Author: MIL-OSI Publisher

Source: Hong Kong Government special administrative region

Following is the speech by the Financial Secretary, Mr Paul Chan, at the Wealth for Good in Hong Kong Summit Gala Dinner today (March 26):

Distinguished guests, ladies and gentlemen, 

     Good evening. What a pleasure it is to be here again with you tonight. 

I am sure you all came away inspired by today’s insightful discussions and engaging speakers. 

Tonight, let me touch on a recurrent subject that has come up in many of the meetings this week: why Hong Kong and not another city in the region or the Mainland. 

Let me explain why.   

Under the “one country, two systems” arrangement, Hong Kong is where the China advantage and international advantage converge. For foreign companies seeking to tap the vast consumer market of China and North Asia, Hong Kong is the natural choice. 

Take the Greater Bay Area for example. It is home to 87 million people, with a per capita GDP of US$23,000, or US$40,000, on a purchasing power parity basis. Its young population aspires to quality products and services from around the world. It is a massive consumer market. Hong Kong is your gateway to the Mainland market.  

At the same time, through the Northbound Connect Schemes, you can also access the Mainland’s stocks, bonds, ETFs (exchange-traded funds) and derivatives via Hong Kong, capturing the emerging investment opportunities in an efficient and familiar business and legal environment.

Our country’s steady and long-term growth prospects are promising, not to mention breakthroughs in technological innovation. The recent DeepSeek phenomenon has very much spoken for this. 

 “Deep”, indeed, is a key word for Hong Kong’s capital markets. 

As a leading fund-raising centre, our stock market boasts a capitalisation of US$5 trillion. It raised US$11 billion through IPOs last year, ranking fourth globally. More leading Mainland tech companies are lining up to list on the Hong Kong Stock Exchange. This year, we are expecting to raise US$17 to 20 billion in IPOs. 

     Consider listing your company on our Stock Exchange. Under the Southbound Connect Schemes, you will be able to access both Mainland and international capital here, greatly enhancing the liquidity and valuation of your stock.  

Hong Kong is a city of seamless connectivity. Take a high speed train, and you can reach Shenzhen in 15 minutes, and Guangzhou in 45 minutes. Take a morning plane to Beijing or Shanghai, have a whole day of meetings with your business partners, enjoy a nice dinner and fly back. All in a single day.  

The Hong Kong International Airport indeed connects 200 destinations with 1 000 flights each day. Half of the world’s population is within five hours’ reach. 

More than business and investments, Hong Kong offers an enviable lifestyle unmatched by other Asian cities. 

Our city is home to scenic hills, spectacular hiking trails, stunning beaches and outlying islands. You can walk to our seaside paths and country parks from the very heart of our skyscraper city. And walking in our city is a safe activity. Hong Kong has excellent law and order. It is one of the safest metropolitan cities in the world.

 Some 200 Michelin-recommended restaurants are brimming with East and West culinary fare. We don’t impose duty on wine. And duty on spirits has also been lowered just recently.   

Hong Kong offers the best education for your children. More than 50 international schools operate in this city, providing a wide range of curricula, including American, British, German-Swiss, Japanese, Korean, and even Singaporean – giving you a plenty of choices. And five of our universities rank among the world’s top 100. 

Above all, Hong Kong is the ideal place for you to nurture your biggest dreams. Here, artistry meets ambition, and possibility becomes legacy.   

Ladies and gentlemen, thank you for being here, for taking part in this year’s Wealth for Good Summit. 

I know you will enjoy tonight’s Gala Dinner and the good people all about you, including the very special musical entertainment waiting in the wings for me to stop talking. 

Allow me now to propose a toast, to raise our glasses in celebration: to health and prosperity, to an evening, and a lifetime, blessed with inspiration. Cheers!

Source: Republic of China Taiwan

MIRDC’s Enduring-High-Efficiency Combustion System for Industrial Furnace (EHE Combustion System) received 2024 R&D 100 Awards. The furnace is equipped with self-recuperative burners which are operated by intelligent burner operating principle (IntelliBurn).

The burners draw furnace flue gas into their internal heat exchangers, and thermal energy from the high-temperature flue gas is transferred to combustion air. The process preheats the combustion air before it is burned. However, heat exchangers within the self-recuperative burners will gradually decrease in energy-saving efficiency because of issues such as material degradation from thermal shock, carbon accumulation and other problems. Under the IntelliBurn computational framework, the integration of AI machine learning and big data predicts heat release and determines the required furnace power. Therefore, the IntelliBurn dynamically controls multi-burners by adjusting their ignition timings and switching modes based on real-time furnace conditions for optimal performances. As a result, the EHE Combustion System achieves up to 72% waste heat recovery, Plus-Minus 3 degrees Celsius temperature uniformity, and 25% energy savings. Heat-exchange efficiency is also maintained at over 95% of initial capability of heat exchangers.

The technology has been applied to two Taiwanese companies by renovating their old furnaces. A foundry renovates its annealing furnace for castings, and temperature uniformity of its renovated furnace improves from Plus-Minus 20 degrees Celsius to Plus-Minus 10 degrees Celsius. This ensures that the deformation and vibration modes of each casting become stable, meeting requirements of high-end machine tool models and saving over 20% energy. MIRDC also assists an aluminum company to improve its heat treatment furnace with this technology. The renovated furnace helps the company process 190 tons of large aluminum ingots and achieves 270 tons of carbon reduction annually. In the future, MIRDC will continue to put its efforts behind perfecting the technology and introduce it to more Taiwanese industries.

Source: Republic of China Taiwan

Deputy Minister of Economic Affairs Chen Chern-chyi led the delegation to the 14th APEC Energy Ministerial Meeting convened in Lima, Peru, on August 15 and 16, sharing Taiwan’s achievements in renewable energy development, just energy transition experience, and hydrogen energy development goals. All attending member economies and industry representatives agreed that energy transition should be carried out in a just, orderly, and inclusive manner, while also recognizing the importance of clean and low-carbon hydrogen energy to reduction of GHG emissions.

This year’s meeting was chaired by Peru Minister of Energy and Mines Romulo Mucho, and all attending member economies agreed to issue a joint ministerial statement, welcoming the establishment of the “Just Energy Transition Initiative,” and endorsed the “APEC Policy Guidance to Develop and Implement Clean and Low-Carbon Hydrogen Policy Frameworks in the Asia-Pacific.”

In his remark during discussion on “advancing energy transitions across the APEC region,” Deputy Minister Chen shared Taiwan’s recognition of the importance of just energy transition to a net-zero future, and explained the government’s introduction of the innovative Aquavoltaics Development policy due to Taiwan’s limited land resources to promote a green economy and create new job opportunities. Deputy Minister Chen also mentioned that the Sixth Energy Smart Communities Initiative (ESCI) Best Practices Awards Program included “just transition” as an evaluation criterion for the first time this year and recognized cases from member economies like Taiwan, U.S., and Canada, which all incorporated methods of promoting just energy transition. Taiwan’s project received the Gold Medal in the Smart Jobs & Consumers category, and was also highlighted by Ariadne BenAissa, Lead Shepherd of the APEC Energy Working Group (EWG), as a great example in enhancing just energy transition.

Regarding “importance of energy access in promoting sustainable growth,” member economies acknowledged the importance of striking a balance between ensuring energy access and ending energy poverty in the process of promoting clean energy transition. Deputy Minister Chen shared Taiwan’s FiT scheme that encourages renewable energy installation in indigenous and remote areas, while also expressing Taiwan’s willingness to exchange and cooperate with all member economies on energy access policies, technologies, and measures.

When discussing “policies and actions for hydrogen development in APEC economies to promote sustainable growth,” Deputy Minister Chen shared that the manufacturing sector is the focus of Taiwan’s economic development, and using hydrogen in the manufacturing process will help to realize net-zero emissions. He also expressed that international trade is the most optimal path to facilitate the development and application of hydrogen energy, and establishing basic regulations for international hydrogen energy trade is a goal all member economies should strive towards in the future. Deputy Minister Chen also voiced his support for the “APEC Policy Guidance to Develop and Implement Clean and Low-Carbon Hydrogen Policy Frameworks in the Asia-Pacific” proposed by host country Peru, hoping that hydrogen energy trade can be realized as early as possible with advancement in related technology and business model.

Ministry of Economic Affairs noted, during this year’s APEC EMM14, all member economies exchanged and shared concrete methods for energy sustainable development, making this a meaningful multilateral forum where Taiwan was able to demonstrate our dedicated spirit and achievements in promoting net-zero transition.

Spokesperson for Energy Administration, Ministry of Economic Affairs Deputy Director General, Chun-Li Lee
Phone Number: 02-2775-7700, 0936-250-838
Email: chunlee@moeaea.gov.tw

Business Contact: Director, Fang-Ling Liao
Energy Administration, Ministry of Economic Affairs
Phone Number: 02-2775-7710, 0912-089-923
Email: flliao@moeaea.gov.tw

Source: Hong Kong Information Services

Chief Executive John Lee, on a visit to Hainan, today met Secretary of the CPC Hainan Provincial Committee Feng Fei and witnessed the signing of a Memorandum of Cooperation between the Hong Kong Special Administrative Region Government and the Hainan Provincial People’s Government.

Meeting this morning, Mr Lee and Mr Feng discuss ways of enhancing co-operation between the two places.

Highlighting the close economic and trade ties between Hong Kong and Hainan, Mr Lee said Hong Kong has long been the major source of external investment in Hainan, with many Hong Kong enterprises conducting business in the province. In 2024, more than 700 Hong Kong enterprises were operating in Hainan, and the realised direct investment from Hong Kong was RMB15 billion.

Me Lee said that thanks to customs closure operation of the Hainan Free Trade Port and the implementation of preferential policies, Hong Kong enterprises and professionals will have more development opportunities in Hainan.

After the meeting, Mr Lee and Mr Feng attended a signing ceremony for the Hainan-Hong Kong Memorandum of Cooperation.

Signed by Deputy Chief Secretary Cheuk Wing-hing and Hainan Vice Governor Bater, the memorandum aims to deepen co-operation in five areas – trade and investment, finance, safe flows of data, tourism, and talent exchanges.

Mr Lee said that the Hong Kong SAR Government is fully leveraging the city’s unique advantages under “one country, two systems” of having strong support from the country while maintaining unparalleled connectivity with the world.

Hong Kong, he added, is committed to contributing to the introduction of international projects to Hainan and facilitating Hainan’s capital investments in overseas markets, with a view to jointly venturing into the global market with Hainan.

He stressed that the Hong Kong SAR Government will promote collaborative development and mutual benefits between the Greater Bay Area and the Hainan Free Trade Port, thereby contributing to the country’s high-quality development and high-level opening up.

In the afternoon, the Chief Executive met young people from Hong Kong who are working or starting businesses in Hainan to learn about their experiences. He encouraged them to study the memorandum of co-operation signed today and seize on the opportunities it presents to realise their aspirations.

He also urged them to contribute to fostering mutual engagement and integrated development between citizens of the two places.

In the evening, Mr Lee attended a dinner hosted by the organiser of the Boao Forum for Asia.

Source: Republic of China Taiwan

The Textile Research Institute (TTRI) developed the Mushroom Leather Cultivation System, which received the 2024 R&D 100 Award for its innovation. This system utilizes a non-woven soy protein growing bed, allowing mushroom leather to grow both on the surface and within the bed, unlike traditional cotton beds that limit growth to the surface. This advancement promotes efficient rolled growth.

A key feature is the circulating conveyor belt that ensures a consistent nutrient supply through precise air spraying, preventing nutritional gaps found in other soaking methods.

TTRI’s roll-to-roll growth system can produce up to 5-6 square meters of mushroom leather, significantly more than the 0.05-0.25 square meters yielded by plate-based methods. It also enhances nutrient-to-mycelium conversion efficiency to 25%, compared to the typical 10-20% in the market. This efficient, space-saving system boosts productivity and sustainability, positioning TTRI’s Mushroom Leather as a leading eco-friendly alternative in the leather industry.

Source: Republic of China Taiwan

The AI Self-Learning Fabric Inspecting System developed by the Textile Research Institute (TTRI) is a transformative innovation in fabric inspection. This system employs advanced optical design and comprehensive inspection methods, detecting 99% of fabric defects and accurately marking defect locations on screens and fabrics for precise quality control during production.

Defect data is systematically stored in an AI database, enabling continuous learning and improvement of the inspection process. The AI refines defect detection using collected data, enhancing overall system performance while reducing human error and increasing inspection efficiency.

TTRI also provides suppliers with detailed reports on defect causes, helping them identify specific problem areas across different fabric sectors. This insight empowers suppliers to improve fabric quality and boost shipment success rates, ultimately leading to more reliable and efficient textile production.

Source: Republic of China Taiwan

The Textile Research Institute’s (TTRI) Bionic Mono-Material Leather, awarded the 2024 R&D 100 Award, features advanced SEBS Leather technology. This innovative material, made entirely from polyolefin polymer (SEBS), converts thermoplastic materials into a textile form using non-woven fabric shaping and fiber control techniques. The production process is streamlined from eight steps to four while maintaining excellent breathability and elasticity.

This technology addresses recycling challenges associated with synthetic leather by utilizing a single material. SEBS Leather is 100% recyclable and can be reprocessed at least five times without losing performance, presenting a sustainable option for the industry.

In comparison to traditional leather materials, SEBS Leather reduces carbon emissions by 18% (3.7 kg for SEBS versus 4.4 kg for standard PU). Producing 100 tons of SEBS Leather saves 1,044.6 kilowatt-hours of electricity, cuts carbon emissions by 517.14 kg, and decreases sodium hydroxide solvent use by 20 to 30 tons, making it both eco-friendly and highly marketable.

Source: Hong Kong Information Services

Financial Secretary Paul Chan

I am delighted to welcome you to the third Wealth for Good in Hong Kong Summit.

Whether you are joining us for the first time or returning, I know you will enjoy your time here in Asia’s world city. And before long, it will feel like your city too.

Family offices play a vital role in preserving family wealth and building a lasting legacy for future generations. The focus extends beyond making investments that provide sustainable, long-term financial returns. You are also visionaries, philanthropists and next-generation leaders committed to creating positive social and environmental impacts that benefit humanity.

We share these values deeply. That is why we launched this summit two years ago, bringing together principals, key decision makers and senior executives of family offices worldwide, to discuss how we could harness wealth for good together.

This year, we are excited to feature another impressive line-up of distinguished speakers from influential families and institutions, who will share insights on subjects ranging from tech and Artifical Intelligence (AI) to philanthropy and culture.

Hong Kong the premier location for family offices

Allow me to take a couple of minutes to tell you why Hong Kong is an ideal place for family offices to realise their objectives and ambitions.

To begin with, Hong Kong is Asia’s premier financial centre, offering a wide range of investment opportunities that are particularly compelling right now.

Notably, the recent boom in the Hong Kong stock market underscores this potential. The Hang Seng index rose by some 20% since the beginning of this year, building on an 18% increase throughout 2024. This surge reflects investor optimism about the future of technology in China and highlights Hong Kong’s essential role in connecting regional opportunities with global investors, showcasing the significant returns our market can deliver.

Beyond securities, Hong Kong boasts a dynamic ecosystem of angel investments, venture capital and private equity. Capital under management by private equity firms exceeded US$230 billion last year, making us the second largest in Asia, only after the Mainland.

Our asset and wealth management industry is thriving, fuelled by the affluent population of the Greater Bay Area and the influx of ultra-high-net-worth individuals into our city. We currently manage about US$4 trillion in assets, with two-thirds of them originating from outside Hong Kong. By 2028, we are on track to become the world’s largest cross-border wealth management centre.

In the latest Global Financial Centres Index published last week, Hong Kong continues to rank third globally. Notably, we secured the top spot worldwide for investment management, insurance and finance, and came third in banking and business environment.

Above all, global capital feels at ease in Hong Kong. For compelling reasons. President Xi and the central authorities have affirmed on multiple occasions that the “one country, two systems” arrangement will remain in place over the long term.

This means Hong Kong will continue to uphold the common law system with a judiciary exercising powers independently; safeguard the free flow of capital, goods, information and people; maintain a freely convertible currency, and keep a simple and low tax system.

And here is the real gem – we have no capital gains tax, no estate tax, and no tax on dividends. In other words, you can freely invest without the usual financial hang-ups.

Then, protection of capital and private property are enshrined in our Basic Law, along with our steadfast commitment to international obligations under the United Nations, in opposition to accepting decisions unilaterally imposed by other countries.

With all these, not surprisingly, more than 2,700 family offices have already chosen Hong Kong as their home, with half of them managing assets of more than US$50 million.

Here, family offices can leverage a robust network of world-class service professionals, including private bankers, legal experts, accountants and investment advisers, to support your endeavours. Our professionals offer a distinctive combination of global perspective and local expertise in everything they do.

This year, in addition to our existing tax concessions for single family offices, we will expand exemptions for funds, enhance concessions for family offices, and boost incentives for private equity.

That, ladies and gentlemen, is an invitation for all of you to join us in shaping a future where wealth creates value for everyone.

Making a real impact

Family offices aspire to achieve more than just financial returns. Through my encounters with many family principals and executives, I have witnessed your profound desire to create a lasting impact and a brighter future for generations to come.

In this city, international foundations, charitable organisations and non-governmental organisations come together to form a vibrant philanthropy network that not only connects funding and meaningful projects, but also amplifies your efforts and fosters collaboration.

More than that, Hong Kong’s value proposition has an additional dimension: innovation and technology.

We are investing heavily in our city’s economic future to propel Hong Kong’s development in innovation and technology. Two years ago, we outlined our vision for Hong Kong to become an international green tech and green finance centre.

That endeavour is progressing well. Alongside our leadership position in green finance, Hong Kong’s green tech community is thriving. In our Science Park and Cyberport, there are some 300 green start-ups specialising in energy-efficient materials, carbon capture, electric vehicle infrastructure, and much more – all keen on addressing the world’s most pressing challenges with their groundbreaking technologies. Many of these start-ups have made successful strides into global markets, creating a significant and positive impact worldwide.

In a world where AI is transforming production, business and consumption models and redefining the economic competitiveness, we have a clear vision to establish AI as a core industry. By applying and integrating AI across the community, we can unlock substantial benefits for humanity.

We possess strong foundational research capabilities and attract some of the brightest talent from around the world. Uniquely positioned as a convergence point for data from both the Mainland and international sources, we leverage our close collaboration with sister cities in the Greater Bay Area to amplify our strengths.

And we have developed a comprehensive strategy to drive the growth of the innovation and technology sector. The Hong Kong Investment Corporation, or HKIC, established with a capital of US$8 billion, plays a vital role in this strategy. This “patient capital” supports tech firms in their nascent stages, covering hard tech, biotech, and new energy. So far, it has invested and co-invested in over 90 of such projects, attracting $4 of long-term capital for every $1 invested. The HKIC looks forward to collaborate with family offices, creating dynamic partnerships that fuel our innovation ecosystem.

Art, sports and lifestyle

Ladies and gentlemen, beyond business and finance, Hong Kong is blessed with a thriving art and culture scene. Consider Art Basel, which has become a hallmark event of this city. Opening this Friday, it will present more than 240 galleries from over 40 countries and regions, showcasing a dazzling array of contemporary art.

Indeed, in 2023, we traded more than US$13 billion in art and antiques, all tax-free. Our airport will soon feature a bespoke art storage facility to support this vibrant market.

Let’s not forget the world-class M+ and Hong Kong Palace Museum, both located in our West Kowloon Cultural District.

If sport is your passion, you will want to be here right through the weekend. The Hong Kong Sevens kicks off this Friday at the spectacular Kai Tak Sports Park, which boasts seating for 50,000 rugby-mad fans. Bigger house. Bigger party. So why not grab your friends and prepare for a weekend of wild tries and even wilder times!

Looking ahead together

Ladies and gentlemen, whatever your passion, Hong Kong is where you want to be.

Hong Kong is of the world: a meeting point for East and West, tradition and innovation. And it is for the world: a city where your ambitions can take flight and flourish, touching lives far beyond our shores.

Financial Secretary Paul Chan gave these remarks at the Wealth for Good in Hong Kong Summit on March 26.

Source:

[Apia, Samoa 11th March 2025] – The Nevada National Guard (NVNG) is proud to announce a Subject Matter Expert Exchange (SMEE) in partnership with the Samoa Prison and Corrections Services, aimed at enhancing the professional skills of law enforcement and corrections personnel. This significant exchange taking place this week is the latest collaboration between the NVNG and the Samoa Prisons and Corrections Services (SPCS) under the Ministry of Police and Prisons.

The SMEE will focus on a comprehensive range of topics critical to the development of effective law enforcement strategies. Participants will explore leadership characteristics and traits, mental health fitness, effective prison operations, and basic defense tactics. The primary goal of this exchange is to share techniques and best practices to foster a deeper understanding of law enforcement techniques in various scenarios, particularly under stressful conditions and with limited resources.

Last September, the first iteration of this exchange included 30 corrections officers, and this time an additional 90 participants are expected to participate. This initiative reflects the commitment of the Deputy Commissioner of SPCS to enhance the capabilities of the Samoa Corrections Services and the continuing friendship between Samoa and the United States.

This engagement comes as part of a broader strategic effort initiated during a country analysis conducted in February 2024, which identified Police, Corrections, and mental health as primary lines of effort. This analysis laid the groundwork for the partnership formed between Nevada and Samoa in July 2024.

Together, the NVNG and SPCS aim to equip law enforcement and corrections personnel with the skills and insights necessary to navigate the complexities of modern public safety challenges.

End Release.

Perelaaroi S. E. Siaosi (Mrs.)

Public Diplomacy Coordinator |United States Embassy Apia, Samoa

Level 5 Accident Compensation Corporation Building| Beach Road, Matafele| Apia, Independent State of Samoa

P.O. Box 3430|Tel: (685) 21631 ext. 2232|Cell: 777-1187|Fax: (685) 22030

Email: siaosipse@state.govWebsite: http://ws.usembassy.gov

Facebook: @samoa.usembassy Twitter: @usembassysamoa

March 26, 2025

Source:

(For Immediate Release March 10, 2025 Apia, Samoa) – The Nevada National Guard (NVNG) is proud to announce a Subject Matter Expert Exchange (SMEE) with the Samoa Disaster Management Office (DMO) and the Nevada Division of Emergency Management (DEM) focused on enhancing disaster response and management capabilities. This important initiative will feature a tabletop exercise centered around a simulated Tropical Cyclone scenario impacting the islands of Samoa.

The tabletop exercise will provide an invaluable opportunity for both Nevada and Samoa to train together and exchange best practices. The primary goal is to identify and refine processes in areas that may be vulnerable, thereby strengthening the overall disaster response framework in Samoa.

“This engagement marks a significant milestone in our ongoing partnership with Samoa’s disaster management agencies,” said Chargé d’Affaires Daniel Tarapacki. “By working together, we aim to enhance our collective capacity to respond effectively to emergencies, ensuring a well-coordinated and efficient approach to disaster management across the Samoa and the region.”

The SMEE represents the first collaborative effort between the NVNG and Samoa’s Disaster Management and Response agencies. Experts from NVNG’s will lend their expertise in areas such as law enforcement, command and control, search and extraction, and hazardous materials (HAZMAT) response.

The partnership was established following a comprehensive country analysis conducted in February 2024, which identified key areas of collaboration. Since then, the NVNG has worked diligently to forge a strong alliance with Samoa, culminating in this significant training exercise.

The insights gained from this tabletop exercise will not only enhance Samoa’s disaster preparedness but also foster the longstanding relationship between Samoa and the United States, ultimately contributing to the safety and resilience of the communities they serve.

End Release.

SOURCE – US Embassy Apia, Samoa

March 26, 2025