Belt-Road Brings Opportunities

Chief Secretary Matthew Cheung

Embedded with "five areas of connectivity", namely policy co-ordination, financial integration, unimpeded trade, facilities connectivity and people-to-people bonds, the Belt & Road Initiative provides new impetus not only to the global economy, but also sustainable development. I believe that as part of PolyU's Belt & Road Strategic Platform, the Belt & Road Advanced Professional Development Programme in Power and Energy echoes well with one of the key focuses of the initiative on the establishment of energy partnerships. Hong Kong has a unique role to play in this vision. The strengths of Hong Kong's energy sector in system operation, manpower development and project financing are most pertinent.

In respect of system operation, Hong Kong's electricity supply is safe, reliable and affordable, which is essential for powering economic growth. Hongkong Electric Company, a partner of this programme, has upheld successfully a reliability rating of over 99.999% since 1997, reaching 99.9999% in 2017, which is almost unparalleled in other parts of the world. I understand that you have visited their facilities and I am sure that you find their rigorous system and talent pool most impressive. Hong Kong stands ready to showcase our power companies' expertise and operational experience to other Belt & Road countries that have plans to develop and modernise their electricity systems.

As regards to manpower development, PolyU is renowned for nurturing a pool of talented technicians and engineers in Hong Kong for over 80 years. It is the first publicly funded, post-secondary technical institution in Hong Kong that offers courses in mechanical engineering and building construction. Over the years, graduates of PolyU and other higher education institutions in Hong Kong have dedicated their career to ensuring that our electricity systems meet the highest international standards. They are the unsung heroes behind Hong Kong's success story. Given our institutions' significant contribution to professional education, applied research and community partnership, they are well positioned to be the pioneers in launching training programmes for professionals from Belt & Road countries, and I do encourage them to do so.

Regarding project financing, Hong Kong enterprises and professionals have been actively participating in numerous energy projects in regions along the Belt & Road. Our companies have not only invested in traditional electricity generation systems in India and Southeast Asia, but also in renewable energy and smart grids. As Asia's leading financial centre, Hong Kong is well placed to play on the strength of our financial infrastructure and comprehensive capital-raising channels to help meet the financing needs of Belt & Road investments and projects. I am certain that many energy infrastructure projects in the region will continue to benefit from our companies' investment. In fact, a company listed in Hong Kong has formed a partnership to establish a fund with an initial capital of US$160 million to invest in the energy sector in Asia and markets along the Belt & Road corridors.

No less important, Hong Kong stands ready to be the professional services platform for Belt & Road projects. We have a deep pool of world-class talents in various areas who are experienced in leading and implementing international and large-scale projects. Their strengths cover not only the electricity and engineering industries, but also architecture, surveying, accounting, law and consulting, and more.

Ladies and gentlemen, the Belt & Road Initiative provides a golden opportunity for Hong Kong to capitalise on our distinct advantages as the key link of and the prime platform for the Belt & Road. In particular, for power and energy projects, Hong Kong has a lot to offer in terms of system operation, capacity building and project financing. I look forward to seeing graduates from this programme participate in developments along the Belt & Road and foster our links upon returning to your countries.

Chief Secretary Matthew Cheung gave these remarks at the Belt & Road Advanced Professional Development Programme in Power & Energy Graduation Ceremony.