Members of the Hong Kong Special Administrative Region delegation to the third Belt and Road Forum for International Cooperation in Beijing pose for a group photo on Oct 18, 2023. All delegates attended the nine parallel forums for full participation in the events of the forum. (PHOTO / HKSAR GOVERNMENT)

Hong Kong enjoys advantages in “hard connectivity”, related to infrastructure, as well as “soft connectivity” — related to regulations and standards — and both are crucial to furthering the Belt and Road Initiative as the global framework enters its second decade, Hong Kong political and business leaders said on Wednesday.

Delivering speeches at nine parallel forums on Wednesday afternoon, the second day of the third Belt and Road Forum for International Cooperation in Beijing, they extended invitations to BRI participating partners to bank on the city’s well-developed “hard connectivity” and “soft connectivity”.

This year, the forum attracted over 4,000 guests from more than 140 countries and regions to exchange views on co-building the global collaboration framework, which was introduced by China in 2013.

To better tap into the opportunities under the BRI, Hong Kong Chief Executive John Lee Ka-chiu led the city’s largest-ever delegation of 70 members to the forum. Lee attended the forum’s opening ceremony held on Wednesday morning.

Lee was invited to deliver a speech at a high-level forum on connectivity — one of the parallel sessions.

Lee said that Hong Kong, with its distinctive advantages of enjoying strong support from the country and being closely connected to the world, has all along served as a two-way platform between the country and Belt and Road countries, as well as a key link for the BRI and global investment, business and trade

Lee said that Hong Kong, with its distinctive advantages of enjoying strong support from the country and being closely connected to the world, has all along served as a two-way platform between the country and Belt and Road countries, as well as a key link for the BRI and global investment, business and trade.

He pointed out that in addition to providing an important channel for connectivity of capital under the BRI, Hong Kong also serves as a premier gateway for passengers and goods from all over the world to the Chinese mainland and vice versa.

Meanwhile, Hong Kong is committed to promoting the development of “soft connectivity” under the initiative, including connectivity in professional services and people-to-people bonds, he said.

“Hong Kong people are biliterate and trilingual, and well-versed in the business environment and culture of both the international community and the mainland,” he added.

Lee said that Hong Kong’s diversified professional services are among the world’s best, and the city is pushing forward to provide high-quality services to Belt and Road projects in areas such as engineering, financing, and legal and dispute resolution.

Many Hong Kong representatives were invited to attend the thematic forum on sub-national cooperation on Wednesday, which dedicated a special chapter for the city to introduce its prowess to the forum’s attendees. Six Hong Kong delegates took to the stage at the designated session.

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Moderating the thematic forum, Hong Kong Secretary for Justice Paul Lam Ting-kwok said Hong Kong’s reputable rule of law spirit and sound legal system create an ideal business environment for global investors and entrepreneurs.

With Hong Kong’s common law system and arbitration services, the city can work with other BRI economies to foster a well-functioned and clean legal environment, and build a fair and transparent system for international trading, Lam added.

Allan Zeman, veteran entrepreneur and member of the Chief Executive’s Council of Advisers, said Hong Kong has six top universities in terms of research and development. The universities can attract overseas students to Hong Kong, where they can get a better understanding of both the city and the Chinese mainland, he said.

Zeman encouraged more people to use Hong Kong as the gateway to the mainland as well as to BRI economies. I’ve been in Hong Kong now for 55 years. I’ve seen the changes, and I can tell you, all the businesses have only done better and better,” he said.

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Hong Kong Exchanges and Clearing CEO Nicolas Aguzin said Hong Kong has an established role in connecting the mainland with the rest of the world. HKEX is committed to leveraging the city’s unique position, and continuously developing the right channels, platforms, and products to support the opportunities emerging from the BRI, he said.

Peter Lam Kin-ngok, chairman of the Hong Kong Trade Development Council, said professional talents and financial services have turned the city into a preferred business platform for mainland enterprises to explore the Belt and Road markets.

He believes that all stakeholders, including the SAR government and HKTDC, will work together to consolidate Hong Kong’s positioning as a global trade hub and push forward the BRI’s high-quality development in the next decade.

Nicholas Ho Lik-chi, Hong Kong’s Belt and Road commissioner, said Hong Kong’s focus on low-carbon economy, green financing and smart city coincides with many developing economies engaging in the initiative.

Through more collaboration and co-building efforts, the BRI will be a win-win solution for all participants, Ho added.

The delegation arrived in Beijing on Monday. During the two-day forum, which opened on Tuesday, Hong Kong delegates attended all agenda of the event, and 15 of them also addressed or moderated at all the nine parallel forums respectively. The delegation will return to Hong Kong on Thursday.