Shipping industry leaders expect Hong Kong to play bigger role in sustainable future

HONG KONG, Nov. 19 (Xinhua) -- All eyes in the maritime-related industry are watching as the World Maritime Merchants Forum 2024 kicked off here on Monday to pool wisdom and consensus along the global shipping value chain on building resilience, going green and navigating the cycles.

The two-day conference, the fourth of its edition, is a flagship event of the ongoing Hong Kong Maritime Week 2024, which underlined specifically "a green future" and put sustainability at the forefront.

Addressing the main forum of the event, Leung Chun-ying, vice chairman of the National Committee of the Chinese People's Political Consultative Conference, noted that Hong Kong is a significant maritime and trade center. "With its highly open economy, Hong Kong is the super-connector for China's maritime industry and for that of other parts of the world," he said.

The establishment of the Hong Kong Chamber of Shipping last month marks a great unity and a new start for Hong Kong's maritime industry, and the collaboration between the University of Hong Kong and five renowned Chinese mainland universities to launch a postgraduate maritime law course in Hong Kong with an international perspective further highlights the unique advantages of Hong Kong's common law system, Leung said, bullish on the prospects of Hong Kong's maritime sector in the new era.

Hong Kong's status as an international maritime center is supported not only by its excellent geographical advantages but also by the "one country, two systems" framework provided by the Basic Law, said Chan Kwok-ki, acting chief executive of the Hong Kong Special Administrative Region (HKSAR) government, when addressing the main forum.

In accordance with the requirements in the policy address delivered by Chief Executive John Lee last month, the HKSAR government "will promote the development of high-value-added shipping services, actively strengthen the maritime insurance industry, and focus on emerging sectors such as green fuels in the shipping industry," he said.

"It will deepen cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area through high-quality rule alignment and mechanism integration, further consolidating and enhancing Hong Kong's position as an international maritime center," Chan added.

Noting that the International Maritime Organization (IMO) has released a decarbonization strategy for global shipping, aiming to achieve zero emissions by 2050, Arsenio Dominguez, secretary-general of the IMO, told the forum via video link that "to reach this goal, close cooperation among all parties is essential."

Key areas of focus also include the development and selection of clean energy, the application of digital technologies, cybersecurity, seafarers' mental health as well as shipping safety regulation, he said, adding that the IMO is confident that the shipping industry will embrace new development with diversity and inclusiveness.

"Hong Kong is a city founded on maritime trade," Angad Banga, chief operating officer of the Caravel Group and chair of the Hong Kong Shipowners Association, said in his keynote speech, reviewing a fresh package of Chinese policies to underpin Hong Kong's positioning as an international shipping center, making it "a prime time for the development of the maritime industry."

Banga called for further efforts to enhance smart port construction, deepen the research and application of green technologies, and promote the commodity trade ecosystem.