o promote business collaboration and bilateral cooperation between the Hong Kong Special Administrative Region (HKSAR) and Indonesia, Mr Paul Chan, Financial Secretary of the HKSAR, visited Indonesia from January 8 – 10. Jakarta Post had an exclusive interview with him.
“For business promotion, this time I came with a 120-strong delegation, mostly representing the financial services, innovation and technology, and business sectors,” Mr Chan said. “We took this opportunity to do business matching, so that they can find partners to work together.”
Mr Chan attended the “Think Business, Think Hong Kong” symposium organized by the Hong Kong Trade Development Council (HKTDC) on Jan 8, addressing over a thousand leaders from the financial, commerce and industry as well as innovation and technology sectors in Indonesia and nearby regions to promote Hong Kong's new advantages and opportunities.
An ideal gateway to China and North Asia
Mr Chan added that the visit would create mutually beneficial opportunities for both Hong Kong and Indonesia. Businesses from Hong Kong can explore the Indonesian market, while Indonesian businesses can explore the business opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, commonly known as the GBA, as well as the wider Mainland China and North Asian markets through Hong Kong.
“Indonesia and Hong Kong have established a long-standing and mutually rewarding relationship. People-to-people bonds are strong, and I hope this time we can reinforce this relationship and open a new chapter in business, particularly encouraging two-way investments and other collaborations,” he said.
Under the “one country, two systems” principle, Hong Kong is strategically placed as a Special Administrative Region of China with easy access to both Mainland and overseas markets. Through Hong Kong, businesses can reap the benefits of strong connectivity between East and West.
The exceptional opportunities Hong Kong offers are growing with the rapid development of the GBA, which comprises China’s two Special Administrative Regions, Hong Kong and Macao, as well as nine cities in Guangdong Province.
“Hong Kong is a city with a population of 7.5 million. But in the GBA, the total population is about 87 million. The aggregate GDP is about US$2 trillion, roughly equivalent to that of Italy, the ninth-largest economy in the world,” Mr Chan stated.
In addition to its young consumers and its vibrant tech sector, brimming with opportunities for Indonesian companies, entrepreneurs and investors, the GBA’s position is elevated by Hong Kong’s standing as Asia’s top international financial centre and among the global top three along with New York and London.
Mutually beneficial deals
Mr Chan said Hong Kong’s stock market is where Indonesian companies want to be to raise funds. “The mutual market access arrangements between the Mainland and Hong Kong allow Indonesian and other international companies listed on the Hong Kong Stock Exchange to access both Mainland and international capital.”
According to information from the Hong Kong Stock Exchange, five Indonesia-based companies covering industries such as logistics, catering, real estate and manufacturing are listed in Hong Kong.
Mr Chan said Hong Kong is keen on contributing to Indonesia’s ambitious infrastructure plan, drawn up by the new administration under President Prabowo. During his trip, the Financial Secretary also paid a visit to senior government officials of Indonesia, including the Finance Minister Sri Mulyani Indrawati and the Coordinating Economic Minister Airlangga Hartarto, among others.
“Indonesia is going to implement massive infrastructure projects. The funding needs will thus be tremendous. You can use Hong Kong as a fund raising centre. Say, for example, listing some of your infrastructure projects on our Stock Exchange, or securitising infrastructure loans for more mature, brownfield projects, and freeing up capital to support greenfield projects,” Mr Chan said.
“Hong Kong can also share our expertise and experience in planning, building and operating large-scale infrastructure projects. We are glad to be working with our Indonesian partners.”
Young people, innovation
Mr Chan further conveyed his hope that while bilateral cooperation between the two economies is strengthened, exchanges between young people will also be promoted.
Mr Chan said that Hong Kong is willing to offer more scholarships for students from Indonesia and ASEAN countries to study in Hong Kong. “It would be ideal for them to work in Hong Kong for a few years after graduation so that they will be the key link to ensuring a growing and stronger bilateral relationship in the future,” he added.
Since December 2022, the HKSAR Government has rolled out a new talent admission scheme, the Top Talent Pass Scheme, and revised a number of other schemes to welcome talent from around the world. By December 2024, more than 430,000 applications had been received, and over 275,000 applications approved. More than 180,000 people had arrived in the city.
For this specific visit, the Financial Secretary focused on enhancing cooperation in finance, trade, innovation and technology and tourism. For innovation and technology, Mr Chan revealed that the HKSAR Government has invested over US$25 billion in developing the sector over the past few years, and rolled out new initiatives to attract strategic enterprises, investing and co-investing in firms with cutting-edge technologies.
“We are supporting the startups, innovators and entrepreneurs so as to jumpstart our innovation and technology ecosystem. We believe young people from Indonesia will be interested in joining us. Hong Kong has nearly 4,700 startups, with around 20 per cent of the founders coming from overseas. Many of the startups are housed in Science Park and Cyberport, which are our flagships for the technology sector,” he said.
In its appeal to the younger generation, Mr Chan emphasized that Hong Kong is also promoting its creative industries, investing in and developing cultural landmarks such as the West Kowloon Cultural District.
“It is home to two world-class museums that stand side by side: the Hong Kong Palace Museum and M+, which is Asia’s first global museum of contemporary visual culture.”
He added that Hong Kong has a rich array of historical buildings and has revitalized many, like Tai Kwun, which was previously a compound comprising a police station, custody facilities and prison, all co-existing in the middle of the city. Tai Kwun has become a popular tourist attraction and space for creative industries.
“From financial services to innovation, creative industries and cultural exchange, we are eager to collaborate with our Indonesian partners to realize mutually beneficial opportunities. Our partnership with Indonesia and ASEAN at large will help us thrive together," Mr Chan concluded.
Source: Hong Kong Economic and Trade Office
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