Market positioned as an international maritime centre for Asia-Pacific

Hong Kong hit by typhoon

The Hong Kong Federation of Insurers (HKFI) has presented a new study to the Hong Kong Maritime Industry Council on how to position the territory as a maritime centre for the Asia-Pacific Region.

“With our excellent port infrastructure, strategic location, sound legal system, and quality maritime services, Hong Kong has been an international port since 1970s. To maintain this leading edge, and in face of keen competition from other markets, we hope to find ways to strengthen Hong Kong’s role as an international maritime centre (IMC),” said HKFI chairman Agnes Choi.

In August 2011, the HKFI commissioned the Centre for Transport, Trade and Financial Studies of the City University of Hong Kong and the One Country Two Systems Research Institute to conduct this study.

It provides a thorough analysis of the current situation and challenges of Hong Kong’s maritime services from different perspectives and makes reference to the experience of our major competitors.

It also puts forward practical suggestions to achieve the goal of enhancing the competitiveness and attractiveness of Hong Kong as an IMC. These include:

  • to focus beyond port infrastructure and related logistics business but on maritime services especially ship finance and marine insurance;
  • build a logistic park with best connection to the cargo source in the pearl river delta region to promote intermodal transportation and cargo flow within the city, especially for high-valued, branded and high-ended products;
  • create a better business environment through tax incentives and avoidance of double taxation;
  • establish an admiralty court in Hong Kong and encourage more domestic disputes from mainland companies to be arbitrated here; and
  • attract and retain talents through training programmes and preferential immigration policies.

“The insurance industry stands ready to work with the government, the Maritime Industry Council and all stakeholders in concerted efforts to help develop and promote the maritime industry of Hong Kong,” Choi said.