[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
(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.
[Apia, Samoa – March 8, 2025] – The United Nations, in partnership with the Government of Samoa and key stakeholders, marked International Women’s Day (IWD) at the Fugalei Market on Friday 7th of March, paying tribute to the vital contributions of all women market vendors in driving economic growth, ensuring food security, and strengthening community resilience.
The event, held under the 2025 IWD theme, “Celebrating the Rights, Equality, and Empowerment of ALL Women and Girls,” recognized the achievements and leadership of women market vendors in Samoa. Through the Markets for Change (M4C) Programme, led by UN Women in partnership with UNDP, women have gained enhanced economic opportunities, access to training, and improved working conditions in marketplaces across Samoa.
Levetti F. Taula, a representative of the Savalalo Market Vendors Association, shared her experience, stating, “One specific example of how the project has helped is through the training programs it offers. I participated in an executive leadership training, which taught me how to contribute positively and productively not only to our association but also in running my own business and managing my workers. This knowledge has improved my interactions with business partners and equipped me to be a better leader.”
Another vendor, Papalii Sanitoa Papalii of the Fugalei Market Vendors Association, highlighted the impact of financial literacy training: “Through these programs, I learned how to manage my finances, create a business plan, and market my products effectively. This knowledge has empowered me to expand my business, increase my income, and provide better opportunities for my family.”
The Fugalei Market, home to a large number of women vendors since its establishment in 1994, has benefitted significantly from the M4C Programme, which has helped implement key infrastructure improvements, including disability ramps, renovated booths and bus shelters, installation of security cameras, and the introduction of QR codes for vendor transactions.
The Australian Government has played a pivotal role in supporting women vendors through its contribution of 5.3 million AUD to the M4C Programme, fostering safer, greener, and more accessible marketplaces.
“The program pays special attention to the needs and dreams of women market vendors. It embodies a goal we all share – to create a world where women and girls can thrive and succeed without limitations,” Deputy High Commissioner of Australia Claire McGeechan remarked.
Karen Ah Poe, a representative from the Salelologa Market Vendors Association, called for continued investment in leadership and advocacy training: “Empowering women to take on leadership roles within the market and the community can drive long-term change and ensure that our voices are heard in decision-making processes.”
Samoa’s commitment to gender equality was also recognized, with notable progress in women’s leadership, economic participation, and social development. The historic election of Hon. Fiame Naomi Mataʻafa as Samoa’s first female Prime Minister in 2021 was cited as a milestone in advancing women’s representation in governance.
The United Nations and its agencies continue to champion women’s economic empowerment in Samoa through various initiatives:
• FAO promotes women’s access to land and finance for sustainable agriculture.
• ILO advocates for equal pay, social protection, and safe working conditions.
• UNESCO supports digital skills development and lifelong learning.
• UNFPA ensures access to reproductive health services to enable full participation in economic and social opportunities.
• UNEP encourages eco-friendly market solutions and climate-smart business practices.
The UN Resident Coordinator a.i Aliona Niculita, emphasized the importance of women’s economic empowerment: “As we celebrate International Women’s Day, we reaffirm our commitment to inclusive policies that prioritize women’s rights, amplify their leadership, and create economic opportunities that drive lasting change. Through the Markets for Change Programme, we have witnessed firsthand how empowering women vendors strengthens families, communities, and the entire nation.”
As the celebrations concluded, a strong call to action was made to continue investing in women’s success. “We are only able to effect change and improve rights, equality, and empowerment for all women and girls when we work together,” Sine Lafaialii Koria, Board Member of the ACC reminded the gathering at the IWD 2025 event.
This year’s event reaffirmed the commitment of the Government of Samoa, the UN , and development partners to building a future where every woman and girl can thrive, lead, and succeed.
The event was jointly supported by the FAO, ILO, UNDP, UNEP, UNESCO, UNFPA and UN Women.
(IMMEDIATE RELEASE March 5, 2025 Apia, Samoa) – The U.S. Embassy, in partnership with the Nevada National Guard (NVNG), collaborated with the Samoa Ports Authority (SPA) to conduct a four-day exchange focused on cybersecurity.
This training was a first for the Samoa Ports Authority under the NVNG State Partnership Program (SPP), which emphasizes relationship-building and fostering collaboration. Over the course of four days, experts engaged in discussions on critical areas such as cybersecurity, personnel capacity building, and ICT infrastructure. The exchange provided an opportunity to identify strengths, address vulnerabilities, and develop solutions that will enhance security and benefit the people of Samoa.
U.S. Chargé d’Affaires Daniel Tarapacki expressed appreciation for the strong working relationship and underscored the importance of the partnership. “Through the Nevada State Partnership Program, we continue to pave the way for a future defined by a safer, stronger, and more prosperous Pacific region.” He also highlighted the broader significance of the initiative, adding, “Strengthening port security is not only essential for trade and commerce but is also crucial for the safety and well-being of our countries. Building relationships is at the heart of what we do, and this event showcased the commitment from both the NVNG and SPA to work together toward a safer, more secure future for Samoa.”
About the Nevada National Guard and the State Partnership Program
The Nevada National Guard has been engaged in the State Partnership Program with Samoa to enhance cooperation in security, disaster response, and emergency preparedness. Through regular exchanges and training workshops, this partnership strengthens regional stability and fosters mutual understanding between the United States and Samoa.
[PRESS RELEASE – 14 March, 2025 Apia, Samoa] – The Samoa Airways Hangar at Faleolo was buzzing with excitement as Government Officials, stakeholders, and airline staff came together to celebrate the return of the 5W- FAW aircraft to the Samoa Airways fleet, following an extensive refurbishment at Unity Aviation Canada.
This achievement marks a significant milestone in the airline’s commitment to improving its fleet and ensuring safe, reliable, and efficient air travel for both the people of Samoa and its visitors.
The 5W- FAW aircraft underwent a comprehensive 9-month refurbishment, which included crucial repairs and upgrades to meet international safety and performance standards.
Initially planned to take 7 months and cost 7 millionTala, the project expanded both in scope and budget after unforeseen issues were discovered during detailed inspections. The final cost reached 10 million Tala, with an additional two months required for completion.
Fully funded through Samoa Airways own revenue, this refurbishment reflects the airline’s commitment to reinvesting in its operations. The result is an aircraft now in optimal condition and ready to deliver safe and efficient service to passengers
The Honourable Deputy Prime Minister of Samoa, delivering the keynote address at the event, expressed his excitement for the aircraft’s return, stating: “This is not just a triumph for Samoa Airways, but for the entire nation. The return of the 5W- FAW aircraft symbolises our commitment to connecting with the world, fostering growth, and ensuring the safety and reliability of our air services. This is a proud moment for all Samoans, and we look forward to seeing Samoa Airways continue to flourish and drive our country’s economic development.”
Fauoo Taua Fatu Tielu, Chief Executive Officer of Samoa Airways, shared his thoughts on the achievement: “The return of the 5W- FAW aircraft is a major accomplishment for Samoa Airways and the people of Samoa. Despite the challenges, we are immensely proud of the outcome. This project not only enhances our fleet but also contributes to the growth of Samoa’s tourism, trade, and investment. It’s a reflection of our commitment to offering safe, reliable air travel and improving our international reputation.”
The refurbished 5W-FAW aircraft will play a crucial role in Samoa Airways mission to better connect Samoa with the world, supporting the country’s economy and tourism industry.
The project also fostered valuable skill development within Samoa’s local aviation sector, ensuring the country meets international aviation standards.
The aircraft departed from Airdrie Canada, and flew directly to Boise in the State of Idaho, before continuing on to Santa Maria, Hilo in Hawaii, Christmas Island, and finally reaching Apia.
Looking ahead, Samoa Airways is committed to further renewing its fleet, with plans to overhaul its remaining two aircrafts in the same way. The first of these is scheduled for an upgrade later this year, and the third will undergo its overhaul next year.
[PRESS RELEASE – 14th March 2025] – The Electric Power Corporation (EPC) wishes to inform the public that power outages will continue as we work diligently to complete the necessary repairs and improvements outlined in our infrastructure upgrade plan. We understand the inconvenience these outages cause and appreciate your patience and cooperation during this time.
WHY POWER OUTAGES CONTINUE:
EPC is addressing key challenges in our power infrastructure, including:
Faulty Underground Transmission Line: We are constructing an overhead redundancy line from Siusega to Fuluasou substation via Tuanaimato to ensure a stable and alternative pathway for power transmission. This work is due to complete within two weeks from the date of this notice.
Electricity Generation Shortfall: Maintenance on our Fiaga generators is ongoing to restore their full capacity, and additional generators are being procured to meet increasing electricity demand. The EPC have placed orders for additional generators to support growing electricity demand.
Severe Weather Events: Recent extreme weather conditions, Sunday 9th March 2024, have caused widespread damage across the island, affecting power lines and infrastructure. EPC teams are actively working to repair and restore the affected areas.
PUBLIC COOPERATION IS CRUCIAL
To manage the current electricity constraints, EPC has implemented a scheduled power rationing program. We urge all residents and businesses to strictly adhere to the published notices regarding power schedules to ensure a fair and organized distribution of electricity. Please stay informed through EPC’s official channels for updates.
PREPARATION MEASURES FOR POWER OUTAGES:
To minimize disruptions, we encourage everyone to take the following steps:
1. Charge Essential Devices – Keep mobile phones, flashlights, and power banks fully charged in case of extended outages.
2. Stock Up on Necessities – Have an emergency kit ready, including bottled water, non-perishable food, and essential medications.
3. Use Alternative Lighting – Ensure you have candles, lanterns, or battery-powered lights available.
4. Safeguard Appliances – Unplug sensitive electronics during outages to prevent damage when power is restored.
5. Conserve Energy – Reduce electricity consumption during peak hours to support grid stability.
6. Stay Updated – Follow EPC’s official website and social media for real-time updates on power restoration efforts.
EPC remains committed to restoring stable electricity services and appreciates the continued support of the people of Samoa. We assure you that every effort is being made to complete the necessary repairs as swiftly as possible.
[PRESS RELEASE – Thursday 13 March 2025] Her Excellency Anne Grete Riise, presented her Letters of Credence to the Head of State of the Independent State of Samoa, Afioga Tuimaleali’ifano Va’aletoa Sualauvi II, at a Credentials ceremony held this morning at the Official Residence of the Head of State at Vailele, accrediting Her Excellency as the Ambassador Extraordinary and Plenipotentiary of Norway to Samoa with residence in Canberra, Australia.
Samoa and Norway have maintained cordial relations since the establishment of diplomatic relations in 1999. The relationship between the two countries is characterised by mutual respect and a shared interest in the attainment of the sustainable development goals. H.E. Riise highlighted the involvement of Norway in the region as a Pacific Island Forum Dialogue Partner since 2021 and is one of the largest contributors to the Green Climate fund, which funded the Integrated Flood Management to Enhance Climate Resilience of the Vaisigano River Catchment Area project for Samoa. H.E Riise expressed her commitment in continuing and further deepening the existing bilateral relations.
Afioga Tuimaleali’ifano Va’aletoa Sualauvi II reaffirmed the growing collaboration between Samoa and Norway including at the United Nations to advance our common interests. The Head of State also acknowledged Norway’s humanitarian support for Samoa with the deployment of an Emergency Medical Team that consisted of 16 clinicians to assist Samoa during the measles outbreak in 2019. The Head of State expressed his confidence in the appointment of H.E. Anne Grete Riise, which will further bolster the existing friendly relations and will expand areas of mutual collaboration between Samoa and Norway.
Ms Anne Grete Riise joined the Ministry of Foreign Affairs of Norway in February 1992 and held various positions including as Deputy Director for the High North Section and as Senior Adviser/Analyst in the European Department. Ms Riise was posted to numerous Diplomatic Missions of Norway including in Kiev, Ukraine as Second Secretary; as Second Secretary in Berlin, Germany, as First Secretary in Vienna, Austria and as Minister Counsellor in Warsaw, Poland. In March 2020 to June 2020, Ms Riise worked at the Ministry of Health in the COVID Crises Unit as MFA Liaison. Prior to her appointment as Ambassador of Norway to Australia, she was the Director at the Department for Culture and Protocol Norway at the Ministry of Foreign Affairs.
End.
Photo by the Government of Samoa (Jasmine Netzler-Iose)
Source: Hong Kong Government special administrative region
Following is a question by Dr the Hon David Lam and a reply by the Secretary for Health, Professor Lo Chung-mau, in the Legislative Council today (March 26):
Question:(2) “Co-payment by those who can afford and co-payment by those with mild conditions”: We need to expand and enhance the co-payment mechanism; (3) Enhancement and reduction: To enhance the protection for “poor, acute, serious, critical” patients and to reduce in wastage; (4) High subsidisation: To maintain 90 per cent overall public subsidisation rate; and (5) Gradual and orderly manner: Aim to achieve the objective in five years. In consultation with the HA, the reply to the question raised by the Hon David Lam is as follows:
Source: Hong Kong Government special administrative region
LCQ10: Primary healthcare services Question:
Regarding primary healthcare services, will the Government inform this Council:
(1) of the following information on the District Health Centres (DHCs) in Hong Kong (set out by the 18 districts across the territory):
(i) the contract expiry date of the existing service contractors (contractors); and
(ii) the planned timetable and arrangements for the new round of tendering of contractors;
(2) of the following information on the relevant assessment of DHCs’ service performance:
(i) the assessment methods, specific indicators and assessment standards;
(ii) the assessment cycle (i.e. the average interval of years between assessments);
(iii) whether there were cases in the past in which the service performance of the contractors was not up to standard; if so, of the details (including the measures taken at that time and their effects); and
(iv) whether channels are available for the public to access the performance ratings of various DHCs;
(3) of the respective assessment details of DHCs/DHC Expresses in the Kwun Tong district and Wong Tai Sin district in the past (including the service performance of these DHCs/DHC Expresses);
(4) given that the Secretary for Health indicated at the meeting of the Panel on Health Services of this Council on May 10 last year that priority would be accorded to the reorganisation of services in Elderly Health Centres and Woman Health Centres, of the following information on the relevant service reorganisation:
(i) the current numbers of members of these centres, with a breakdown by age group and gender;
(ii) the timetable for service reorganisation, and set out the specific timelines and targets for each phase; and
(iii) the service transitional arrangements for the current users of these centres and details of the support measures during the period; and
(5) whether it has compiled statistics on the current number of community pharmacies (including those operated by profit-making and non-profit-making organisations) in Hong Kong, and the districts in which such pharmacies are mainly located?
Reply:
President,
The Government released the Primary Healthcare Blueprint (Blueprint) in December 2022, setting out a series of reform initiatives to strengthen primary healthcare services in Hong Kong. One of the recommendations in the Blueprint is to develop a district-based family-centric community healthcare system based on the District Health Centre (DHC) model. To this end, the Government set up DHCs and interim DHC Expresses (DHCEs) of a smaller scale (hereafter collectively referred to as DHCs) in all districts across the city by the end of 2022, thereby attaining the interim goal of covering all 18 districts. As a primary healthcare services and resource hub, DHCs provide services including chronic disease screening and management, family doctor pairing, health promotion, health risk factors assessment and community rehabilitation.
In consultation with the Primary Healthcare Commission (PHC Commission) and the Department of Health (DH), the replies to the respective parts of the question raised by the Hon Tang Ka-piu are as follows:
(1) to (3) The PHC Commission was established in July 2024 to oversee primary healthcare service delivery, standard setting, quality assurance, etc, under one roof. Regarding the services of DHCs, the PHC Commission appoints non-governmental organisations as operators through open tender. The relevant operation service contracts have specified the facilities and service requirements, including the qualifications and relevant experience of key staff, the districts and number of ancillary centres/service points to be set up, and the staffing establishment of the centres. Regarding the operation period, the initial operation period of the DHC operation service contracts is three years from the date of operation with an option for extension of up to further three years, whereas the initial operation period of the DHCE operation service contracts is three years with option for multiple contract extensions. The PHC Commission will, in accordance with the terms of the contract and subject to the performance of the operator, arrange for contract renewal or conduct an open tender exercise to identify an operator before the expiry of the initial operation period. The DHCs’ service commencement dates are set out in Annex I.
The PHC Commission continuously reviews the services of DHCs, with a view to strengthening their role as the co-ordinators of community primary healthcare services and case managers. As such, the PHC Commission has adjusted the operating service contracts of DHCs, including adjusting the categorisation of service targets to tie in with the enhancement of DHC services, such as the pairing of family doctors with citizens and the provision of nurse clinic services. Also, operators are required to achieve or exceed the predetermined service targets within the contract period to be eligible for contract gratuities and incentive payment to encourage the operators to actively enhance their service standards. The contract also states that the Government shall have the right to terminate the contract if an operator fails to comply with the contract requirements.
The PHC Commission is preparing to upgrade the DHCEs in Central and Western District, Eastern District and Yau Tsim Mong District into DHCs within this year. The construction works of the DHCs in Wan Chai, Kwun Tong, Sai Kung and North District are in progress, and they will be upgraded to DHCs upon completion in the next few years. Tenders will be invited to identify operators in due course. Depending on the progress of the construction works of the DHCs or the expiry date of the operation service contracts, the PHC Commission will enter into new or renewed operation service contracts with the operators and include new assessment indicators, including those relating to the participation of new members in the Chronic Disease Co-Care Pilot Scheme. At present, the operators of the Central and Western DHC and Sham Shui Po DHC have signed new service contracts. Tenders are being conducted for the service contracts of the Eastern, Yau Tsim Mong and Kwai Tsing DHCs, and the contracts of the DHCEs in other districts are being renewed. The PHC Commission will incorporate the assessment indicators as appropriate.
The PHC Commission uploaded the DHC performance indicators, including “DHC new members received information and knowledge on life course preventive care (LCPC) together with individualised LCPC health advice” and “Seasonal flu vaccination rate”, onto the DHC website for public access in December 2024. In addition, the PHC Commission is progressively enhancing the performance monitoring mechanism of the DHCs by regularly reviewing a number of quantitative and qualitatively related aspects, including service volume, operational effectiveness and health-related outcomes, to assess the performance of the DHCs, and to make timely recommendations to the operators for improvement. The PHC Commission will take into account the relevant assessment results when renewing the operating service contracts.
(4) Integration of woman and elderly health services under the DH into the district health network of the PHC Commission aims to utilise resources more effectively and expand the multidisciplinary primary healthcare service network. The overview of persons who have registered for services at Woman Health Centres (WHCs) and designated Maternal and Child Health Centres (MCHCs), as well as those who are members of Elderly Health Centres (EHCs) under the DH, is at Annex II.
The PHC Commission will begin the integration of women’s health services within this year in an orderly manner, whereby a non-governmental organisation appointed through open tender will provide women’s primary healthcare services through three service points named Women Wellness Satellites (WWS). The three WWSs located in Chai Wan, Lam Tin, and Tuen Mun are expected to commence operation gradually within this year to replace the WHCs of DH. The Chai Wan WWS will commence operation in the second quarter, while the other two in Lam Tin and Tuen Mun will commence operation in the third quarter.
The three WHCs (namely the Chai Wan WHC, Lam Tin WHC, and Tuen Mun WHC) and four designated MCHCs (namely the Ap Lei Chau MCHC, Yaumatei MCHC, Fanling MCHC, and Ma On Shan MCHC) under the DH have ceased accepting new appointments for women’s health services since January 24, 2025. During the transition period of service integration, those who have already made appointments or have paid their annual fee and are still within the service period will continue to receive relevant services from the DH.
Regarding EHCs, the PHC Commission plans to start preparing for the integration of the relevant services into the district health network in phases from 2025-26, with a view to enhancing service synergy and minimising service duplication. The details, including the transitional arrangements, will be announced in due course.
(5) According to the Pharmacy and Poisons Ordinance (Cap. 138), only “Authorised Sellers of Poisons” (ASP) (commonly known as “pharmacies”) are allowed to conduct the relevant retail business of selling poisons including poisons listed in Part 1 and Part 2 of the Poisons List at Schedule 10 to the Pharmacy and Poisons Regulations (Cap. 138A). As at December 31, 2024, there are a total of 643 ASP, with 131, 226 and 286 of them located on Hong Kong Island, in Kowloon and in the New Territories respectively.
The Government intends to launch the community pharmacy programme (CPP) by phases starting from the fourth quarter of 2026 to help the public to obtain affordable primary healthcare drugs more conveniently through central purchasing and the community network, thereby reducing their over-reliance on the public healthcare system. The services of the CPP will cover all 18 districts across Hong Kong, with at least four to five community pharmacies expected to operate in each district. The Government will, through a competitive process, select service providers that meet the set requirements and cost-effectiveness standard to join the CPP. Issued at HKT 16:56
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 today (March 26):
Chris (Secretary for the Financial Services and the Treasury, Mr Christopher Hui), distinguished guests, ladies and gentlemen,
Good afternoon.
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’s 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 AI to philanthropy and culture.
Hong Kong, 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 per cent since the beginning of this year, building on an 18 per cent 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 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’s 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’ve 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 NGOs (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, EV 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’ll 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.
My thanks to our Summit organisers, the Financial Services and the Treasury Bureau and Invest Hong Kong, for making this event possible.
And I wish you all good health and the best of family business in the year ahead.