Hong Kong has earned a strong vote of confidence from entrepreneurs from both home and abroad amid the changing international landscape, and business insiders have found that its role is also undergoing a transformation.

“Business people and members of chambers of commerce have decided to stay and develop in Hong Kong no matter what the 2024 US election results are, because Hong Kong is still a very competitive international city,” said Eden Woon, president of the American Chamber of Commerce in Hong Kong.

He made the comments while dozens of business professionals attended a watch party of the 2024 US presidential election, organized by the American Chamber of Commerce in Hong Kong on Wednesday. Preliminary results show former president Donald Trump defeating Vice-President Kamala Harris; the winner will be sworn into office on Jan 20.

He believes the outcome will reshape the future of Sino-US relations, with a direct impact on Hong Kong.

“Hong Kong’s trade and economy development is gradually picking up momentum, but the outlook for next year still hinges on geopolitical trends,” Jonathan Choi Koon-shum, chairman of the Guangdong-Hong Kong-Macao Greater Bay Area Entrepreneurs Alliance, said in an exclusive interview with China Daily on the sidelines of the Guangdong-Hong Kong-Macao Greater Bay Area Entrepreneurs Forum 2024 on Wednesday.

He estimates factors to gauge the potential for a robust recovery include the Sino-US trade friction, China-EU relations, as well as China’s economic stimulus policies.

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Sunny Tan, chairman of the Hong Kong Productivity Council, said at the forum that with the changing landscape of global trade, the city is transforming its role between the Chinese mainland companies and the international market.

“In the past, Hong Kong brought foreign technologies and products to the Chinese mainland. But now, Hong Kong is bringing mainland’s technologies and products out across the border, such as countries in the Middle East and the Association of Southeast Asian Nations,” he said.

For example, a Chinese artificial intelligence autonomous driving technology provider, UISEE, collaborated with the Hong Kong Productivity Council to conduct the first Autonomous Electric Tractor (AET) by the Airport Authority Hong Kong.

As of February, more than 50 autonomous driving vehicles were operating at Hong Kong International Airport.

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Based on the successful implementation at HKIA, UISEE, which has established its headquarters in Hong Kong, has expanded its operations to over 10 airports, factories and countries abroad, including Singapore and Qatar.

Hong Kong has a similar market environment, including its payment system, to that of other overseas markets. It means the city could help them prepare for the international market, he said.

Irina Fan, director of research of Hong Kong Trade Development Council (HKTDC), stated that their survey of 800 mainland companies shows a growing willingness to enter the international markets, despite many uncertain factors in the international market.

“Such willingness surged from about 70 percent in 2021 to 90 percent in 2023. And in May of 2024, we found the number had increased further to 92 percent,” she said.

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In addition, 65 percent of companies in the Greater Bay Area are seeking financial and legal services in Hong Kong, Fan added.