Hong Kong Secretary for Commerce and Economic Development Algernon Yau Ying-wah actively promoted the city’s endeavors in boosting digitalization and sustainable development at the Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting on Thursday.
At a discussion session titled "Innovation and digitalization to promote transition to the formal and global economy", Yau highlighted the importance of harnessing digital technologies to facilitate formalization, adding that digital government services can help slash the cost of doing business and promote participation in the formal and global economy.
He also briefed other ministers on Hong Kong's investment in digital infrastructure to create an enabling environment for businesses, such as the launch of the Commercial Data Interchange to facilitate data sharing among banks and businesses.
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In view of challenges faced by micro, small and medium-sized enterprises, Hong Kong has been promoting the use of online dispute resolution to resolve cross-border commercial disputes in the region, he added.
The official also introduced the city’s efforts in pursing sustainable and resilient development.
As a leading green financing hub in Asia, Hong Kong has issued and arranged an average of over $63 billion in green bonds and debts annually over the past three years.
The city has invested substantial resources in building a vibrant innovation and technology ecosystem, focusing on key sectors such as new energy and new materials, Yau said.
He added that Hong Kong will remain a strong advocate for APEC's efforts on environmental goods and services, recognizing their potential as a catalyst for accelerating the transition to a low-carbon economy through the power of trade.
Yau called on APEC member economies to scale up finance and investment in innovation, research and development to support the transition to a green and low-carbon economy.
Also arrived in Lima to attend APEC meetings, Chief Executive John Lee Ka-chiu visited a local alpaca wool clothing brand company on the second day of his visit, to learn about the traditional culture and craftsmanship associated with these garments, and to explore business opportunities for Peruvian and Hong Kong enterprises.
Lee mentioned on social media that alpaca wool, once supplied to ancient Inca emperors, is known as the "soft gold" of the Andes and represents the exquisite craftsmanship of Peruvian knitwear.
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During his conversation with the brand's representatives, Lee noted that local businesspeople showed an interest in developing their business in Hong Kong after learning about the city’s low tax rates, simple tax system, connectivity with the Chinese mainland market, and diverse professional services.
Lee also said that over the next few days, he will meet with leaders of different countries at the APEC meeting and sign a free trade agreement with Peru, which he said he hopes will open a new chapter in promoting economic interaction between Hong Kong and Peru.
In the coming days, Lee will also participate in the APEC Leaders' Informal Dialogue with Guests, the APEC Leaders' Dialogue with the APEC Business Advisory Council, and the Gala Dinner hosted by the organizer for participating leaders.
Contact the writer at fangxue@chinadailyhk.com
