2024 Policy Address: Gov’t to establish Hong Kong Maritime and Port Development Board

It will assist in formulating policies and strategies for Hong Kong's maritime industry.

Chief Executive John Lee has announced the establishment of the Hong Kong Maritime and Port Development Board, which will replace the existing Hong Kong Maritime and Port Board. 

The high-level advisory body will assist the government in formulating policies and long-term development strategies to strengthen Hong Kong's maritime industry.

“Additional funding will be provided to enhance its research capabilities, strengthen its Mainland and overseas promotional work and step up manpower training, supporting the government in policy implementation more effectively and promoting the sustainable development of Hong Kong’s maritime industry,” he said during his 2024 Policy Address.

The government also said it aims to attract maritime service enterprises through enhanced tax concessions. 

Additionally, incentives will be offered for ships meeting international decarbonisation standards, and an Action Plan on Green Maritime Fuel Bunkering will be launched to develop infrastructure for green fuel terminals.

Meanwhile, the chief executive highlighted the importance of creating a commodity trading ecosystem in Hong Kong, which will drive demand for maritime services and related financial offerings. 

The government will also explore tax incentives to attract businesses from Mainland China and abroad to establish a presence in the city.