A leading German business representative has expressed strong optimism about the economic recovery in China’s Hong Kong Special Administrative Region (HKSAR). Johannes Hack, president of the German Chamber of Commerce, Hong Kong, believes that the city has immense potential beyond its traditional finance sector, applauding the government’s efforts to identify new areas of growth.
In an interview with CGTN, Hack discussed the main avenues of German business development in Hong Kong, including sourcing from the Chinese mainland and other parts of Asia, logistics, and services. These sectors, he noted, are the backbone of German business in the city, leveraging Hong Kong’s status as a vibrant trading hub.
Hack emphasized the unique advantages that Hong Kong offers under the principle of “One Country, Two Systems.” He highlighted the benefits for German companies in logistics, sourcing, and service industries, citing the city’s clear legal framework, English proficiency, and favorable taxation policies as key factors that make Hong Kong an attractive place to do business.
The German business leader also pointed out Hong Kong’s focus on diversifying and strengthening supply chains, with an emphasis on sustainability and compliance with European and German standards. He mentioned ongoing collaborations with Hong Kong universities and the Science Park in areas of research and advanced manufacturing.
As Hong Kong strives to revive its economy following the challenges of the COVID-19 pandemic, the HKSAR government has introduced measures aimed at boosting economic recovery. In late February, initiatives were put forward to drive sector-specific growth and provide support for small and medium enterprises, including financial support for e-commerce projects, tax incentives, and efforts to diversify sources of capital.
Having resided in Hong Kong for six years, Hack expressed a deep appreciation for the city. He praised its vibrancy, the friendliness of its residents, and the ease of living. “Hong Kong offers excellent food, fantastic outdoor activities like hiking and mountain biking, efficient public transport, and a rich cultural scene,” he said.
Hack’s optimistic outlook and his call for a broader focus beyond finance underscore the potential for Hong Kong to continue thriving as a dynamic economic center in Asia.
Reference(s):
German business chief optimistic about economic recovery in Hong Kong
cgtn.com
