Category: MIL-OSI

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Following is the speech by the Financial Secretary, Mr Paul Chan, at the Milken Institute Global Investors’ Symposium Hong Kong today (March 24):
 
Laura (Executive Vice President of Milken Institute International, Ms Laura Deal Lacey), Robin (Chair of Asia, Milken Institute, Mr Robin Hu), distinguished guests, ladies and gentlemen,
 
Good afternoon. I am delighted to join you once again for the Milken Institute Global Investors’ Symposium. Allow me first to express my sincere appreciation to the Milken Institute for bringing this exceptional platform back to Hong Kong for its second edition.
 
Today, we welcome over 400 senior executives from a diverse array of industries and markets worldwide. The theme for the Symposium this year, “Connecting Global Markets: Partnerships for Resilience”, is particularly timely. In today’s complex global landscape, brimming with challenges and uncertainties, it is clear that we can build resilience and achieve mutual growth only by strengthening connections, forming partnerships and enhancing collaboration. And Hong Kong, as an international financial centre, is uniquely positioned to catalyse this endeavour.
 
Hong Kong: a resilient city
 
To begin with, allow me to share with you the remarkable resilience of Hong Kong’s economy and financial markets.
 
Over the past year, despite external headwinds, Hong Kong’s economy continued to grow steadily, expanding by 2.5 per cent. Inflation remained low at 1.1 per cent. The latest unemployment rate is at 3.2 per cent.
 
International confidence in our financial markets has evidently strengthened. Last year, bank deposits in Hong Kong rose by 7 per cent, i.e. about US$140 billion. Driven by investments by institutional investors seeking to rebalance their investment portfolio, as well as market enthusiasm ignited by recent tech breakthroughs led by DeepSeek and others, the Hang Seng Index has surged some 20 per cent within a span of three months. This was on top of the increase of 18 per cent in 2024. The average daily turnover of our stock market rose to over US$28 billion in the first two months of this year, a remarkable 70 per cent increase from that of last year.
 
Our IPO (initial public offerings) market also made a comeback, raising some US$11 billion last year and ranking fourth globally. Now, more than 100 companies are in the pipeline for listing. This year, we are expecting to raise some US$17 to $20 billion.
 
Just last week, Hong Kong again ranked third in the Global Financial Centres Index, with overall scores catching up to that of the champion New York. In particular, we ranked first globally in “investment management”, “insurance” and “finance”. In fintech, we leapt by five places to fourth in the world.
 
Besides, Hong Kong was once again ranked as the freest economy in the world, and the fifth most competitive economy. We stay firm as a free port, open to business, and committed to supporting the rules-based multilateral trading system.
 
Last year, the number of regional headquarters, regional offices and local offices operated by Mainland and overseas companies rose by nearly 10 per cent, reaching an all-time high to around 10 000.
 
2024 was also a great year for inbound tourism, with visitor arrivals rebounded to 45 million, rising by 30 per cent year-on-year. The surge of visitors highlighted Hong Kong’s charm as a top-notch business and tourism destination.
 
Beyond numbers, Hong Kong remains an open, vibrant and diverse city. This month marks our “Super March” – with an impressive array of world-class events: from the artistic vibrancy of Art Basel and the spectacular LIV Golf, to the electrifying Hong Kong Sevens and the innovation-driven ComplexCon. Alongside these events, we have global business gatherings such as the Wealth for Good Summit and, of course, this Symposium. These events celebrate and showcase Hong Kong as an international meeting point for finance, culture, sports, creativity and fun! I hope you all can stay a bit longer – until this Sunday – to enjoy these happenings.
 
Overall, the Hong Kong economy is marching forward steadily with renewed momentum. Let me tell you why.
 
New Frontiers in Finance
 
First, we are implementing reforms to strengthen the vitality and competitiveness of our financial markets. Fund-raising is an important function of any IFC (international financial centre), and Hong Kong offers a full range of funding options, from angel investment to private equity to IPOs. We continue to review our listing regime, enhance product offerings and attract more quality issuers and new capital. The goal is clear: to create a more dynamic and attractive capital market that provides diversified opportunities for investors.
 
Another key area is asset and wealth management. Hong Kong remains one of the world’s prime wealth management centres, managing approximately US$4 trillion in assets. The number of family offices in our city has gone beyond 2 700, with half of them managing assets exceeding US$50 million. By 2028, Hong Kong is anticipated to become the world’s largest cross-boundary wealth management centre. This year, we seek to further enhance the tax concessions for funds and single family offices.
 
And insurance, too. Hong Kong has the highest insurance density in Asia. The gross premiums of insurers continue to grow, rising by 12 per cent and reaching US$62 billion in the first three quarters last year. What’s more, the Greater Bay Area offers tremendous business opportunities for insurers operating in Hong Kong.
 
New Markets and New Capital
 
Second, we are also opening up new markets and new capital channels. Many economies in the Global South have young populations, expanding middle classes and growing investment needs for ambitious infrastructure projects, digitalisation and green transition plans. While Hong Kong continues to treasure and reinforce the relationship with traditional partners in Europe and the Americas, we are forging closer partnerships with emerging economies.
 
For example, last October we listed two ETFs (exchange-traded funds) tracking Hong Kong stocks on the Saudi Arabia Stock Exchange. We are collaborating with stock exchanges across ASEAN (Association of Southeast Asian Nations) and the Gulf Region to encourage more quality companies to pursue dual primary or secondary listing in this city.
 
We believe there is also room to work with emerging economies on more cross-boundary, market connectivity arrangements akin to the Connect Schemes that we have established with the Mainland.
 
The collaboration between Hong Kong and new markets extends well beyond finance. The tech prowess of Hong Kong and the GBA (Guangdong-Hong Kong-Macao Greater Bay Area) as a whole as well as startups are highly valued around the world. We endeavour to connect them with partners in the emerging economies to foster industry partnership.
 
To support the matching of capital and projects, we will host the inaugural Hong Kong Global Financial and Industry Summit in June. The event will bring together hundreds of global enterprises, tech firms and funds to drive industrial collaboration through financial empowerment.
 
And we are strategically placed to help Mainland companies go global. Many Mainland enterprises are realigning their industrial and supply chains across the Global South. They need project and trade financing, corporate treasury services as well as professional consultancy. Hong Kong is ready to offer all that – from global capital and talent, world-class professional services to extensive international connections.
 
Tech innovation driven by AI (artificial intelligence)
 
The third of our new economic impetus is innovation and technology, driven by AI in particular.
 
The rapid development of AI is reshaping the global economic landscape. AI+, which emphasises the deep integration of AI across different industries, is transforming traditional production, businesses and consumption models, very much redefining the core competitiveness of economies worldwide.
 
In the Government’s Budget delivered a few weeks ago, I outlined the vision for Hong Kong to establish AI as a core industry and to empower the transformation of traditional sectors. Hong Kong has all it takes to thrive on this front.
 
A unique advantage of Hong Kong is that we serve as a convergence point of both Mainland and international data and talent. Coupled with strong research capabilities of five of our world’s leading universities, we have a strong foundation for cutting-edge AI research and applications. A case in point is the area of life science, where the integration of AI is particularly promising, as it enhances drug design, accelerates clinical trials, and improves patient outcomes through personalised medicine. 
 
Hong Kong’s ambitions for innovation and technology are more hopeful with our deepening collaboration with the sister’s cities in the GBA, one of the world’s leading innovation ecosystems. The Northern Metropolis, bordering Shenzhen, will serve as the bridgehead for this collaboration. Home to a 300-hectare I&T cluster, it covers the “Loop”, or “Hetao”, where we will experiment with innovative policies that facilitate the safe and orderly flow of people, capital, goods, data and even bio samples with Shenzhen.
 
To realise these ambitions, we are actively attracting strategic enterprises in four industries to set foot in Hong Kong. They are AI and data science, life and health technology, fintech, advanced manufacturing and new energy. So far we have attracted more than 80 such enterprises, and together they would invest some US$60 billion in our city, creating some 20 000 jobs. 
 
We also recognise the importance of patient capital. That is why we have established the Hong Kong Investment Corporation (HKIC), which actively guides strategic investments into companies in key sectors at their nascent stage. The HKIC has already invested in more than 90 projects and formed a number of strategic partnerships. For every dollar it invested, it has mobilised four dollars of private capital. Riding on this positive momentum, we are optimistic that Hong Kong will be able to achieve more advancements in the realms of innovation and technology.
 
Concluding remarks
 
Ladies and gentlemen, Hong Kong remains one of the world’s most open, dynamic and globally connected financial centres. Our strong fundamentals, resilient economy, unique role as a gateway to the Chinese Mainland and Asia, as well as our great stride to develop financial services and the tech sector, continue to provide unparalleled opportunities for global investors.
 
May I wish you all the best of business and health in the years to come. Thank you.

Source: Director General David Cheng-Wei Wu met with PS for Roads and Regional Transportation Anna Watson MP

Attention TV/radio announcers:

Please broadcast the following as soon as possible:

Here is an item of interest to swimmers.

The Leisure and Cultural Services Department announced today (March 23) that due to big waves, the red flag has been hoisted at Big Wave Bay Beach in Southern District, Hong Kong Island. Beachgoers are advised not to swim at the beach.

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To recognize outstanding enterprises promoting energy conservation and schools excelling in energy education, Ministry of Economic Affairs (MOEA) held the final review meeting for the “2024 Energy Saving Leadership Award and Energy Education Promotion Award” on October 11. A total of 40 winners were selected, collectively saving 29 thousand kiloliters of oil equivalent and 570 million TWD in energy costs, which equalled to reducing carbon dioxide emissions by 116 thousand tons, or the annual carbon absorption of 300 Da’an Forest Park, demonstrating exceptional energy-saving achievements.

According to Energy Administration (EA), this year’s Energy Saving Leadership Award received applications from 111 enterprises and 25 primary and secondary schools. After preliminary and final selections, 20 benchmark enterprises and 20 energy education benchmark schools were chosen. The EA will organize a series of follow-up activities, including site visit and online case sharing, for all sectors to learn from the winners.

Highlighting the trend of smart energy management, the EA noted that many benchmark enterprises are utilizing AI and data analytics to implement the smart transition from monitoring to control, effectively saving energy consumption of facilities and further improving manufacturing process. For example, the Gold award-winning Rolling Mill Department III of China Steel Corporation promoted AI smart factory, and significantly optimized furnance efficiency by developing an AI-based “intelligent combustion monitoring system” to replace traditional manual measurements, setting a benchmark for smart management and energy conservation.

Another Gold award recipient, ASE (Advanced Semiconductor Engineering) Kaohsiung Building K5, developed AI-based control technology for chiller systems, optimizing operational temperatures and enhancing energy efficiency in production. The energy-saving experience has been successfully duplicated across other facilities. The plant has also established a Low-Carbon Supply Alliance, focusing on carbon reduction, energy management, and emission control, and promoted plant-wide energy-saving and low-carbon operations through coordination of facility management and manufacturing processes.

In the SME category, the Gold award went to Lung Shing Refrigerating Works Co., for creating an “Unmanned Intelligent Cold Chain Logistics Center,” which integrates automated storage and smart management for precise inventory control, significantly reducing labor and energy waste. Lung Shing tackles the issue from the source, and has become an example for all SEMs. Another Golde award-winner, Linkou Chang Gung Memorial Hospital, implemented liquid oxygen cooling recovery technology to create cost-free air conditioning. The hospital optimized HVAC systems for operating rooms during off-peak hours, and utilized Low-E glass for better insulation, reducing air conditioning loads. Their diverse energy-saving measures offer a valuable reference of retrofitting for other medical facilities.

In the category of energy education, the award-winning schools in each district showcased unique features. For example: Shui Yuan Primary School in Hsinchu City integrated VR experiences and board games to deepen students’ knowledge of energy and sustainability while encouraging community members to replace energy-inefficient appliances; Wong-Zih Elementary School in Taichung City established a STEAM Energy Research Center, fostering independent thinking through energy exploration and digital learning resources, including energy advocacy videos; Tainan Municipal Xigang Junior High School developed a “Cross-Reading Energy” curriculum featuring energy-themed discussions and game-based learning to promote awareness and actions for energy conservation; National Dong Hwa University Experimental Primary School integrated local resources to create the “Hualien Power Map,” inspiring students to explore energy issues and collaborating with neighboring schools in shaping local characteristics, so to expand energy education’s influences.

The Energy Saving Leadership Award aims to share energy-saving experience to inspire more organizations to take action. Through upcoming demonstrations and learning activities, the program seeks to broaden participation and foster a collective movement toward a sustainable and net-zero future.

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

Business Contact: Director, Shu-Fang Kao
Telephone:02-2775-7773
Mobile:0918-400-668
Email:sfkao@moeaea.gov.tw

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To help small and medium enterprises (SMEs) in Taiwan leverage digital technology to explore international markets, the International Trade Administration (TITA) under the Ministry of Economic Affairs (MOEA) held a conference on the achievements of the “New Digital Trade Model Program” on November 12, 2024. The event featured the launching of the newly developed AiEZ TRADE and included the sharing of experiences by digital consultants and mentored enterprises. Over 100 companies participated.

At the event, Director General Cynthia Kiang of TITA announced the launching of AiEZ TRADE. She noted that AiEZ TRADE integrates global trade data by using AI technology to provide businesses with diverse services, such as analysis of trade data, recommendations about events and exhibitions, creation of marketing webpages, and recommendations about buyers. Companies only need to input their business registration number to access tailored business insights through AI analysis of vast data bytes, enabling them to quickly grasp the latest global industry and product trends.

Given the global trend of market digitalization, Taiwanese SMEs face increasing pressure of international competition. To address this, TITA offers digital capability assessments and consulting services through this program, thereby helping SMEs identify their digital strengths and weaknesses in overseas marketing. To date, this program has supported over 1,300 companies and enhanced their ability to expand into global markets.

SMEs can access the AiEZ TRADE webpage at (https://www.aieztrade.com/) to directly experience its features. TITA will continue to track the latest developments in digital technology to assist more SMEs in utilizing these tools to vie for international opportunities.

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MOFA response to speech by NATO Secretary General Rutte drawing attention to China’s military buildup and bullying of Taiwan

December 14, 2024  

The Ministry of Foreign Affairs (MOFA) has taken note of a speech delivered by North Atlantic Treaty Organization (NATO) Secretary General Mark Rutte at an event in Brussels on December 12 that was organized by the think tank Carnegie Europe. In his remarks, titled “To Prevent War, NATO Must Spend More,” Secretary General Rutte called on NATO members to shift to a wartime mindset and turbo-charge defense production and defense spending so as to strengthen deterrence and defend their free and democratic way of life. 
 
Secretary General Rutte also urged all parties to be clear-eyed about China’s ambitions, pointing out that China was substantially building up its forces and bullying Taiwan. In the Q&A session following his speech, Secretary General Rutte said that if Russia were to come out on top in any peace negotiations with Ukraine, China would surely be watching and start nibbling Taiwan. 
 
This was the first public speech given by Secretary General Rutte since he assumed the position on October 1. He used the occasion to draw attention to the nature of China’s expansionist actions and ambitions toward Taiwan, as well as to the challenges posed by China, Russia, North Korea, and Iran to global peace and security. Indeed, Secretary General Rutte’s speech was especially meaningful at a time when authoritarian regimes are expanding their ambitions. 
 
Faced with coordinated efforts by authoritarian countries to undermine regional peace and stability and the international order, Taiwan, as a responsible and democratic member of the global community, will continue to work with such like-minded partners as the G7 and NATO in order to jointly safeguard peace, stability, and prosperity across the Taiwan Strait and the wider region.

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MOFA response to Czech Chamber of Deputies Foreign Affairs Committee adopting resolution on China’s misrepresentation of UNGA Resolution 2758

December 13, 2024  

The Czech Chamber of Deputies Foreign Affairs Committee on December 12 adopted a resolution on the misrepresentation of United Nations General Assembly (UNGA) Resolution 2758 by the People’s Republic of China and support for Taiwan’s participation in international organizations. In the resolution, the committee opposed China’s inappropriate conflation of UNGA Resolution 2758 with its “one China principle,” rejected China’s claim that Taiwan is an inseparable part of Chinese territory, and advocated for Taiwan’s international participation. The Ministry of Foreign Affairs (MOFA) strongly affirms and sincerely appreciates this support from the Czech Republic. 
 
The resolution stated that UNGA Resolution 2758 merely addressed China’s representation in the UN; that it did not mention Taiwan or address its political status or participation in the international community; that it did not establish PRC sovereignty over Taiwan; and that it did not make any decision regarding Taiwan’s inclusion in the UN or any other international organization.
 
Furthermore, the resolution opposed China’s misrepresentation of UNGA Resolution 2758 and urged China to respect its content and to stop misusing it for its own political ends. The resolution also endorsed Taiwan’s meaningful participation in international organizations, including the World Health Organization, the UN Framework Convention on Climate Change, the International Civil Aviation Organization, and the International Criminal Police Organization. 
 
MOFA thanks the Czech Chamber of Deputies Foreign Affairs Committee for speaking in favor of justice for Taiwan and urges the international community to continue to take concrete action to counter China’s misrepresentation of UNGA Resolution 2758. Taiwan will continue to work with like-minded partners around the world to jointly safeguard the core values shared by the global democratic community and to preserve regional peace, stability, and prosperity.