On Wednesday, February 22, Paul Chan, the Hong Kong Financial Secretary, revealed that the country is trying to boost regional maritime competitiveness with a proposed $2.5 million investment.
The proposed budget is to transform Hong Kong into an international maritime centre. They are setting up a task force with people from the Hong Kong Maritime and Port Board and maritime service providers to make this happen. The task force will be made under the Transport and Logistics Bureau.
The primary aim of this task force is to draw an action plan by the 2023 year-end based on the strategies underlined in the budget like ship management, marine insurance, maritime arbitration, ship finance etc.
Hong Kong is traditionally strong in these areas, but Singapore and other places have upped the game over the years.
Along with these strategies, there will be stress on digitalization and zero emission in the maritime sector. Greater Bay Area collaboration is another crucial area in this strategic plan.
For this, they have earmarked HK $20 million so that collaboration amongst maritime players enhances in the GBA and globally.
There’s also a plan to extend the Hong Kong Maritime Week and give the maritime community in Hong Kong the required government support, which they lack, unlike Dubai and Singapore.
References: Seatrade Maritime, India Shipping News