HK to form development board to fuel competitiveness of maritime industry

Various efforts are being made to alleviate the impact of US tariffs.

Hong Kong is set to establish a Maritime and Port Development Board to support the government in promoting its marine industry.

According to a reply by Secretary for Transport and Logistics Mable Chan in a 28 May Legislative Council, the board will be chaired by a non-official and provided with dedicated team and resources. It will enhance research, promotion, and manpower training capabilities, providing more effective support to the government in promoting the development of Hong Kong's maritime industry.

The official said this in response to a query about the government’s efforts to address the impact of the US’s port fees against vessels owned or controlled by Chinese entities.

According to recent coordination with shipping companies, Chan said “the industry has reflected that the business environment in Hong Kong is indeed unrivalled and that Hong Kong's ship registry has brought an edge to their ships in terms of quality assurance and international reputation”

Aside from the establishment of the board, Chan said authorities have been strengthening the maritime ecosystem, including the introduction of a half-rate tax concession for commodity traders and enhancement of the existing tax concessions for the maritime industry.

The government is also pushing the industry to take opportunities in green shipping. Authorities have also been deepening collaborations with the international maritime organisations.

Chan said assistance are being extended to shipping companies to expand opportunities in Mainland and overseas markets, capitalising on Hong Kong's connectivity.

“We urge the industry to stay confident and avoid making hasty decisions under short-term geopolitical pressures at the expense of the long-term development opportunities in Hong Kong,” the official said.