Looking for new opportunities outside Hong Kong (Dr. Liao Jinxing)

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go through Hong Kong Economic Times August 8, 2024

This articleauthorDr. Liu JinxingHonorary President of the Hong Kong Young Industrialists Council, and a columnist for the Hong Kong Economic Times“The Words of God“.

Last week, Chief Executive John Lee led a business delegation to visit three ASEAN countries, with the goal of promoting bilateral trade, seeking Hong Kong’s participation in the Regional Comprehensive Economic Partnership (RCEP) and promoting the Belt and Road Initiative. The first stop was Laos, a landlocked country in ASEAN with a population similar to Hong Kong and listed as one of the “least developed countries” by the United Nations. This small ASEAN country, which is both backward and poor, seems to have little development opportunities, but young people in Hong Kong have a different view.

I recently attended the 5th “Youth Dream Pursuit Program” (YEAP) Demo Day organized by the Hong Kong Professional and Senior Executives Association. The theme of this year’s event is “Me in 10 Years: The Belt and Road Initiative to Unleash Potential, Realize Dreams and Create Opportunities”. Through the activities lasting more than half a year, the trainees deepened their understanding of the country’s “Belt and Road” initiative, understood the policies and development of Hong Kong and the country, seized opportunities and equipped themselves, and planned for the future.

The author attended the fifth “Youth Educational Achievement Program” (YEAP) Demo Day organized by the Hong Kong Professional and Senior Executives Association. (Photo provided by Liao Jinxing)

During the Demo Day, participants conducted a comprehensive analysis of the eight Belt and Road countries, exploring how the Belt and Road will enable Hong Kong to play a positioning role under the country’s 14th Five-Year Plan. The eight countries selected by the participants were Zimbabwe, Egypt, Nigeria, Turkey, Hungary, Sri Lanka, Bangladesh and Laos, many of which have had close economic and trade relations with Hong Kong and the Mainland for many years.

According to the presentation materials of YEAP students, Laos is located on the southern border of China and is also regarded as a key hub connecting China, Southeast Asia and South Asia in the “Belt and Road” strategy. China has invested heavily in the construction of infrastructure such as roads, railways, and hydroelectric power plants in Laos, helping to improve local transportation and power supply, and enhancing connectivity between the two places. The China-Laos Railway has been in operation for 18 months, and the time for goods to pass has been greatly reduced. It has carried more than 21 million tons of goods and 16.4 million passengers. The railway has brought business opportunities for trade, investment and tourism in Laos and created jobs. China and Laos have signed a free trade agreement and actively promoted projects such as industrial parks and cross-border economic cooperation zones. At present, China is the largest source of foreign direct investment and trading partner in Laos, and the areas of cooperation cover agriculture, mining, electricity, etc. The students also suggested that Hong Kong can establish long-term development relations with Laos in three aspects: “cultural exchanges between China and foreign countries, finance and talent exchanges.”

Participants suggested that Hong Kong could establish long-term development relations with Laos in three aspects: “cultural exchanges between China and foreign countries, finance and personnel exchanges.” (Photo provided by Liao Jinxing)

Hong Kong youths have insight and new thinking. They see that there are more opportunities in underdeveloped countries than in mature countries. Laos is a rising emerging market with a young population and huge consumption power and labor force in the future. During this trip, Chief Executive John Lee met with the Prime Minister and Deputy Prime Minister and Foreign Minister of Laos, and witnessed the signing of 12 memorandums of cooperation between the delegation and local companies and institutions. In addition, President Xi Jinping and Laos jointly signed the “Action Plan for Building a Community of Shared Future between China and Laos” last year, which will bring new opportunities to young people and the business community in the Mainland and Hong Kong.