Hong Kong Launches New Board to Boost Maritime Industry Growth

Hong Kong is creating an industry-led Maritime and Port Development Board to help the government shape policies and develop long-term strategies to strengthen its position as a global shipping hub.

This new board will replace the Hong Kong Maritime and Port Board, which was set up in 2016, and will serve as a "high-level advisory body," according to Chief Executive John Lee in his third annual policy address. Once Secretary for Transport and Logistics Lam Sai-hung steps down from his current role, the board will be chaired by a non-government member, with most participants coming from the shipping industry.

Lee also announced that additional funding will be allocated to enhance the board’s research capabilities, expand its promotional efforts in Mainland China and abroad, and improve workforce training programs.

Speaking on the changes, Angad Banga, chairman of the Hong Kong Shipowners Association, said: “It has been the consensus of the industry for many years that an independent, industry-led body is needed for Hong Kong. The appointment of a non-official to take up the chair of the new organisation and the strengthening of its research, promotion, and talent development functions are certainly the right step forward.”

Lee further emphasized that to elevate the city’s maritime standing, the government will focus on advancing "high value-added and professional services." This includes tax breaks for ship leasing businesses and reduced tax rates for marine insurance, ship management, ship agency, and shipbroking services.

Other initiatives include promoting tax incentives to attract maritime service providers, accelerating the creation of a green shipping center by encouraging eco-friendly ships, developing a green bunkering center, and implementing measures to support green fuel bunkering.

In April, Hong Kong was ranked 12th on DNV and Menon Economics’ list of top maritime cities. Additionally, the Hong Kong Chamber of Shipping was recently established, with Hing Chao, head of Wah Kwong Maritime Transport, serving as chairman.