Belt & Road Summit Opens

The sixth Belt ＆ Road Summit opened online today with over 6,000 senior government officials and business leaders from more than 80 countries and regions registered to take part.

Organised by the Hong Kong Special Administrative Region Government and the Trade Development Council, the theme of the two-day summit this year is "Driving Growth Through Fostering Regional & International Trade".

Today's event featured a project pitching session on energy, natural resources and public utilities as well as breakout sessions on different topics. Over 770 business-matching meetings for more than 260 projects were also held.

Chief Executive Carrie Lam addressed the summit's opening session by highlighting the importance of multilateralism amid the continuing spread of protectionism.

Mrs Lam said the economic integration fostered by the Regional Comprehensive Economic Partnership (RCEP) is an essential complement to multilateral trade, creating plentiful investment and market opportunities and driving global economic recovery in the post-pandemic era.

Noting that Hong Kong has much to offer the RCEP and the world at large, in particular in creating connections with the Mainland through the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt & Road Initiative, she said the city is keen to begin discussions on accession to the RCEP as soon as possible.

The Chief Executive elaborated on the potential the bay area presents to Hong Kong and the economies it works with. She said that Hong Kong, with a business-friendly environment, low taxes, rule of law, a free economy, modern infrastructure and a wealth of talent, is the sure way to the bay area and the Belt & Road and the world's only city to offer a secure, dynamic environment for business, coupled with direct access to the Chinese economy.

Financial Secretary Paul Chan took part in the business plenary session to speak on the common ground between the Belt & Road Initiative and RCEP and how the two can complement each other.

With many RCEP member economies located along the Belt & Road, Mr Chan said the infrastructural connectivity and the links in energy, transport and communications brought about by the initiative will assist these economies in taking full advantage of the enhanced market access promised by the accord.

He noted that Hong Kong can serve the Belt & Road and RCEP equally well with its direct access to the Mainland, deep liquidity pool and outstanding financial infrastructure as well as wide-ranging professional services.

The strategic position of Hong Kong in particular makes the city the gateway for trade, investment and business between the Mainland and other RCEP economies and therefore it is a natural location for RCEP-based companies looking to set up their headquarters in the region, Mr Chan added.

Secretary for Justice Teresa Cheng addressed a breakout session in which she spoke on Hong Kong's legal and dispute resolution services in the context of the post-pandemic era, while Secretary for Commerce & Economic Development Edward Yau chaired a policy dialogue session.

The summit will continue tomorrow with a plenary session, a panel discussion and breakout sessions.