Close Relations Between Australia and Hong Kong Offer Limitless Opportunities for Cooperation
Close Relations Between Australia and Hong Kong Offer Limitless Opportunities for Cooperation
Australia has long maintained close ties with Hong Kong, promoting cooperation and exchange across various industries. Jason Chang, Chairman of the Australian Chamber of Commerce in Hong Kong “AustCham”, and Josephine Orgill, Vice Chairman, both believe that Hong Kong has unique advantages, attracting Australian businesses to develop in Hong Kong and deepening cooperation between the two places, creating more opportunities for investors.
Trade War: A Double-Edged Sword for Australia
The US-China trade war is impacting the global economic environment. Jason stated that in the short term, the disruption of trade between the two countries forces both sides to seek alternative supply chains, making Australia one of China's import sources, providing green products, food, and other goods, undoubtedly bringing business opportunities and driving economic growth. However, in the long term, Australia's economy is highly dependent on the US and China. If high tariffs continue, the slowdown in global economic growth will bring greater challenges and shocks to all countries, including Australia.
As one of the world's largest holders of rare earth reserves, Australia's supply has become more important due to the trade war, thus playing a crucial role in providing raw materials and attracting capital inflows. However, they believe that Australia should consider cooperation with China in the future to develop industries such as rare earth refining and processing to consolidate its position.
Hong Kong's Unique Advantages are Attractive
Both of the speakers stated that Hong Kong's unique market model, independent legal system, and other distinctive features, coupled with its geographic location, provide unique access and opportunity for Australian businesspeople and companies in relation to regional and international markets. Furthermore, Hong Kong offers numerous cooperation opportunities for Australian companies in various sectors, promoting exchanges between the two places. Its connection with the mainland makes Hong Kong a crucial hub for Australian companies entering the Asian and mainland markets.
Josephine added that Hong Kong, as a global financial center, provides deep pools of domestic and international capital in private and public markets. Policy support from both the Hong Kong and mainland governments further strengthens its position, particularly as the destination of choice for mainland companies going global. Moreover, Hong Kong's unique access to mainland markets through the Connect Schemes, regional leadership in green finance and its potential in emerging fields such as innovation, technology, sport and entertainment have led many companies, including Australian companies, to establish a base in Hong Kong. Therefore, she holds a positive attitude towards the economic ties between Hong Kong and Australia.
Cooperation Opportunities Between Australia and Hong Kong in Different Sectors
Besides business development, Jason believes that education is crucial for the connection between Australia and Hong Kong. Student exchanges can deepen the relationship between the two places, thereby establishing a long-term bilateral relationship. Josephine also observed opportunities for health, such as collaboration in research and clinical trials and noted the use of the “1+” pathway through Hong Kong to the GBA for medicine and medical devices by Australian companies, as well as market expansion for health tech companies. Josephine believes that the two places can deepen cooperation in the field of sports. The success of Hong Kong and the Greater Bay Area co-hosting the National Games demonstrates Hong Kong's potential in hosting major sporting events. Australia also has considerable experience and a well developed sports industry. She said that the two places can promote cooperation in this field in the future, which she believes will bring more opportunities and possibilities to Hong Kong.”