial secretary Paul Chan discussing opportunities in the Greater Bay Area (GBA).
Chan also revealed that the Hong Kong government has invested over US$25 billion in innovation and technology over the past few years. “We are supporting the startups, innovators, and entrepreneurs so as to jumpstart our innovation and technology ecosystem. We believe young people from Indonesia will be interested in joining us,” he stated.
Conclusion: A Luminous Future ahead
The collaboration between Hong Kong and Indonesia is a testament to the power of strategic partnerships in driving economic growth and innovation.From finance and infrastructure to youth engagement and technology, this alliance promises to unlock new opportunities for both regions.As Chan aptly put it, “Hong Kong is ready to support Indonesia’s journey toward a brighter, more prosperous future.”
Hong Kong’s Thriving Ecosystem: Innovation, Culture, and Global Collaboration
Hong Kong has emerged as a vibrant hub for innovation, culture, and international cooperation, attracting talent and investment from across the globe. With nearly 4,700 startups, the city is a magnet for entrepreneurs, with around 20% of its founders hailing from overseas. Many of these startups find their home in Science Park and Cyberport, two iconic hubs that have become synonymous with Hong Kong’s tech-driven vision.
But it’s not just technology that’s shaping Hong Kong’s future. The city is also making significant strides in the creative industries, particularly through the development of cultural landmarks like the West Kowloon Cultural District. This area is home to two world-class museums: the Hong Kong Palace Museum and M+, the latter being Asia’s first global museum dedicated to contemporary visual culture. These institutions are not just tourist attractions but also platforms for cultural exchange and artistic expression.
Beyond its modern amenities, Hong Kong boasts a rich historical heritage. Many of its historical buildings have been revitalized, blending the old with the new. A prime example is Tai Kwun, a former police station, custody facility, and prison that has been transformed into a bustling center for creative industries and a popular tourist destination.This adaptive reuse of spaces showcases Hong Kong’s ability to honor its past while embracing the future.
“From financial services to innovation, creative industries, and cultural exchange, we are eager to collaborate with our Indonesian partners to realize mutually beneficial opportunities,” stated a government official. “our partnership with Indonesia and ASEAN at large will help us thrive together.” This sentiment underscores Hong Kong’s commitment to fostering global partnerships and leveraging its unique position as a bridge between East and West.
As Hong Kong continues to evolve, its unique blend of innovation, culture, and collaboration positions it as a dynamic player on the global stage.Whether you’re an entrepreneur, artist, or investor, the city offers a wealth of opportunities to explore and grow.
How are the technological strengths of Hong Kong expected to complement the growing digital economy of Indonesia?
Lieve this will not only strengthen Hong Kong’s economy but also create opportunities for collaboration with Indonesia and other global players,” he stated.
Exploring New Frontiers in Trade and Technology
As part of the visit, Chan also explored opportunities in emerging technologies such as artificial intelligence, fintech, and green energy. He highlighted the potential for joint ventures between Indonesian and Hong Kong companies in these sectors, which align with Indonesia’s vision for enduring development and digital transformation.
“Hong Kong’s strength in fintech and innovation can complement Indonesia’s growing digital economy. Together, we can create solutions that address regional challenges and drive economic growth,” Chan remarked.
Looking Ahead: A Promising Partnership
The visit of Hong Kong’s Financial Secretary, Paul Chan, to Jakarta marks a significant step in solidifying the partnership between Hong Kong and Indonesia. By leveraging Hong Kong’s position as a global financial hub and its integration within the Greater Bay Area, both regions stand to benefit from enhanced trade, investment, and innovation.
As the world continues to navigate economic uncertainties, the collaboration between Hong Kong and Indonesia serves as a model for fostering growth and resilience. With a shared commitment to innovation and mutual development, this partnership is poised to unlock new opportunities and drive prosperity in the years to come.