HKSAR chief tells Cambodian business leaders on HK fundraising opportunities
HKSAR chief tells Cambodian business leaders on HK fundraising opportunities
John FC Lee, Chief Executive of the Hong Kong Special Admini-strative Region (HKSAR) of the People’s Republic of China (PRC), addressed Cambodian business leaders during a formal dinner event on Tuesday evening in Phnom Penh, highlighting key benefits of closer cooperation between the Cambodian and Hong Kong economies, as well as fundraising opportunities within Hong Kong and the greater bay area (GBA) for Cambodian enterprises seeking credit growth, the city is touted as one of Asia’s leading financial hubs.
The event entitled, ‘Super-connecting New Pathways to Success: Hong Kong-Cambodia Partnerships in Fostering Mutual Prosperity and Economic Development’, was hosted by the Hong Kong Economic and Trade Office in Bangkok.
John stressed the “great importance” of the Hong Kong delegation visit to the Kingdom this month, which began yesterday, stating, “I have brought a delegation comprising many senior government officials plus more than 30 very successful leaders in different sectors [including] finance, commerce, logistics, tourism, and innovation and technology (I&T).”
John said that the two nations are both experiencing steady growth in gross domestic product (GDP), Hong Kong’s GDP is forecasted to increase by between 2.5 and 3.5 percent in 2024, while Cambodia is expected to see “healthy” growth of 5.8 percent.
Cambodia, with its robust economic growth, friendly environment for foreign investment and growing investments in strategic infrastructure, is emerging as a vital player in the regional economy, he said.
John noted that the Kingdom’s burgeoning manufacturing sector and growing skilled workforce have already positioned Cambodia as an “attractive destination for a world of investors, including those of us from Hong Kong”.
He said that while both Hong Kong and Cambodia face new challenges in their economies as of 2024, these challenges are also opportunities.
John cited current challenges, including lingering disruptions in supply chains, accelerated digitisation of manufacturing processes, and an ongoing shift to more regionalised trade and logistics patterns, as new conditions the Hong Kong and Cambodian economies both have to adapt to.
Hong Kong and Cambodia, though distinct in many ways, share a common vision of economic prosperity, he said, and opportunities therefore exist to leverage the unique advantages of the two economies to thrive together amid global challenges.
John also asserted some of Hong Kong’s key strengths to Cambodian business leaders in attendance as a trade and finance gateway.
Under the “one country, two systems” principle, John said that Hong Kong businesses enjoy unparalleled access to both Mainland China and international markets.
Hong Kong is thus the only world-class city that enjoys both the China advantage and the global advantage, he explained.
Meanwhile, John detailed that Hong Kong was ranked fifth globally in the latest ‘World Competitiveness Yearbook’ published by the International Institute for Management Development, the city ranking number one worldwide in the categories of international trade and business legislation.
He also said that Hong Kong was prime for fundraising activities by Cambodian businesses and entrepreneurs, the city being renowned as among the world’s top international financial centres.
“We welcome Cambodian companies, including “new economy” enterprises, to list on the Hong Kong Stock Exchange (HKEX),” he said.
He explained that public listing in Hong Kong can simultaneously raise capital for Cambodian companies’ development, while also helping Cambodian brands to gain more exposure among Chinese investors and consumers.
Hong Kong also offers ‘Stock Connect’ schemes with the stock markets of Shanghai and Shenzhen, he said, meaning companies listed in Hong Kong can better connect with Mainland Chinese investors and capital.
Overseas enterprises, such as Cambodian businesses, are also welcome to raise funds in Hong Kong through bond issuance, he added. “Our bond volume exceeds $100 billion, capturing 30 percent of the Asian market,” John said, and this is the reason why Hong Kong has ranked first in Asia for seven consecutive years in terms of the volume of international bond issuance.
