Foreign chambers back HK plan, eye Northern Metropolis

Three major international business chambers in Hong Kong have endorsed the city's inaugural five-year plan, praising it as a strong indicator of certainty that will attract long-term investments and shape the future of the Northern Metropolis. In a joint interview, the chamber leaders highlighted how the plan's multi-year timeline aligns with the operational cycles of global businesses, offering a roadmap for Hong Kong's progress.

For overseas companies, the plan presents opportunities beyond simply selling into Hong Kong. Mary Simpson, CEO of the Australian Chamber of Commerce in Hong Kong, emphasized the city's potential as a super connector, leveraging its established pillars in finance, law, and logistics for new growth areas such as artificial intelligence, green technology, and medical technology.

Simpson stressed that businesses should view Hong Kong not merely as a consumer market but as a regional boardroom and capital base, a fortress for intellectual property.

Johannes Hack, chairman of the European Chamber of Commerce, echoed the sentiment, noting that Hong Kong already boasts a robust foundation of trust built on its common law system. The plan aims to capitalize on emerging fields like sustainability, life sciences, and joint research, particularly in the Northern Metropolis. Paul McComb, executive director of the British Chamber of Commerce, underscored that the three-to-five-year time frame of the plan provides businesses with a predictable environment, enhancing certainty for foreign firms.

He praised the government's proactive approach in addressing regulatory challenges and accelerating development, citing the Hong Kong-Shenzhen Innovation and Technology Park as a promising early sign of progress.

However, the chambers stressed that to entice international capital, the vision must be translated into tangible results. Simpson called for the Northern Metropolis to evolve beyond an extensive real estate project into an economic engine, clustering universities, tech firms, and healthcare institutions. For the plan to yield investment, it needs to demonstrate clear commercial visibility.

Hack pointed out that European headquarters often lack awareness of the Northern Metropolis and the Greater Bay Area, advocating for lighthouse projects that showcase real progress. Having initiatives that directly benefit European investors—such as a developed drug or a specific business operation—will be crucial in guiding investment decisions.