Asia/Pacific News
Hong Kong Seeks Maritime Business Expansion
Hong Kong is fighting back against the loss of maritime sector business to Singapore, creating an inter-departmental body to support the industry, the South China Morning Post reports.
The new office will focus on promoting shipping services including ship management, brokerage, finance, and insurance, as well as port development.
"What we should do now is to upgrade Hong Kong to be on par with London as an international shipping service hub," said lawmaker Miriam Lau Kin-yee.
Peter Cremers, chief executive of ship manager Anglo-Eastern Group, said the Singapore government helps streamline operations for companies like his in a way that Hong Kong does not.
"In Singapore, if you talk to the Maritime Port Authority, they will coordinate everything you need in various departments, [be it] tax or immigration," he said.
"Hong Kong is different.
"Unless the shipowner knows what the tax [requirements are] for shipping, you may get into the wrong hands."
Some in the industry said the new department may help Hong Kong catch up with Singapore, but others doubted whether the port city will be able to become a more significant hub.
"Hong Kong is lagging behind Singapore for ship brokerage as most of the ship brokers [have been] based in Singapore for quite a long time," said Geoffrey Cheng, head of transport at Bocom International.
Hong Kong has also been pushing for the expansion of its cruise industry with the creation of the new Kai Tak cruise terminal.
