Hong Kong Aims to Boost Trade, Eyes Gulf States Amid Shifting US Policies

New Trade Initiatives Unveiled

In a strategic move, the Hong Kong Trade Development Council plans a conference next year to boost collaboration with Gulf states. This initiative comes as the new head of the council assesses the impact of evolving US policies on export projections.

Frederick Ma Si-hang, who assumed his role on June 1, has a busy agenda. He’s slated for a ten-day business trip starting next week to enhance international ties. InvestHK’s senior management will also visit the US in the coming week. Their goal: to promote the city’s biotech sector.

“The unpredictability of the United States president’s policies had led to a slowdown in investment growth globally and could result in further adjustments to the council’s export projections for the city.”

—Frederick Ma Si-hang

The council had previously scaled back its 2025 export growth forecast for Hong Kong from 4% to 3%. Trade with Southeast Asia and Middle Eastern countries has surged by over 30% in recent years, showing heightened investor interest, which is a key shift for the city’s trade landscape.

Historical Role and Future Strategy

Ma believes Hong Kong must revitalize its traditional role as a trade connector. He highlighted his experience as the first Hong Kong official to lead a delegation to the Middle East in 2006. The city aims to capitalize on growing trade with Southeast Asian and Middle Eastern countries, according to recent data.

As of 2023, the UAE is Hong Kong’s 12th-largest trading partner, with total trade reaching HK$71.9 billion (Source: HKTDC).