Building Asean ties puts Hong Kong on path to long-term growth

The Hong Kong government has started the year with initiatives that have far-reaching impacts on the city’s long-term growth.Chief Executive John Lee Ka-chiu announced that he is spearheading Hong Kong’s inaugural five-year plan, which will promote broader integration with China’s five-year plan and ensure a bigger role for the city in the nation’s economic development. He also reaffirmed deeper engagement with countries in Southeast Asia, Eastern Europe and Central Asia to open up new markets for local enterprises.The city’s leadership has made significant inroads in building trust and partnerships across promising emerging markets, reinforcing Hong Kong’s role as a vital bridge between China and the world.Taken together, the countries of the Association of Southeast Asian Nations (Asean) make up the world’s fifth-largest economy and have strong cultural and economic ties with Hong Kong, so the importance of the grouping is obvious.Since taking office, Lee has undertaken several high-profile trips to the region, visiting seven of the 11 Asean member states. Thirteen minister-level visits have taken place in the same period, attesting to the high level of intergovernmental ties.The Hong Kong government opened a new Economic and Trade Office in Kuala Lumpur in December, a testament to its quick response to the important role Malaysia plays as a powerhouse in global semiconductors, renewable energy, artificial intelligence and supply chains.