HK reaping rewards of connecting Asean with GBA: HKTDC

A joint research report published by the Hong Kong Trade Development Council (HKTDC) and United Overseas Bank found that the SAR has been successful in carving out a role as a super connector between the Greater Bay Area (GBA) and countries within the Association of Southeast Asian Nations (Asean). The study surveyed more than 600 GBA based companies over the last three months of 2024. Irina Fan, the HKTDC's Director of Research, talked about how the trade development council could help Hong Kong deepen this role as a super connector. "From here [the fairs held by HKTDC] all the executors, they are from the Greater Bay Area mostly, and then even from international market, be able to meet up and make the business deals with the target market in Asean and other markets in the region." The data also showed that more than 90 percent of manufacturing businesses in the GBA had either completed their supply chain transformation or were in the process of doing so, with a majority focused on boosting their supply chain resilience. Fan explained that Covid and natural disasters had exposed the fragility of supply chains when one country's production had stopped, showing the need for parallel or alternative supply chains. Moreover, to achieve sustainability, supply chains are being shortened and built around major markets that specifically serve regional markets. Fan also said that geopolitical reasons are one of the factors affecting the stability of such supply chains, adding it would likely continue to affect how investors choose where to invest in. Good relations between China and Asean was helping Hong Kong businesses tap into the Asean market. According to the survey, of the individual Asean markets, Singapore, Malaysia and Indonesia were the preferred choices for current and future business activities.

HK reaping rewards of connecting Asean with GBA: HKTDC

HK reaping rewards of connecting Asean with GBA: HKTDC

HK reaping rewards of connecting Asean with GBA: HKTDC

HK reaping rewards of connecting Asean with GBA: HKTDC

HK reaping rewards of connecting Asean with GBA: HKTDC