Unique advantages shaping Hong Kong's future as global maritime capital -- chairman of Hong Kong Shipowners Association

HONG KONG, Nov. 19 (Xinhua) -- Hong Kong's maritime industry is bringing together all the key ingredients that are needed to sustain a global maritime capital, said Chairman of Hong Kong Shipowners Association (HKSOA) Angad Banga in a recent interview with Xinhua.

"I can say that I'm extremely excited about Hong Kong's future as a global maritime capital," he said, highlighting the advantages of "one country, two systems" and Hong Kong's position as an international financial center as pivotal drivers of this excitement.

"Our unique 'one country, two systems' allows Hong Kong to benefit from China's dynamism with the international rules-based and common law framework that underpins global trade," Banga said.

He said Hong Kong is not only a "super connector" for companies gaining access to China, but also acts as a base helping Chinese companies go global, further enhancing the region's rise as a maritime center and a financial center.

On the other hand, having a thriving financial ecosystem is important to underpin the backbone of the maritime industry, Banga said, stressing that Hong Kong is a great place to raise capital for maritime-related and port-related companies, particularly given the capital-intensive nature of energy transition initiatives and decarbonization efforts.

He also emphasized Hong Kong's role as the world's leading offshore RMB hub with the smooth operation of the Linked Exchange Rate System and the expanded pilot scope of digital RMB, supporting the internationalization of the RMB and bringing significant benefits to global trade.

Hong Kong has sustained performance in the Global Financial Centers Index, where the region was ranked third globally and first in the Asia Pacific. Notably, its rating gaps with New York and London have narrowed.

Speaking at the World Maritime Merchants Forum 2025 on Monday, Chief Executive of the Hong Kong Special Administrative Region John Lee said that for the sixth consecutive year, Hong Kong has ranked fourth globally in the International Shipping Center Development Index, excelling in port infrastructure, maritime services, and its overall operating environment.

Banga also underscored the creation of the Hong Kong Maritime and Port Development Board, which was announced in the chief executive's policy address last year and formally launched on July 1.

"Leveraging industry participation and government participation, we're bringing together the ingredients that are now needed," he said, adding that there are 1,200 maritime companies in Hong Kong today employing over 90,000 people.

"We're a melting pot of different cultures, different nationalities, different languages, in one of the freest economies in the world that allows all of this to take place," Banga said.

Globalization is facing headwinds with a rise of protectionism and nationalism to levels unseen in the last decades. However, regardless of global shifts, Hong Kong must continue to harness the Lion Rock Spirit to strengthen its competitive edge, striving to evolve from being a resilient global maritime center to a thriving global maritime capital, he said.