Hong Kong: The SAR’s Financial Secretary, John Tsang, speaking at the Asian Logistics and Maritime Conference this morning, put up a strong argument for the city’s supply chain strengths.
“Hong Kong is well placed to facilitate the myriad of supply chains and the growing consumption markets in Asia,” Tsang said.
He noted how the value share of Asian imports and exports in world merchandise trade increased from 25.5% in 2001 to 32.5% last year. China's share alone expanded from 4%, during the same period, to 9.9% over the past decade.
“In short,” Tsang said, “more goods are flowing into, out of, as well as within Asia, not just in absolute terms but also in relative terms. This reflects both the rising consumption power of Asian economies as well as the changing production patterns in a globalised world, particularly the application of supply chains management. Today, sourcing, manufacturing and distribution are constantly reconfigured to take advantage of lower costs and to serve promising markets.”
Tsang detailed some of the ongoing works at the port. Dredging works at the Kwai Tsing container terminals basin are due for completion by 2016.This will accommodate the increasing draughts of ultra-large container ships. Also, a feasibility study on developing a tenth container terminal is under way. And construction has begun on the 29-km Hong Kong-Zhuhai-Macao Bridge.
“When completed in 2016,” Tsang said, “the bridge will extend our cargo catchment area to the entire western part of the Pearl River Delta region.”
In the Logistics Performance Index published by the World Bank in May this year, Hong Kong ranked second among 155 economies.
The Asian Logistics and Maritime Conference, organised by the Hong Kong Trade Development Council, has around 1,000 delegates attending and continues tomorrow. [08/11/12]